Nidhi Company Registration in India

  • GET STARTED

Company Registration for Nidhi in India

A nidhi company may be a type of non-banking finance company in India, as recognized by section 406 of the businesses Act of 2013. Nidhi refers to a corporation that has been incorporated with the purpose of promoting thrift and reserve funds among its members, also as receiving deposits and lending to its members for their mutual benefit. the elemental principle of nidhi is the “Principle of Mutuality.” Additionally referred to as Permanent Funds, Mutual Benefit Funds, and Mutual Benefit Companies. The core business of this Company is lending and borrowing money between its members. Eighty percent of Nidhi companies are located in Tamil Nadu, where they enjoy greater popularity in South India.

Nidhi Company may be a Public Limited Company incorporated under the 2013 Companies Act. No RBI approval is important for the formation of a Nidhi Company because RBI has specifically exempted this category of NBFC in India from complying with its core provisions, like registration with RBI, etc. The Central Registration Center (CRC), Manesar, Haryana regulates Nidhi Company Registration on behalf of every state’s Registrar of Companies, Ministry of Corporate Affairs, Government of India. The Nidhi Companies are governed by the businesses Act of 2013. the govt of India announced on January 26, 2018, that there are no incorporation fees for companies with an authorized share capital of up to Rs. 1,000,000/- (Rupees Ten Lakhs), which has since been increased to Rs. 15 lakhs. As usual, the remaining fees, including Name Availability, stamp tax, Permanent Account Number (PAN), and tax write-off and Collection Account Number (TAN), apply.

To register a Nidhi Company, three directors and 7 shareholders are required. Within one year of its inception, every nidhi company must make sure that it has at least 200 members, Rs. 10 lakhs or more in net owned funds, and a net owned funds-to-deposits ratio that doesn’t exceed 1:20. If the amount of members does not exceed 200, then the Ministry of Corporate Affairs must be petitioned for an extension of the deadline.

Those who wish to borrow and lend money between themselves must register with a Nidhi Company.

India’s Nidhi Company registration is conducted solely online. XYZ is that the right team for you if you wish to register your business. Register your business with us online today, and you will be on your way to operating a registered business within 10 business days.

Minimum Requirements to register a Nidhi Company:

 

DirectorsThree Directors
ShareholdersSeven Shareholders
Authorized Share CapitalRs.5
Paid-up Share CapitalRs.5
  •  
  • There must be three directors and 7 shareholders. Directors and shareholders could also be the same individual. they have to be majors. The director must be a natural person, whereas the shareholder could also be a corporation. one among the directors must be a Native American resident.
  • Authorized Share Capital is the maximum amount of share capital that can be invested in a company.
  • Paidup Share Capital is the maximum amount of Share Capital that can be deposited into the Company's bank account.
Directors Documents
    1. Directors PAN
    2. Directors ID Proofs
      Aadhaar Card or Voter ID or Passport or Driver's License
    3. Directors Address Proofs:
      Latest one month Savings Bank statement or
      Latest Telephone Bill on his own name or
      Latest Moblie Bill on his name or
      Latest Power Bill on his own name.
    4. Directors latest passport size photograph
    5. Directors Email ids
    6. Directors Mobile Numbers linked with their Aadhar
    7. Incase of Foreign direcrtors, International Passport is mandatory
Company Documents
  1. Registered Office Address Proof: Latest Power Bill
  2. No-objection letter from the Landlord.
  3. Rental Agreement from the landlord if the premises are rented.
  4. Company email id.

Nidhi Company Registration Advantages:

Limited Liability:

The liability of the members of the Company is limited. The Directors or Shareholders are not personally liable for the debts of the Company. For example, when Company is in default of repayment of debt or loan, there is a protection to the personal assets of the Directors or Shareholders. They can recover the loan amount only by selling the assets of the Company.

No RBI Approval:

 No RBI approval is required for the formation of a Nidhi Company, despite the character of this Company being similar to that of an NBFC, as RBI has specifically exempted this category of NBFC in India from complying with its core provisions, like registration with RBI, etc.

Mutual Benefit:

 Corporate members can deposit funds into the business and borrow funds at a lower interest rate than the market rate. for each rupee invested, he can borrow twenty rupees.

Director Dual Role:

The Director of the corporate may also be an employee. He can rent or lease his property to the corporate and collect rent, he can give the corporate a loan and receive a loan from the Company, and he can provide the corporate with goods or services in exchange for payment.

Separate Entity:

The members of the Company may come and may go but Company may not go that means the members are different and the Company is different. Company can own assets on it own name and can sell. It can sue and can be sued in a court of law.

Less Risk:

 there’s less risk because the Company provides members with loans secured by collateral.

Register your Company with us for less! Start here & Save! Contact Now!

Get Certificate, DINs, DSCs, MOA, AOA, PAN, TAN, GST, MSME, IEC, PF, ESI, PT*, Bank A/c, Share Certificates & GST Software along with your CIN under 10 working days!

Get Started

How to Form a Nidhi Company

Below are the three steps involved in registering a corporation.

