Get Better Nidhi Company Registration Online Process & Requirement by Simple Steps
What is a Nidhi Company?
Nidhi companies are one of the most emerging business structure in India with a lot of scope in the future. Nidhi company is a type of non-banking financial institution regulated by the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013. It is formed for the sole purpose of cultivating the habit of thrift and savings amongst its members. It operates for their mutual benefit.
A Nidhi company is registered as a public limited company having "Nidhi Limited" as part of its name. For example, MyMoneyKarma Nidhi Limited. The minimum number of members in case of public limited companies should be 7 and a maximum cap on these numbers isn't set. The procedure of nidhi company formation is quite easy and it does not require any RBI approval for that kind of company registration in India.
Objective of Nidhi Company
What is the objective of a Nidhi Company?
- The primary objective of Nidhi company is to encourage
savings among its members.
- Nidhi companies are prohibited from raising funds from
public through deposits or debentures or bonds.
- A Nidhi company can raise money only from its members and
that too in the form of deposits.
-
The
limit for raising deposit is Rs 10 lakhs per subscriber, which includes the
principal.
Criteria for Incorporation of Nidhi Company
Get highly experienced professionals team for Nidhi company registration service and always keep ourselves updated to all
latest technical updates, development and changes for it.
a. Minimum 7 members
b. Minimum 3 directors
c. A Company Secretary is mandatory who must be a member of the Institute of Company Secretaries of India (ICSI); and
d. Dedicated bank account in the name of the company to be opened before commencement of business with RBI approved scheduled bank (KYC must be completed)
Documents required to register your Nidhi Company are the following:
- Identity proof of directors (Aadhar Card, Voter ID, Passport
etc.)
- PAN card of directors
- Address proof of directors (Aadhar Card, Voter ID, Passport
etc.)
- Proof of registered office (electricity bill/telephone
bill/mobile bill/bank statement)
- Declaration from the directors (MOA & AOA)
- Consent to act as directors
- Affidavit for nominee director
Process for Nidhi Company Registration
- After filling the required forms and submitting the
documents, you have to pay the Nidhi Company Registration fees for processing
your application. The fees vary based on the capital of your company.
- The fee can be paid online by making use of a credit card or
debit card facility. After payment is done, you will get an acknowledgement
receipt which you should keep safe with all your documents.
- It takes around 3 months to register a company under MCA India, and you need some patience while waiting for it because this process is handled by them.
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