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The Nidhi Company is a Non-Banking Financial Company (NBFC) that is regulated by the Ministry of Corporate Affairs. Its main objective is to provide savings and loan products to its members
The Nidhi Company is a type of Indian non-banking finance company. It is recognized under the section 406 of the Companies Act, 2013. The business of the Nidhi Company is to lend and borrow money between its members. It is also known as a Permanent Fund, Mutual Benefit Fund, or Benefit Fund. If you are looking for a mutual benefit fund, you can start your search online to find the best one in your state.
A Nidhi Company is a separate legal entity. It is a registered Mutual Benefit Society that can acquire assets and services in its own name. It has limited liability, meaning that members are only liable for their shares in the company. This means that any personal liabilities of the members cannot be used to pay off the company’s liabilities. As a mutual benefit society, the Nidhi Company can borrow money from its shareholders, thus enabling its members to obtain loans at lower interest rates.
The Nidhi company must file financial statements within 30 days of incorporation. It must also file audit reports and ROC balance sheets. The annual return must be filed 60 days after the Annual General Meeting. It must also provide a list of members. The Nidhi Company may have up to three branches in the state of incorporation. These branches must be approved by the Regional Director. They cannot be outside of the state of incorporation.
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A Nidhi Company is a Company which carries on the business of accepting deposits and lending the same on demand.
As toĀ incorporate a Nidhi CompanyĀ it is to be registered as a Public Limited Company. So, to incorporate a Nidhi Company it is necessary to fulfill following criteria:
1. It should have at least 3 Directors.
2. It should have at least 7 Members.
3. The main objective to be written in the MOA should be to cultivate the habit of thrift and savings among its members. And it can accept deposits and lend money only to its members and shall work for the mutual benefit of its members.
The exclusive advantage which is offered by Nidhi Companies are:
1. It is a single office institution governed exclusively by its members with no involvement of the third party.
2. Provide loans at minimal interest rates and minimum documentation.
3. Secured investments are guaranteed by such companies.
Any person who is above 18 years of age as per the standard age proof can become a member of the Nidhi Companies. The person desirous of becoming a member should have valid ID Proof 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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