Do you want to register a Nidhi company?
A Non-Banking Financial Company (NBFC), The Nidhi Company is overseen by the Ministry of Corporate Affairs. Its primary goal is to offer its members savings and lending solutions.
Nidhi Company Reistration Consultant in Telangana
An example of an Indian non-banking finance company is The Nidhi Company. It is acknowledged in accordance with Section 406 of the 2013 Companies Act. The Nidhi Company’s primary activity is the lending and borrowing of funds among its participants. A Permanent Fund, Mutual Benefit Fund, or Benefit Fund are other names for it. You can start your search for the best mutual benefit fund in your state online if you’re looking for one.
Nidhi Companies are distinct legal entities. It can purchase goods and services on its own behalf because it is a registered Mutual Benefit Society. It has limited liability, thus each member is only responsible for their individual stock holdings. This means that any personal debts owed by the members cannot be utilised to settle debts owed by the firm. The Nidhi Company can borrow money from its shareholders because it is a mutual benefit society, allowing its members to get loans with cheaper interest rates.
Within thirty days after its incorporation, the Nidhi firm must submit financial statements. Additionally, it must submit ROC balance sheets and audit reports. 60 days following the annual general meeting, the annual return must be submitted. A list of the members is also required. Up to three branches may exist for The Nidhi Company in the state of formation. The Regional Director must give his or her approval for these branches. They cannot reside elsewhere than the state of incorporation.
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A Nidhi Company is a firm that engages in the practise of taking deposits and disbursing money on demand.
A Nidhi Company must be registered as a Public Limited Company in order to be incorporated. Therefore, in order to form a Nidhi Company, the following requirements must be met:
1. At least three directors are required.
2. There should be a minimum of 7 members.
3. To instil the habit of saving money among its members should be the major goal stated in the MOA. Additionally, it will operate for the mutual interest of its members and can only take deposits from and lend money to members.
The following are the unique benefits provided by Nidhi Companies:
1. It is a single-office organisation where only its members are involved in decision-making.
2. Offer loans with the bare minimum of paperwork and interest rates.
3. Such companies provide guarantees for secured investments.
Any person who meets the requirements for age verificationāa minimum of being over 18ācan join the Nidhi Companies. Anyone interested in joining should have current ID and address proof.
Following are the documents required forĀ Nidhi Company Registration:
1. Digital Signature Certificate of all the Directors.
2. Directors Identification of all the Directors.
3. Copy of a PAN Card.
4. Copy of Identity Proof (i.e. Voters ID Card, Driving License, Aadhar Card).
5. 2 Passport size photograph.
6. Registered Office Address Proof (Electricity Bill, Telephone Bill).
7. If the registered address is a rented premise then rent agreement with rent receipt.
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