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Nidhi Companies belong to the Non-banking financial companies structure. Registering a Nidhi Company allows a Nidhi to borrow from its members and lend to the members.
Nidhi Companies are registered in India are created to cultivate the habit of thrift and savings among its members. The funds that are contributed to a Nidhi Company are only from its members.
For Incorporating a Nidhi Company, no license is required from the Reserve Bank of India. Hence, the formation of the Nidhi Company is easy. Nidhi Companies are registered as Public Companies and should have Nidhi Limited at the last of the name.
It should also be noted that the Nidhi Companies fall under the purview of the Reserve Bank of India as the functioning of Nidhi Companies is similar to NBFCs.
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Here are the major reasons why Nidhi company is preferred:
As a member, one can borrow money at a minimum rate, relative to the rate at which banks lend money. This can be a major advantage in times of need, as different individuals in the mutual benefit society are likely to need funds at different points in time.
It encourages all its members to save money and encourages a thrifty lifestyle. A Nidhi Company, after all, is a mutual benefit society wherein members can lend or borrow money and accept financial aid amongst them.
Borrowing and lending to known persons, where the procedure is fixed, is much less complicated than dealing with banks or in an informal setting. A Nidhi Company enables its members to unlock the potential of their money and gain from lower interest rates when they require money themselves.
What are the things Nidhi Companies cannot do as an NBFC (Non-Banking Financial Company)?
Listed below are the documents required for Nidhi company registration process.
To incorporate a Nidhi Company in India, at least seven members are mandatory, out of which three should be the designated directors. However, the Nidhi Company should acquire at least 200 members within one year of commencement.
For registering a Nidhi Company, it is necessary to have a minimum equity share capital of Rs. 5 lakh. But it is to be noted that the Net Owned Funds (NOF) must be increased to Rs 10 lakhs within one year of registration. While Registering as a Nidhi Company in India, it is necessary to first incorporate into a Limited Company under the Companies Act, 2013.
While Nidhi Company Registration, it necessary to ensure that the objective mentioned in the Memorandum of Association is to cultivate the habit of thrift and savings among the members, receiving and lending to its members only for its mutual benefit.
Post incorporation as a Limited Company, the Nidhi Company should meet the following capacities:
Following are the steps involved in incorporation of Nidhi Company:
Our Nidhi company registration package includes:
A minimum of 3 directors and 7 shareholders are required to register a Nidhi company in India.
The Director needs to be over 18 years of age and must be a natural person.
An address in India where the registered office of the Company will be situated is required. The premises can be commercial/industrial/residential where communication from the MCA will be received.
No, Filemydoc.com provides complete online Incorporation process. All legal documentation and visits are done by us.
Any person can deposit, lend or borrow money through the provisions provided by the Companies Act, 2013. Hence, they can all become members of a Nidhi Company, provided they are not a corporation or a company.
No, members are only allowed to deposit, borrow, or lend funds.
A Nidhi Company can accept deposits not exceeding 20 times of its net owned assets, as per the last audited statements.
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