Nidhi Company Registration

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ABOUT NIDHI COMPANY

Nidhi Company governed in India by Companies Act 2013, and define under section 403, and is belongs to the non banking Indian finance sector. Nidhi Companies are regulated by Ministry Of Corporate Affairs (MCA).

Nidhi Companies are incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefits.

Nidhi Company must have minimum 3 directors. All the Nidhi Company shall have the last word as a Nidhi Limited as a part of its name. Nidhi Company is easy and economic to register.

ADVANTAGES

CAPITAL REQUIREMENT

The Ministry of Corporate Affairs has done away with the minimum capital requirement of INR 5 Lakhs for Nidhi’s. It is only after Nidhi Rules, 2014, that mandated the infusion of INR 10 lakhs for such companies.

CHANNELISATION OF SAVINGS

The main aim of such companies is to promote the habit of saving and thrifts among lower and middle section of the society. These small sections of the population contribute to the funds of and avail credit from Nidhi companies

BETTER CREDIBILITY

A Nidhi company enjoys better credibility when compared to Mutual Benefit Organizations. Nidhi companies are registered and monitored by the Central Government. Mutual Benefits Organization are on the other hand governed and monitored by State Governments.

GOING CONCERN

A Nidhi company being a juristic person, can acquire, own, enjoy and alienate property in its own name. No member can make any claim upon the property of the Nidhi Company as long as it is a going concern.

OUTSIDER INTERVENTION

The Nidhi companies are formed by, managed by, and provide benefits to their members only. The outsider is not allowed to intervene in the working of the Nidhi, neither allowed to deposit money or avail credit from these companies.

EASY MANAGEMENT

The Board of Management of a Nidhi company can be easily changed by filing simple forms with the Registrar of Companies. The Board of Management of a Nidhi company controls the activities of the Nidhi Company.

MINIMUM REQUIREMENTS

  • Register office of all companies must be in India .If it is a Rented Property, Rent agreement and NOC from a landlord. If it is a Self-owned Property, Electricity bill or any other address proof.
  • Documents submitted must be valid and not more than 2 month old.

DOCUMENTS REQUIRED FOR REGISTRATION

IDENTITY AND ADDRESS PROOF

 Aadhar Card, Aadhar number is now a necessity for applying for any registration in India.

 Income tax return can only be filed if the person has linked his PAN card with Aadhar number.

 Address proof will be required for all directors and shareholders of the company to be incorporated.

 For Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be mandatorily submitted.

 Residence proof documents like bank statement or electricity bill should not be more than 2 months old.

 All documents submitted must be valid

REGISTERED OFFICE PROOF

  • Register office of all companies must be in India .If it is a Rented Property, Rent agreement and NOC from a landlord. If it is a Self-owned Property, Electricity bill or any other address proof.
  • Documents submitted must be valid and not more than 2 month old.