Nidhi Company Registration Process in India [2022]-Onfiling

    Nidhi Company

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    A Nidhi Company is a non-banking financial company (NBFC). It was created with the purpose of borrowing and lending money to its members. It instils the habit of saving in its members and functions on the mutual benefit concept. These organizations are mostly found in the southern United States. 

    Nidhi Company does not require a licence from the Reserve Bank of India (RBI), easy for the users to establish. It is a public company that should have "Nidhi Limited" as the last words in its name. So if you are planning to have a Nidhi company contact Onfiling to start the process.

    Steps to Start

    Let's Complete The Process in 4 Simple Steps

    1

    Connect

    Connect with Onfiling Experts by filling up the query form as per your services requirements, our team will contact and explain you the complete process of required service in simple terms.

    2

    Submit

    As per the discussion with Experts you can submit the documents through email to the concerned person with 50% professional fees and the complete government fees for the services.

    3

    Draft

    Once your documents are submitted, our team will draft the required forms as per the documents shared and will send you back for the final review before submitting to authorities.

    4

    Complete

    Once you give confirmation our team will file the documents and give you acknowledgement. Once application is approved by authorities you will get the required certifications without any hassle.

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    Book Free Consultation with Onfiling experts now or you can refer to our detailed information to know about the process.

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    FAQs

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    Following provisions are applicable to Nidhi Companies. 1. As they are incorporated into the nature of Public Company so rules and regulations of Companies Act, 2013 are applicable. 2. RBI provisions related to Interest rate payable on deposit are applicable to Nidhi Companies. But the core provisions of RBI aren’t applicable to Nidhi Companies as RBI has exempted the Nidhi Companies. 3. Nidhi Rules, 2014.

    Following are the documents required for 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.

    The Nidhi Company uses the funds in lending to shareholders as per Nidhi Rules. It lends such money in the form of small loan for business and finance.

    A Nidhi Company is a Company which carries on the business of accepting deposits and lending the same on demand. It is similar to NBFC but the basic difference between the two is that Nidhi Companies accept deposits only from its members. The main objective of these companies is to work for the mutual benefit of its members. These companies aren’t entitled to hold on the business of Hire Purchase Financing, Insurance, Chit Funds, and Acquisition of securities or Issue of any Debt Instruments.

    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.

    As to incorporate a Nidhi Company 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 advantages of its members.

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