NIDHI COMPANY REGISTRATION
| Basic | Advance |
|---|---|
| ✔ Company Registration | ✔ Company Registration |
| ✔ GST Registration | ✔ GST Registration |
| ✔ Book Keeping | |
| ✔ Annual ROC Compliance | |
| ✔ Audit Work | |
| ✔ Book Keeping | |
| ✔ GST Returns | |
| ✔ Nidhi Software | |
| ✔ Professional Consultancy |
Nidhi Company Registration
Welcome to Bharat Filing Point
We are your one-stop solution for all your business setup and registration needs in India.
At Bharat Filing Point, we understand the complexities of starting and running a business in India. That’s why we are dedicated to providing hassle-free and efficient services to help you navigate through the various legal requirements and regulations.
Do you have questions about how we can help your company?
Send us an email and we’ll get in touch shortly.
- Mail: info@bharatfilingpoint.com
- Website: www.bharatfilingpoint.com
Nidhi Company Registration Guide in India
Introduction to Nidhi Company Registration
Welcome to our comprehensive guide on Nidhi Company registration in India. Nidhi Companies are a unique form of Non-Banking Financial Company (NBFC) that is recognized under Section 406 of the Companies Act, 2013. They are primarily involved in borrowing and lending money among their members and are popular due to their simplicity and ease of operation.
What is a Nidhi Company?
A Nidhi Company aims to cultivate the habit of thrift and savings amongst its members. It operates on the principle of mutual benefit, providing a framework for members to pool their resources for their mutual financial benefit.
Benefits of Having a Nidhi Company
- Encourages Savings: Promotes a culture of saving among members.
- Easy Access to Funds: Members can easily access loans at lower interest rates.
- Minimal Risk: Operates within a close-knit community, reducing the risk of default.
- Regulatory Simplicity: Less stringent regulatory requirements compared to other NBFCs.
Disadvantages of a Nidhi Company
- Limited Reach: Can only conduct business with its members.
- Limited Borrowing Capability: Cannot borrow funds beyond its members.
- Regulatory Restrictions: Subject to specific regulatory constraints.
Procedure for Nidhi Company Registration in India
Step 1: Obtain Digital Signature Certificate (DSC)
The first step is to obtain DSCs for all proposed directors. This digital certification is crucial for the electronic submission of documents.
Step 2: Apply for Director Identification Number (DIN)
Next, apply for DIN for all proposed directors. This unique identification number is mandatory for anyone intending to become a director in an Indian company.
Step 3: Choose an Appropriate Name
Choose a unique and suitable name for your Nidhi Company and apply for approval from the Ministry of Corporate Affairs (MCA).
Step 4: File the Incorporation Application
Once the name is approved, file the incorporation application with the MCA, including all necessary documents and information.
Step 5: Receive Certificate of Incorporation
Upon approval of the application, the MCA will issue a Certificate of Incorporation, officially recognizing your Nidhi Company.
Step 6: Apply for PAN and TAN
Apply for the Permanent Account Number (PAN) and Tax Account Number (TAN) for your company, crucial for tax-related matters.
Step 7: Draft MOA and AOA
Draft the Memorandum of Association (MOA) and Articles of Association (AOA) to define the company’s objectives and rules of operation.
Step 8: Obtain Certificate of Commencement of Business
If applicable, obtain this certificate to commence your business activities legally.
Common Challenges During Registration
- Obtaining DSCs: Delays in securing digital signatures for all proposed directors.
- DIN Application: Slow processing times for DIN applications from the MCA.
- Name Approval: Difficulties in selecting a unique name that meets MCA guidelines.
- Document Accuracy: Ensuring all required documents are accurate and complete.
- Approval Delays: Potential delays in the MCA’s application approval process.
- Drafting MOA and AOA: Challenges in ensuring compliance with Nidhi Company rules.
- Securing PAN and TAN: Dealing with tax authorities and related paperwork.
- Certificate of Commencement: The complexity of obtaining this certificate before starting operations.
Importance of Registering a Nidhi Company
Registering a Nidhi Company not only legitimizes your business but also provides a structured framework for managing your financial transactions within a community.
Compliance and Maintenance
Maintaining compliance is crucial for the smooth operation of a Nidhi Company. Regularly update your records, file annual returns, and adhere to all regulatory requirements to avoid penalties.
Key Steps to Remember
- Obtain DSC and DIN for all directors.
- Choose a unique company name and get MCA approval.
- File the incorporation application with necessary documents.
- Obtain the Certificate of Incorporation.
- Apply for PAN and TAN.
- Draft MOA and AOA.
- Obtain the Certificate of Commencement of Business, if applicable.
Eligibility Criteria
Ensure your proposed Nidhi Company meets all eligibility criteria set by the MCA, including the minimum number of members and capital requirements.
Registering a Nidhi Company Online
At Bharat Filing Point, we make it easy to register your Nidhi Company online. Our expert team will guide you through each step, ensuring a smooth and efficient registration process.
Join thousands of satisfied customers who have successfully registered their businesses with Bharat Filing Point. Contact us today and take the first step toward setting up your Nidhi Company with confidence.
Ready to get started? Visit our website or send us an email to learn more about our services and how we can assist you in registering your Nidhi Company!
