Who Should Register For A Nidhi Company?

It’s ideal for those businesses looking to start a permanent and a mutual benefit fund, or a mutual benefit company.

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What is a Nidhi Company?

It is a company classified as an NBFC (a Non-banking financing company) and registered under Section 406 of Companies Act, 2013. The main business of such a company is to facilitate lending money between the core members of the company. This way members (or shareholders) are encouraged to save money and invest them within the company. These deposits are then used by the company for its members (or shareholders), to provide loans or advances, and to acquire government-issued stocks/bonds/debentures/securities. It is regulated by the Ministry of Corporate Affairs, while the RBI monitors all its financial dealings.

GETMEONLINE, your leading legal consultant, offers quick Company Registration service in India at nominal pricing. Here you will find how you can register your company.

GETMEONLINE’s Procedure for Nidhi Company Registration

  • Contrary to what you might think, registering a Nidhi Company is a simple 3-Step process and can be done completely online. We’ve laid it out below.

    • Name Reservation – We help you reserve your name with MCA.
    • DSC and DINs – We help you get 1 DSC and 3 DINs.
    • Documents and approval – We help you at every stage of the documentation process and in getting in-principle approval from the RBI.

Checklist for Registering a Company in India

As defined under the Companies Act 2013, we have to ensure the requirements of checklist

Checklist For A Nidhi Company

  • At least seven members are mandatory to form a Nidhi company. Out of these, three should be designated as the directors. However, it should acquire a minimum of 200 members within one year of commencement.
  • Moreover, the company should have a minimum equity share capital of Rs 5 lakhs, for registering as a Nidhi Company. This entire amount has to be paid up. However, the Net Owned Funds (NOF) must be increased to Rs 10 lakhs within a year of registration.
    • a.At least 10% of its outstanding deposits should comprise of un-encumbered term deposits.
    • b.The prescribed NOF to deposits ratio should be 1:20.

    This includes equity share capital and free reserves and excludes accumulated losses as well as intangible assets.

  • At least 10% of its outstanding deposits should comprise of un-encumbered term deposits
  • The prescribed NOF to deposits ratio should be 1:20. where 10% of the total deposits are in a fixed deposit account of a nationalized bank.

GETMEONLINE’s Procedure for Nidhi Company Registration

Contrary to what you might think, registering a Nidhi Company is a simple 3-Step process and can be done completely online. We’ve laid it out below.

  • Name Reservation – We help you reserve your name with MCA.
  • DSC and DINs – We help you get 1 DSC and 3 DINs.
  • Documents and approval – We help you at every stage of the documentation process and in getting in-principle approval from the RBI.

Documents Required for Nidhi Company Registration

To Be Submitted By All Directors

  • Self-attested copy of PAN Card
  • Self-attested copy of Driver’s License/ Voter ID/ Aadhaar Card/Passport
  • Self-attested copy of Bank Statement/ Telephone Bill/Mobile Bill/ Electricity Bill
  • Passport-size Photograph
  • Specimen Signature Certificate