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Owner
Hitesh
Description
National Initiative For Developing and Harnessing Innovations(NIDHI)
is a financial institution or NBFC that involves deposits and money
lending to its members. Moreover, NIDHI company is registered under the Companies Act, 2013, and is governed according to the guidelines of the Reserve Bank of India (RBI).
However,
as NIDHI company deals with its shareholders only, RBI has exempted
notify NIDHI company from core RBI Acts, and other directions apply on
NBFC.
In simpler words, NIDHI is the company that is incorporated
with the motive of cultivating the habit of thrift, saving among its
members, receiving deposits from members, and lending money to its
members for their mutual benefit.
Who regulates the NIDHI company?
The
Ministry of Corporate Affairs regulates the NIDHI company or Nidhi
company registration. Though the Company Act provisions regulate NIDHI
companies, they are exempted from specific Act provisions applicable to
other companies.
Is NIDHI company a Non-Banking Financial Company (NBFC)?
NBFC
included NIDHI company in its definition, which works fundamentally in
the unorganized money market. But, on the contrary, since 1997, NBFCs
are majorly regulated by RBI.
Net-owned
funding signifies a transaction where the owner invests money in a
business to increase the funds for the same. As mentioned earlier, the
net owned funding ratio of a NIDHI company is 1:20, so, for instance, if
you would invest Re. 1 in a business, you could raise the fund of Rs.
20 from the same.
Thus, this feature of NIDHI company/ Nidhi
finance company makes it cost-effective for new business owners, helps
diversify the business, and grows the business with more capital.
By
its nature, NIDHI company/ Nidhi finance company is a kind of NBFC,
which RBI regulates. However, RBI has provided its exemption from
stringent compliances. Thus, NIDHI company follows the NIDHI Rule, 2014,
which guides the activities and working of a company.
As
per NIDHI Rules, 2014, NIDHI companies/ Nidhi finance company can
accept deposits and give loans to their members, reducing the risk of
non-payment of loans compared to other financial businesses.
Thus, it is the safest passageway to provide loans to its members at low-interest rates, increasing member savings.
Under sub-section (1) of Section 620A, Companies Act,1956, companies declared as NIDHI or Mutual Benefit Society.
The company incorporated as a NIDHI company pursuant under the provisions of Section 406 of the Act.
A
company is functioning on the lines of NIDHI company or Mutual Benefit
Society. However, either does not has applied for registration as a
NIDHI company or Mutual Benefit Society or has applied for registration
or is waiting for a notification to be a NIDHI or Mutual Benefit Company
under Companies Act, 1956 and sub-section (1) Section 620A.
Pre-Requisites For NIDHI Incorporation | Pre-Requisites For NIDHI Online Company Registration
Should have at least 7 members and 3 directors.
Minimum capital requirements for NIDHI incorporation is Rs 5 lakh.
NIDHI company is not authorized to issue preference shares.
Should encourage saving habits through deposit and lending money to its members.
Director Identification Number (DIN) of directors.
Requisites To be Followed After NIDHI Incorporation
Memorandum of Association (MOA) and Article of Association (AOA).
Address proof and residence proof.
Passport, in case the company includes foreign directors.
PAN Card for the company’s financial transaction and taxation process.
Our
Nidhi online company registration consultants will invest their sustain
efforts in providing high-standard services to our clients. Thus, we
will ensure a smooth procedure.
To make the process of Nidhi
online company registration unchallenging, our finest NIDHI online
company registration consultant will educate you concerning registration
process without any hassle and challenge. Above all, we guarantee to
avoid any inaccuracy in Nidhi online company registration/ Nidhi finance
company registration.
NIDHI Company Registration Process | Nidhi Finance Online Company Registration Process
To
commence the NIDHI company registration process, first, procure the
Digital Signature Certificate and Director Identification Number.
Next,
for name approval, you are required to file an MCA application. For
this, the name of the company should be unique and must not violate
intellectual property rights.
After
filling the application, submit the required documents to the Registrar
of Companies, through INC Form 32, including MOA, AOA, and mention the
fundamental objective of establishing the NIDHI company.
After reviewing the documents, the company can obtain the certificate of incorporation.
As you obtain the certificate of incorporation, you are required to apply to obtain PAN and TAN.
At last, open a bank account on the business’s behalf for money transactions.
Our Role in Nidhi Company Registration Process| Nidhi Finance Online Company Registration
Our Nidhi company consultant will provide you with complete support in the process of registration.
Our NIDHI company registration consultant will provide you with assistance in documentation.
Our Nidhi company consultants will ivest our sustain efforts in findig the most appropriate name of the company.
Our Nidhi company consultant will assist you in keeping track of your application.
Our
Nidhi company consultant will provide you with the most satisfactory
solution to your concern regarding Nidhi company registration process.
As
it seems, Nidhi online company registration seems to be a wise decision
because it provides various advantages such as increase funds, less
regulations, and low risk of non-payment of loans, which is why, it is
considered important to register a Nidhi company.
However,
obtaining the same could not be as easy as it seems because it requires
proper knowledge regarding documents required for Nidhi company
registration/ Nidhi finance company and filling in the relevant details
in the application of Nidhi finance company. If not, it could result in
the rejection of an application.
Consequently, JR Compliance, Delhi's leading compliance service provider possess experience of 8+ years,
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