Through eMudhra - One Hour Job
Digital Signature Certificates

We will apply for Class-III DSCs online via the eMudhra Portal. The OTPs are going to be generated on your Aadhaar-enabled mobile numbers, we'll submit the same OTPs, and therefore the system will then send you a link to the video recording via SMS and email. The DSC are going to be approved by the eMudhra team following the submission of your video recording. Then, we'll retrieve the DSCs from ePass Tokens and use them to sign incorporation documents.

Through MCA Portal - 5 to 7 Days
Incorporation

We will prepare the documents you provide in the order provided, i.e. PAN, ID Proof, and Address Proof as one document. we'll also prepare the Form DIR-2, Form INC-8, Verification under Rule 25 of the businesses Incorporation Rules 2014, draft the most objects of the Company, and prepare the eSprice+ Form, eMOA, eAOA, and eAGILE+ Form and upload them to the MCA portal upon payment of the specified fee.

Through eMail - 1 Day
Certificate of Registration

After review, the MCA officers will approve the appliance and email you the Certificate of Incorporation. MCA also will send you DIN approval letters via email. NSDL will send ePAN and eTAN to you via email. Additionally, your Company's PF and ESI registration numbers are going to be automatically generated alongside your Zero Balance Company Current Account. we'll also email you the MOA, AOA, and other documents.

What All You Get
  • Certificate of Incorporation
  • Articles of Association
  • GST Registration
  • Import Export Code
  • Digital Signature Certificates
  • Company PAN
  • MSME Registration
  • Commencement of Business
  • Director Identification Numbers
  • Company TAN
  • PF Registration
  • Company Resolutions
  • Memorandum of Association
  • Company Bank Account
  • ESI Registration
  • Company Agreements

Why Business Setup in India?

Since our inception as an Official Company Registration Agent, we have maintained close ties with the Ministry of Corporate Affairs, Government of India. From day one, our intention has been to offer a streamlined incorporation procedure that is quick and easy to utilize. Today, our system for company registration is among the most efficient and effective in India. You can file an application for a new company name in slightly more than 5 minutes, and your firm will often be fully registered within 3-5 days. In addition to maintaining affordable pricing for company formation, we are constantly investigating new ways to bring value to our clients. We are proud to be one of the least expensive ways to establish a business in India.

We have the knowledge to advise clients on the appropriate company structure to implement. The majority of our clients want assistance registering a business limited by shares. The limited company structure is prevalent because it permits the distribution of profits to shareholders while safeguarding them through restricted liability. Our team has more than 2 decades of experience founding companies and providing corporate and secretarial services, which aids in the growth of tens of thousands of our clients’ enterprises each year.

We are tremendously passionate about the quality of our service, and we are incredibly proud of the reviews we get from our customers, as evidenced by our outstanding reviews and ratings. Continually, our team is chosen due to the value and skill for which it is renowned. We have helped form the industry by giving our customers innovative business services and packaged solutions that have grown alongside their demands.

Our clients have access to complimentary help from a team of experts. We are always prepared to assist. Throughout the registration of your Company, you will be enabled to contact us by phone or email if you require assistance.

No Hidden Charges

We believe in transparent and straightforward pricing. The price displayed is the price paid. There are no additional fees associated with business registration.

Rapid Service

You can file an application for a new company name in slightly more than 5 minutes, and your firm will often be fully registered within 3-5 days.

20 Years of Expertise

Our staff has over 2 decades of experience, making us specialists in our industry. Take the stress out of establishing your business, and rest easy knowing you have the assistance you need to thrive.

Reliable Service

Today, our customers expect exceptional service. Because of this, we are very pleased that 99 percent of our customers have rated us as "Great" or "Excellent" on Google.

Simplicity

The entire procedure, from ordering to utilizing your company registration license, is designed to be as simple and direct as possible to aid in the growth of your firm.

Privacy and Protection

ustomer confidentiality and safety come first. We safeguard your financial, business, and personal information to the utmost degree.

What Follows Registration of the Nidhi Company?

Congratulations on the registration of your new business! the bulk of entrepreneurs do not know what to do after registering their Company. the opposite mandatory registrations and statutory compliance requirements of a company are listed below.

Annual Private Limited Compliance

First Auditor Appointed Within 30 Days

You must appoint a First Auditor of the Company within 30 days of the date of incorporation and file Form ADT-1 with the MCA within 15 days of the appointment, or a maximum fine of Rs. 3,900/- are going to be imposed.

Business Commencing Within 180 Days

You must file Form INC-20A with the MCA declaring the deposit of Share Capital amount within 180 days of Incorporation; otherwise, the MCA will cross off your Company. some banks also require you to submit this Form, failing which they're going to not activate your Company's Current Account.

KYC Director

Before or on September 30. Every director who has been issued a DIN by the end of the financial year and whose DIN status is "Approved" will be required to submit form DIR-3 KYC by the 30th of September of the next financial year. Failure to file incurs a fine of Rs. 5,000 per Director, and the MCA will deactivate his or her DIN.

Board Meetings

Every Company is required to have a meeting of its Board of Directors once every quarter.

General Annual Meeting (AGM)

Every Company is required to have an Annual General Meeting of its members on or before September 30th, within six months of the end of its fiscal year.

