Online Nidhi Company Registration Process in India

Nidhi Company Registration Process is completely online on the Ministry of corporate affairs (MCA) website. Nidhi company is mentioned in Section 406 of the Companies Act, 2013. The main activity is borrowing and lending money among their members. The goal of these organizations is to instill in their employees a sense of savings. It does not require a license from the Reverse Bank of India (RBI). Thus, making it simple to establish the company. It is a form of a public business that must include ‘Nidhi Limited’ as the last word in its name. You can also view the Nidhi company business plan pdf. In this blog, we will be discussing the features of Nidhi company and documents. The registration fees and rules of Nidhi company. Nidhi company is a form of non-banking financial company. It is incorporated to borrow and lend money to its members. It facilitates the habit of saving among its members and benefits. The following are steps involved in the Nidhi company registration procedure are given below: Step 1: Apply for Digital Signature Certificate (DSC): Nidhi company registration is a completely digital process and therefore a requirement of DSC is a mandatory criterion. Directors and subscribers to the memorandum of the company need to apply for a DSC from certified authorities. Step 2: Name approval and license: Apply for Name approval and you can also find the Nidhi company registration process pdf. You can fill out the form to reserve a unique name to reservation of name. Step 3: Need to file all the required documents and SPICe+ forms, along with that MOA and AOA need to be filled for registering Nidhi company in India. While making the incorporate certificate it is essential to mention the main objective of incorporating Nidhi company as a charity. Step 4: The next step is to apply for PAN and TAN. Step 5: The last step is to open a bank account by sending the certificate of Incorporation. The Nidhi company registration fees may vary from state to state. However, the government fees are the same for all applicants. The minimum requirement for Nidhi company registration online is as follows: 1. The minimum of three directors and seven members 2. Nidhi company can accept deposits only from its members 3. Nidhi company is a body corporate and it has the benefits of limited liability 4. Nidhi company can lend money to its members only 5. It can provide a locker facility to its members 6. It is required to have a minimum of 200 members within one year 7. It is best suited for small lending and deposit business 8. There is a minimum capital requirement of Rs. 5 lakhs. 9. The ratio of net owned funds to deposits shouldn’t be more than 1:20 for Nidhi Company Registration Process. 10. No issuance of Preference shares 11. Main objects of Nidhi company are to save finance for existing members. The documents which are required to be attached for submitting the SPICe+ form is: After the incorporation of the company, different compliances have to adhere to. Ques what is known are the following compliances of Nidhi company companies act, 2013 are as follows: The following are major advantages of forming are as given below: 1. Easy lending – Under section 406 of the Companies Act, 2013 this form of entity is formed for the mutual benefit society. 2. Easy to form management – An applicant can select a group of members to carry out the process. After formation, there is no involvement of external management. 3. Fewer capital requirements – The primary reason to form this type of company is minimum capital requirements. 4. Raising funds is simple – The main purpose is to raise funds from the public. It is a form of NBFC. It carries out activities such as accepting deposits from the public. After the Nidhi Company Registration Process you will get funds more easily. 5. Less RBI Involvement – These types of entities have to comply as per the requirements of the NBFC. There are separate Nidhi company rules under the Companies Act, 2013. 6. Better option in comparison to credit society – There are more compliances while forming a credit society as compared to Nidhi company. 7. Option to savings and mutual benefits – A Nidhi company is mainly formed to increase the savings of the members. These companies are also known as mutual benefit companies Nidhi companies in India are easy to form in comparison to other loan-providing entities because of less involvement on the part of RBI. The Nidhi Company Registration Process gives no scope for outsiders with less capital requirement. It also stimulates saving habits among its members. As we have discussed above, the eligibility criteria and compliances of Nidhi company are provided by the Companies Act, 2013. There is a Nidhi company website for types of companies and their objects. In this blog, we have noted the incorporation process, documents required and benefits of Nidhi company. We at Onlinexbrl provide expert assistance for Nidhi Company Registration Process and get hassle free solutions at affordable prices. What is the Nidhi Company Registration Process?
What are the Eligibility Criteria for Nidhi Company Registration Process?
What are the Documents Required for Nidhi Company Registration?
What are the Compliances Followed by a Nidhi company?
What are the Benefits of the Nidhi Company Registration Process?
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