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Nidhi Company Registration is a procedure through which the incorporation of type of NBFC called Nidhi can be made possible. Another name of this NBFC is the Mutual Benefit Finance Company. Furthermore, this incorporation takes place under the provisions of Companies Act, 2013. Nidhi companies are allowed to borrow from its members and lend to its members. It is a type of NBFC, and for incorporating it, the applicant company is needed to be registered with the MCA. It is registered as a public company and should have “Nidhi Limited” as the last words of its name. The activities of a Nidhi Company does fall under the purview of Reserve Bank of India, as it is similar to a NBFC. However, as Nidhi Companies ONLY deal with its shareholder-members money, RBI has exempted Nidhi Companies from the core provisions of the RBI and other regulations applicable to a NBFC.
Easy Availability Of Funds
Nidhi Company is the most secure and most accessible way of accepting deposits from the end of the general public. Only the requirement is that they should be the registered members.
No RBI Requirement
Nidhi Company do not require RBI registration to do loan business in India.
Lower rate of Interest
Rate of interest of borrowing for members is less as compared to the market rate.
Limited Liability
Any member is liable to only the amount he has invested in the company.Easy Ownership Transfer Tax Benefit.
Easy Access of Public fund
The members of the Nidhi Company can take a loan at a cheaper rate from its own Company than borrowing from banks and other NBFCs. Moreover, the process of taking the loan and customized services are much more convenient and faster.
Better option for Savings
One of the main goals of Nidhi Company incorporation is to encourage the habit of saving among the members of the Company. This is how it achieves its other goal of being mutually beneficial. The Nidhi Companies lend and borrow money to and from its
Below few points (given in Rule-6 of the Nidhi Rules of 2014) are noteworthy in connection with the working of Nidhi Companies in India:
Step-1 : Choose an Appropriate Name for the Company
It is not possible to register a name that is too similar to an existing company name or trademark. When it comes to name of company, a degree of freedom is given by the companies’ act 2013, however, there are certain rules and restrictions that are
Step-2 : Applying for DSC
The directors to get a Class 2 DSC (Digital Signature Certificate) to sign electronic documents after which DIN (Director Identification Number) can be applied for.
Step-3 : Execution of company registration documents
After the company name approval, the company incorporation documents such as memorandum of association (e-MOA) and articles of association (e-AOA) have to be executed by the promoters in the prescribed format along with documents i.e. consent to act
Step-4 : Company incorporation E-form submission
For successful completion of process, it is required to submit the e-forms with the MCA on the website for the purpose of approval.
Step-5 : Get Certificate of Incorporation
On the approval of E-Form (SPICe INC-32), the Certificate of Incorporation is provided via E-mail.
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All members of your sales team were courteous and feedback from each inspection was informative and i was kept in the loop at all times
Members of your sales team
NGO WORLDS is a one step solution for all the NGOs . I approach them when i was establishing my NGO. They understood NGOs all need, I wish Them Gud Luck !!
Members of your sales team
We at NGO WORLDS Working an extensive Network and connections in the corporate world
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