Nidhi Company Company Registration

Nidhi Company 

A Nidhi Company is a NBFC company that primarily deals with managing deposits from and providing loans to its members. The main purpose of a Nidhi Company is to promote thrift and savings among its members while offering financial assistance through lending.

Nidhi Companies serve a distinct purpose in the Indian financial landscape, primarily focused on promoting savings among their members. They can accept deposits from and offer loans exclusively to their members. 

Benefits of Nidhi Company

  • Easy Formation 
  • Non Compliance with RBI
  • Lower Risk 
  • Economic Registration 
  • Saving Promotion 
  • Net Owned funding system 

Requirement for Nidhi Company Registration 

  • Minimum seven members 
  • Minimum 3 Directors
  • Minimum 10 lac authorised capital 
  • The objective of company should be receiving deposits and lending to its members only

Restrictions on Nidhi Companies

Nidhi companies have certain rules they must follow to keep their focus on serving their members. They are not allowed to : 

  • Advertise for deposits from the public.
  • Get involved in chit funds.
  • Provide leasing or hire-purchase financing.
  • Run lotteries.
  • Offer insurance services.
  • Sell, mortgage, or use assets as security.
  • Partner with others for lending and borrowing.
  • Take deposits or lend money to people who aren’t their members.
  • Issue certain types of shares or debt instruments.
  • Exceed a limit on the value of shares.
  • Open current accounts for members (though savings accounts are fine).
  • Lend to or take deposits from corporations.
  • Pay commissions or fees for attracting deposits.
  • Do any business beyond borrowing and lending to members.
  • Get involved in hire-purchase financing.
  • Pay fees for loans to brokers.

Procedure of Registration of Nidhi Company  

  • Digital Signature Certificate 
  • Name Approval 
  • Filing of Form (INC-32)
  • Filing of (E-MOA ,and E-AOA)
  • Issue of COI, PAN , EPF , ESI, Master Data 

Financial Quote for Registration of Nidhi Company.  

Sr NoParticularsPrice.
1Registration of Nidhi Company.  
Deliverables Certificate of Registration (COI). Permanent Account Number (PAN) Tax Deduction Account Number (TAN)Article of Association (AOA)Memorandum of Association (MOA)Directors Identification Number (DIN)Digital Signature Certificate (DIN)EPF and ESIC Registration Master Data 
Total 14,999/-

Documents Required for Nidhi Company Registration: 

Sr NoParticulars
Directors/Members  documents required PAN Photo AdharMail & Mobile Copy of Voter ID or Driving License Copy of latest Bank statement 
Office address proof required Copy of Electricity/Water/Gas Bill/( Not older than 2 month)Rent agreement NOC from the Owner 

Time required for registration of Nidhi Company 

On average it takes around 15-25 working days to register a Nidhi company in India subject to document verification by Ministry of corporate affair.

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