A Nidhi company is an part of Non-Banking Financial Company and its main functions is to borrow and lend money to among its only members. As the Nidhi Limited Company Registration process is extremely simple and easy, many prefer it to venture into the financial business sector. Although there are some rules and regulations must be followed if people are intended to run the same legibly.
Nidhi Company Registration Requirement
Although registration procedure of a Nidhi company is easy yet, support from a professional is recommended for filing difficult forms within proper deadline. It may seem difficult to understand government portals and terms therein too. Let us know the steps of Nidhi company incorporation process.
- KYC of all the Directors and Shareholders
- Digital Signature
- Approval of Name
- Documentation
- Final Incorporation (MoA and AoA)
- PAN and TAN
Documents Required of Nidhi Company Registration :- Mainly documents required for nidhi company registration which are following.
- Pan Card
- ID Proof
- Bank Statement
- Passport Size Photo
- Registered Office Proof
Frequently Asked Questions about the Work of Nidhi Limited Company
1. How to become a member of Nidhi Company?
Anyone who is above 18 years of age can apply for Nidhi Company membership. She/he must furnish valid age proof as well as Identity and address proof at the time of application.
2. Can anyone apply for Nidhi Company Membership as a Minor?
Although a minor is not eligible to get membership in Nidhi Company, they can deposit money under certain condition. One member of the Nidhi must be the legal or natural guardian of the minor. Only then the company can accept deposits under the minor’s name.
3. How a member can apply for loan in the Nidhi Company ?
A member must deposit or provide some collaterals like immovable property, Gold or silver jewellery and any other kinds of financial securities to apply for loan.
4. Are the deposits of the members are safe in Nidhi Company ?
The Ministry and Corporate Affairs and Reserve Bank of India have set some strict rules and guidelines to protect and ensure safety the deposits. All Nidhi Company must comply with those regulations. Hence, the member’s deposits are completely safe and secure.
Nidhi Company is a type of NBFC company in finance sector and its primary work is only be of cultivating the habit of thrift and savings amongst its members.
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Nidhi company in Pune, company in Pune, registration company in Pune Nidhi companyNidhi company is a registered company under the companies act, 2013 which has the only objective of inculcating the habit of saving amongst its members.
therefore, Nidhi company is the ideal entity to require a deposit from a lender to a selected group of individuals ADVANTAGES OF REGISTERING IN NIDHI COMPANYSeparate legal entityThe company, legal entity, and person established thereunder.
The member of the corporate has no liability to the creditors of a Nidhi company.Uninterrupted existenceNidhi companies 'perpetual succession ' exists until its legally dissolved.Better credibilityThe Nidhi company enjoys the best credibility in comparison to or business registration organizations moreover it is monitored by the central government Easy maintenanceThe board of management of the corporate often changed by filling the straightforward form with the registrar of Companies.
The board of management of a corporation controls the activities of the corporate.Concern companya juristic person can acquire its enjoyment and eliminate property in its name.
No member can claim upon the property of the corporate because Nidhi company is a concerned company.
Limited liabilityThe status of being legally responsible for a Limited amount for liabilities of the corporate.
Nidhi Company is the perfect type of company for those who want to start a business with minimum capital investment.
As per the provisions of Section 406(1) of the Companies Act, 2013, the Nidhi Company as 'A company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members just for their mutual benefit.”What is ROC Compliance?ROC stands for Registrar of Companies which is an office under the Indian Ministry of corporate affairs that deals with the administration of the businesses Act, 2013.
ROC has been appointed under section 609 of the businesses act covering the varied States and Union Territories are vested with the first duty of registering companies and LLPs floating within the respective states and therefore the Union Territories and ensuring that such companies and LLPs suit statutory requirements under the act.
The office of ROC functions as registry records, associated with the businesses registered with them, which are available for inspection by members of the general public on payment of the prescribed fee.
It is important to comply with all compliances applicable to your company to avoid penalties and fines.Our kanakkupillai team will guide you through all these compliances required to be completed since the incorporation.
You can get your ROC Compliance for Private Limited Companies done through kanakkupillai.Advantages of Nidhi Company RegistrationEasy to Form the CompanyWith 7 persons during which 3 of them are going to be appointed as Director can start a Nidhi CompanyEasy registration processJust 10-15 days needed to registerCost-Efficient RegistrationWith Rs 5,00,000 because of the minimum capital investment, Nidhi Company Registration Process is often started.
