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A nidhi company, is the one that belongs to the non-banking Indian finance sector and is recognized under section 406 of the Companies Act, 2013. Their core business is borrowing and lending money between their members. They are also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company. They are regulated by Ministry of Corporate Affairs. Reserve Bank of India is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these companies deal with their shareholder-members only. Nidhi means a company which has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit.
Nidhi is the safest and the cheapest way of raising funds from the General public (just by registering them as members).
The alternatives of Nidhi (like Non Banking Financial Companies (NBFC\u2019s) will need a capital of at least two crores) are very costly. Though, very business friendly, Nidhi is yet to be common between the business communities.
Nidhi companies are governed by Nidhi Rules, 2014. They are incorporated in the nature of Public Limited company and hence, they have to comply with two set of norms, one of Public limited company as per Companies Act, 2013 and another is for Nidhi rules, 2014. No RBI approval is necessary to register the company, as RBI has specifically exempted this category of NBFC in India to comply its core provisions such as registration with RBI etc. Every Nidhi shall, within a period of one year from the commencement must ensure that it has not less than 200 members.
Nidhi Company registration is simple and less complex as compared to other types of finance companies like NBFC which require RBI license to start. A Nidhi Company can be started with an initial capital of Rs.5 lakh and require at least seven people to start with. Nidhi Company registration also require three directors initially. Every promoter or director shall need a copy of PAN card, ID proof and address proof to apply for Nidhi Company in India. It takes around 15 to 20 days to get Nidhi Company registered in India.
Receiving Documents & Apply, DIN & DSC 1-2 Days
Drafting MOA and AOA electronically in Spice MOA (INC-33) and Spice AOA (INC-34) 5-8 Days
Submission of Spice Form INC-32 along with link Form Spice MOA (INC-33) and Spice AOA (INC-34) 9 to 14 Days
Certificate Of Incorporation, PAN & TAN 15 to 20 Days
No, Trust or Body Corporate can not be admitted as a member of Nidhi Company.
Nidhi Company can not issue preference shares, and If preference shares had been issued by a Nidhi before the commencement of Companies Act, 2013, then such preference shares shall be paid back to preference shareholder in accordance with the terms of issue of such shares.
No, A minor shall not be admitted as a member of Nidhi but deposits may be accepted in the name of a minor, if they are made by the natural or legal guardian who is a member of Nidhi.
Net Owned Funds” means the aggregate of paid up equity share capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet. Proceeds from issue of preference share shall not be included in Net Owned Funds.