Nidhi companies are registered under the Companies Act 2013, with the exclusive object of cultivating the habit of thrift, savings and functioning for the mutual benefit of members by receiving deposits only from individuals enrolled as members and by lending only to individuals, also enrolled as members. Nidhi Companies come under one class of NBFCs, RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these Nidhi's deal with their shareholder-members only, RBI has exempted the notified Nidhi's from the core provisions of the RBI Act and other directions applicable to NBFCs. Nidhi Company is an ideal entity to take deposit from and lend to a specific group of people.
Nidhi company should have minimum of two hundred members within a period of one year from the date of commencement. Net owned funds shall be ten lakhs and ratio of net owned funds to deposit shall be not more than 1:20. A Nidhi shall not close any branch unless it publishes an advertisement in a newspaper in vernacular language in the place where it carries on business at least 30 days prior to such closure.
Identity and address proof will be required from all Directors and Shareholders of the NidhiCompany to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than two months old.
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill, gas connection bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
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Digital Signature Certificate(DSC) and Director Identification Number(DIN) is required for the proposed Directors of the Nidhi Company. DIN and DSC can be obtained for the proposed Directors within 3 to 4 working days.
A minimum and a maximum of one proposed name must be submitted to the MCA through RUN option. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2-3 working days.
Registration documents can be submitted to the MCA along with an application for registration. MCA will usually approve the application for incorporation in 3-4 working days, subject to their processing time.
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