Now nidhi company can be started with an initial capital of Rs. 20,000/-* (Inclusive All)
Section 406 of the Companies Act, 2013 states: The main object of forming this type of company is to cultivate the habit of thrift and savings amongst its members. To receive deposit from and to lend to its members only for their mutual benefit.They are also known as Permanent Fund, Benefit fund, mutual benefit fund and Mutual Benefit Company.
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A nidhi company can be started with an initial capital of Rs.5 lakh and requires at least seven people to start with (minimum 7 members).
Nidhi company registration also requires three directors initially –
Every company registered as a “Nidhi” Company shall have the last words “NidhiLimited”as a part of its name
Every Nidhi Company must have 200 members within a one year from the commencement of business
Nidhi investment plays very important role in helping the middleand lower class sections of the Society
No RBI approval required for registration of this type of NBFC
Promotes small savings among middle and lower class
Easy source of loans to members against collateral
Effective means of savings and loans with minimum documentation
Net owned fund ratio of Nidhi Company is 1:20that means if your invest Rs.1 you will get Rs.20 Deposit.
Number of documents required for the registration are very less
It is a class of NBFCs and RBI is empowered to issue directions to them in the matters relating to their deposit acceptance activities
RBI has exempted notified Nidhi companies from the core provisions of RBI Act
It cultivates the habit of thrift and savings amongst its members
No external interference in the management of the company
Rate of Interest is very low as compared to others.
They cannot start business of chit funds, leasing finance,insurance, hire purchase or acquisition of securities issued by any other body corporate
Nidhi company cannot accept deposit from any other members other than its own members
It cannot pledge any of asset lodged by its own members as security
Lend or deposit money to anybody corporate
Enter in to partnership in its activities of lending and borrowing.
Pay any brokerage or incentives for mobilizing deposit from members.
From Directors and Share holders
1. PAN of the Promoters/subscribers and Directors
2. Address Proof of the Promoters/ subscribers and Directors
3. Identity Proof of the Promoters/ subscribers and Directors
4. Digital Signature Certificate
5. Registered Address Proof of office of the Company or ownership documents/lease deed Passport Size Photograph of Promoters/ subscribers and Directors
From CA/CS
1. Memorandum of Association of the Company (MOA)
2. Articles of Association of the Company (AOA)
3. Other attestation Documents
Name approval in RUN Facility:- Applicant needs to check name of their proposed Nidhi Company through RUN facility available on MCA 21.
Obtaining DSC
The proposed Directors who will also be a promoters of NIDHI Company have to obtain class 2 DSC
File Form Spice 32
PAN card of fist director, Id proof of fist director
Utility Bill should be latest one (Electricity/ Bank Statements/ Telephone/ mobile Bill)
Proof of registered office required and No objection certificate from the owner
Consent and Declaration from the first directors in DIR-2-form.
Self-declaration from the first directors and subscribers in FORM INC-9.
Form NDH-1
Form NDH-2- Extension of Time
Form NDH-3
within 90 days from the closure of Financial Year
within 90 days from the closure of Financial Year
within 30 days from the conclusion of each half year
For April- September (30th of October)
For Oct-March (30th of April)
Annual Filing
Company is not complying with minimum member criteria
Half yearly Compliance
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Sole proprietor
HUF
Private company
Limited Liability Partnership
The registration process is quite easy and simple to apply. You have to visit the official website.
Once we file the details given, you will receive the certificate on the mail id given.
No documents are required, only the aadhar card given should be linked with the mobile number as you will receive OTP on your phone.
Yes,UdyogAadhar can be used to open Current Bank Account. It is treated as a Business Registration Certificate for Micro,Small and Medium Enterprises
The validity is for lifetime,there is no expiry period for UdyogAadhar Certificate.
Yes,one can easily update UdyogAadhar and modify the details by editing the details. You just need to enter AadharNumber,Name, and the OTP which you will receive on the linked mobile number and then very easily you can update or modify the details.