Annual Report Within 30 Days of Annual Meeting

Every Company has to file its Annual Report on Form AOC-4 with the MCA within 30 days of its AGM.

Annual Returns Within Sixty Days of the AGM

Every Company must file its Annual Return on Form MGT-7 within sixty days of its AGM.

Income Tax Return

Every Company has to file its annual Income Tax Return on Form ITR-6 by the 30th of September, or before.

TDS Return

Every Company required to file TDS returns must do so within 31 days at the end of each quarter to avoid incurring penalties.

Form NDH-1 Form

Within ninety days of the top of the financial year, every Nidhi Company is required to submit Form NDH-1 containing all the knowledge regarding its members, loans, deposits, reserves, etc., which must be duly certified by a practicing professional.

GST Returns

within 20 days of the quarter's end

Any company required to file GST returns using QRMS must do so by the deadline or face fines.

Type NDH-2

Within 30 days of the top of the fiscal year, every Nidhi company must submit Form NDH-2 to request an extension of your time to complete yearly obligations (ie. number of members to succeed in 200, net owned funds of the corporate falls below Rs. 10 lakhs, Unencumbered term Deposits are but 10 percent of outstanding deposits and Ratio of net owned funds to deposit of more than 1:20).

Form NDH-3 10

Within 30 Days of the Close of the Half-Year Every Nidhi Company must submit Form NDH-3 within 30 days of the close of the half-year, with a practicing professional's certification.

Different Registrations

Registration for GST

If you are a taxable dealer in the sale of Goods or the provision of Services, you are required to register for GST.

Registration of SME

To receive the advantages of The Ministry of Micro, Small, and Medium-Sized Enterprises Act, registration is required.

Local Trade License

The new business must submit an application for an area business license to the local municipality or municipal corporation.

IPR Registration

If you wish to protect your business name, brand, literary work, or invention, you must file an application for Trade Mark, Copyright, and Patent with the Indian department of Intellectual Properties.

Business Tax Registration

Companies registered in India must pay a professional tax. It is not obligatory in every jurisdiction; in fact, only 17 states require it.

Stores & Businesses Registration

Shops and establishments are required to register with the relevant state labor department.

Local Trade License

The new business must submit an application for a local business license to the local municipality or municipal corporation.

PF Registration

If your Company is subject to the PF Act, you must obtain PF Registration. Now that MCA provides PF Registration along with Incorporation, you are no longer required to submit a separate application; nonetheless, you must enroll employees once the threshold limit is exceeded.

ESI Registration

If your Company is subject to the ESI Act, you must obtain ESI Registration. Now that the MCA provides ESI Registration along with Incorporation, you are no longer necessary to register separately; nonetheless, you must enroll employees once the threshold limit is exceeded.

Let's Deal With Your Confusions

DIN is the abbreviation for Director Identification Number. Following the incorporation of the Company, every director will be assigned a unique Director Identification Number. With this DIN, he or she can register an unlimited number of businesses.

A DIN holder is required to submit his KYC to the MCA annually by the 30th of September or face a penalty of Rs. 5,000/-.

DSC is an abbreviation for Digital Signature Certificate. Shareholders must possess a Class-III Digital Signature Certificate in order to register their organization.

There are various organizations that issue Class-III DSCs. These organizations are referred to as DSC Certifying Authorities. We have formed a partnership with eMudhra Tamil Nadu. eMudhra is one of India's most prominent Digital Signature Certifying Authorities.

Approved share capital is the maximum amount of capital that shareholders are permitted to invest in the Company. In actuality, this is the permitted investment limit for Equity Share Capital.

Paid-up share capital is the amount of money shareholders deposit into the Company's bank account towards share capital.

Now, a business can be registered with a minimum share capital of Rs. 2/-or investment of Rs. 1/- from each shareholder.

A CIN is an identification number assigned to a company by the Ministry of Corporate Affairs when they are issued the Certificate of Incorporation.

It might serve as the Company's identification number.

If we apply for direct incorporation without a Certificate of Name Availability, the process could take between three and five business days. Occasionally, it can be implemented in a single day.

However, it is recommended to apply for a company name before incorporation, which may take between 10 and 15 days.

Yes!

No, you cannot register a company on your own since Professionals such as a Company Secretary or a Chartered Accountant must digitally sign the application forms alongside a Director before your Company can be registered.

Now. For a two-person private limited company, the minimum share capital is Rs. 2/-, while for a one-person private limited business, the minimum share capital is Rs.

Those who wish to borrow and lend money between themselves must register with a Nidhi Company.

7

3

INR 5 Lacs/-

We Business Setup In India provide all kinds of Startup Registrations, Tax Registrations, Trade Mark Registrations, Legal Support and Accounting services pan India.


  • Get in touch

Business setup in India Copyright 2024 Finguru Services India Private Limited
All Rights Reserved
Business setup in India Copyright 2022, All Rights Reserved
  • Terms & Conditions
  • Privacy Policy
  • Legal Notice
Facebook-f Twitter Linkedin-in Instagram
Back to Top Button