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Know What is Nidhi Company ? and How it is registered?
Nidhi is a company formed to cultivate habit of saving and thrift and mutual benefit of members by lending and borrowing between members of the company. A Nidhi company is a non-banking financial company(NBFC) which is regulated by Reserve bank of India from time to time. However, RBI has excluded the Nidhi companies from the core provisions of RBI act.
A Nidhi Company is a type of Non-Banking Financial Company (NBFC) that primarily deals with lending and borrowing among its members. It is governed by the Companies Act, 2013 and regulated by the Ministry of Corporate Affairs (MCA).
Learn the basics about Nidhi Company & its compliance
The process of registering a Nidhi Company is complicated and involves various compliances. Our experts at Legalpanther can simplify the whole registration process for you. Register your Nidhi Company online in 3 easy steps:
Step 2:
Provide necessary documents
Step 3:
Get your incorporation registered in 7-10 working days
See at the benefits of Nidhi Company registration in India:
Nidhi Company registration process is very simple with Legal Panther. The whole procedure is completely online and one need not visit our office physically to get the Company registration.
Choose a Name for the Company Select a unique name that reflects the non-profit objectives. Ensure the name complies with the naming guidelines, and it must include “Foundation,” “Association,” or “Society” (not “Private Limited”).
Obtain Digital Signature Certificate Apply for a Digital Signature Certificate (DSC) for signing documents online. Obtain a Director Identification Number (DIN) for all directors of the company.
File Incorporation Documents with the ROC Prepare and file the Memorandum of Association (MOA) and Articles of Association (AOA) along with the application for registration with the Registrar of Companies (ROC). Submit proof of identity and address of directors, and the company's registered office address.
Obtain Necessary Licenses and Tax Registrations Upon approval, obtain the Certificate of Incorporation. Register for PAN, GST (if applicable), and any industry-specific licenses or permits.
Minimum 7 Members (Shareholders) Minimum 3 Directors (Can be selected from members/shareholders) Minimum Capital Requirement: â‚ą10 Lakh (Paid-up Capital) Registered Office Address (Physical office required for official communication) Must include "Nidhi Limited" in the Company Name No Preference Shares Allowed (Company cannot issue preference shares)
Proposed Company Name (Must end with “Nidhi Limited”) Memorandum of Association (MOA) (Defines objectives, mainly savings & lending activities) Articles of Association (AOA) (Defines governance and management rules) Registered Office Proof (Utility Bill, Rent Agreement, NOC from Owner, etc.) Declaration by Directors in DIR-2 (Consent to Act as Directors).
Minimum 200 Members (Within 1 Year) – A Nidhi company must have at least 200 members/shareholders within 12 months. Minimum Net Owned Funds (NOF) of ₹10 Lakh – The company must maintain at least ₹10 lakh as NOF. Unencumbered Deposits – At least 10% of total deposits must be in fixed deposits with a scheduled bank. Net Owned Funds to Deposits Ratio – Cannot exceed 1:20.
Cannot engage in chit funds, leasing, or insurance businesses. Cannot issue preference shares, debentures, or other debt instruments. Cannot accept deposits from or lend to non-members. Cannot engage in microfinance or hire-purchase activities.
Obtain DSC (Digital Signature Certificate) Apply for DIN (Director Identification Number) Name Reservation (RUN Application) File Incorporation Application (SPICe+ INC-32) Obtain Certificate of Incorporation (COI)Apply for PAN & TANOpen a Business Bank Account
NDH-1 Form – List of members to be submitted within 90 days of the financial year-end. NDH-2 Form – Apply for extension if 200 members are not reached within 1 year. NDH-3 Form – Half-yearly return submission. AOC-4 – Filing of financial statements annually. MGT-7 – Filing of annual return. Income Tax Return (ITR-6) – Filed yearly by the company.
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