Nidhi Company
A Nidhi business is a sort of non-banking financial business (NBFC) that operates in India to promote thrift, savings, and financial aid among its members.
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Nidhi Company
A Nidhi business is a sort of non-banking financial business (NBFC) that operates in India to promote thrift, savings, and financial aid among its members. Nidhi Companies collect deposits from their members and make loans only to their members for purposes such as housing and associated activities. They operate under the regulatory framework of the Nidhi Rules, 2014, and are controlled by the Companies Act, 2013. These organizations are based on the principles of limited activity, restricted membership, and mutual benefit, with a focus on instilling a savings culture and giving financial assistance while adhering to the Reserve Bank of India’s (RBI) regulatory rules.
Minimum Requirement
- 3 Directors
- 7 Shareholder
- Registered office
List of Essential Documents:
- Director’s/ Shareholder’s Documents:
- Passport-sized photograph
- PAN Card
- Aadhar Card or Voter ID or Passport or Driving License
- Proof of Residence (Bank Statement, Electricity Bill, Telephone Bill)
- Registered Office Documents:
- Proof of Registered Office Address (Conveyance/Lease Deed/Rental Agreement)
- Utility Bill (not older than two months)
- No Objection Certificate (NOC) from the property owner
Steps for Incorporating a Nidhi Company in India :-
Incorporating a Nidhi Company in India entails a number of important stages, including legal measures in the event of member default. Here’s a step-by-step tutorial to registering:
1: Obtaining DIN and DSC
The Nidhi Company’s directors must obtain a Director’s Identification Number (DIN) and a Digital Signature Certificate (DSC). The Ministry of Corporate Affairs (MCA) issues DINs, whereas DSCs are required for all e-filing activities. Directors who already have DIN and DSC can skip this stage.
2: MoA and AoA
Create the Memorandum of Association (MoA) and Articles of Association (AoA), which outline the main reason for forming the Nidhi firm. These documents must be filed with the Registrar of Companies (ROC) together with a subscription statement.
3: Approval of Names
Make three suggestions to the MCA for Nidhi Company names. The MCA will approve one name. The chosen name must be unique and not in use at the time. It is valid for 20 days after it has been approved.
4: Submit a Registration Application
Directors must submit an application for registration after obtaining name approval. The submission of the Articles of Association (AOA) and Memorandum of Association (MOA) is part of this application.
5: obtain a Certificate of Incorporation (CIN).
It usually takes 15-20 days for the necessary authority to issue the Nidhi Company’s Certificate of Incorporation. The certificate also includes the company’s unique Company Identification Number (CIN).
Step 6: Obtaining a PAN, TAN, and a Bank Account
Apply for a PAN and a TAN (Tax Deduction and Collection Account Number). Following that, open a bank account for the Nidhi Company by submitting the Certificate of Incorporation, the MoA, the AoA, and the PAN.