- Mail: info@bharatfilingpoint.com
- Website: www.bharatfilingpoint.com
Proprietorship vs Partnership vs LLP vs Company (Pvt Ltd)
| FEATURES | PROPRIETORSHIP | PARTNERSHIP | LLP | COMPANY |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | Sole Ownership | Min 2 Partners Max 50 Partners | Designated Partners | Min 2 Directors Min 2 Shareholders Max 15 Directors Max 200 Shareholders For One Person Company 1 Director 1 Nominee Director |
| Registration Time | 7-9 working days | 7-9 working days | 7-9 working days | 7-9 working days |
| Promoter Liability | Unlimited Liability | Unlimited Liability | Limited Liability | Limited Liability |
| Documentation | MSME, GST Registration | Partnership Deed | LLP Deed, Incorporation Certificate | MOA, AOA, Incorporation Certificate |
| Governance | - | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | Transferable |
| Compliance Requirements | Income tax filing if turnover is more than Rs.2.5 lakhs | ITR 5 | Form 11, Form 8, ITR 5 | ITR 6, MCA filing, Auditor'sappointment |
Documents Required for Nidhi Company Registration in India
For the registration of a Nidhi Company in India, the following documents are required:
Director and Member Identification Proof
- Valid identification documents include Aadhar card, PAN card, passport, or voter ID. These documents are used to verify the identity and address of directors and members, ensuring compliance with legal and regulatory standards. Providing identification proof is mandatory for directors and members.
Director and Member Passport-sized Photographs
- Recent passport-sized photographs are required. These photos verify individuals’ identities and should meet standard dimensions.
Affidavits and Declarations
- Affidavits and declarations affirm specific statements about eligibility and compliance. Affidavits are sworn statements, while declarations are signed statements. These documents verify that directors and members meet legal requirements.
Statutory Declaration
- A statutory declaration confirms the company’s commitment to comply with Nidhi Rules and Regulations. It is a formal declaration made before an authority, ensuring adherence to legal standards and guarantees the company’s commitment to following all relevant rules and regulations.
Common Seal
- The common seal functions as an official stamp bearing the company’s name used for signing important documents and contracts. It holds legal significance, signifying the company’s approval and authority. It’s essential for validating and authenticating various company transactions and agreements.
Bank Account Proof
- Bank account proof, such as a bank statement or passbook copy, is essential to validate the company’s financial capacity. It demonstrates that the company has the required funds to commence operations and serves as evidence of the company’s financial capacity and ability to conduct transactions.
Additional Documents
- No Objection Certificate (NOC) from the landlord/owner of the premises if the property is not owned by the company.
- Digital Signature Certificate (DSC) of the directors.
- Director Identification Number (DIN) of the directors.
- Memorandum of Association (MoA) and Articles of Association (AoA) of the company.
- PAN card of the company for filing financial transactions and taxation.
- Proof of address and proof of residence for directors, which can include any government-issued identity proof with address such as bank statement, driving license, residence card, etc., and any utility bill or bank statement with name and address.
These documents collectively establish a robust foundation for Nidhi Companies, enabling them to foster financial stability and inclusivity while operating within the bounds of legal and regulatory standards.
Customer Reviews
At bharatfilingpoint , we invest heavily in the administrations conveyed by us and assurance your fulfillment with our administrations & backing. We continually improve & endeavor to convey the best bookkeeping, monetary or secretarial administrations through the web.
“They are the epitome of excellence in the industry.”
Location: India.
Location: India.
Nidhi Company FAQ’s
Can Nidhi Companies issue unsecured loans
No, Nidhi Company cannot issue unsecured loans. However, it can issue secured loans to its members.
Can Nidhi Companies operate in another state?
No, Nidhi Organization can’t play out its tasks beyond the state in which the enrollment has occurred.
Can Nidhi Companies issue debt securities or preference shares?
No, Nidhi Organizations can’t give debentures, inclination shares, or some other sorts of obligation protections.
Who regulates the Nidhi Companies?
What is DIN?
Director Identification Number is a unique identification number assigned to all existing and proposed Directors of a Company. It is mandatory for all present or proposed Directors to have a Director Identification Number. Director Identification Number never expires and a person can have only one Director Identification Number.
How long is the registration of the Company valid?
When a Nidhi Organization is consolidated, it will be dynamic and in presence as long as the yearly compliances are met with consistently. A Nidhi Organization should have at least 200 investors and follow different standards in something like one year of joining. On the off chance that, yearly compliances are not consented to, the Nidhi Organization will be approached to discount the stores.
How long it will take to incorporate a Nidhi Company?
What are the documents required for Nidhi Company registration?
Nidhi Company Registration in State
Nidhi Company Registration In Assam
Nidhi Company Registration In Jammu And Kashmir
Nidhi Company Registration In Andhra Pradesh
Nidhi Company Registration In Assam
Nidhi Company Registration In Jammu And Kashmir
Nidhi Company Registration In Delhi
Nidhi Company Registration In Telangana
Nidhi Company Registration In West Bengal
Nidhi Company Registration In Kerala
Nidhi Company Registration In Goa
Nidhi Company Registration In Bihar
Nidhi Company Registration In Puducherry
Nidhi Company Registration In Himachal Pradesh
Nidhi Company Registration In Arunachal Pradesh
Nidhi Company Registration In Manipur
Nidhi Company Registration In Meghalaya
Nidhi Company Registration In Mizoram
Nidhi Company Registration In Nagaland
Nidhi Company Registration In Sikkim
Nidhi Company Registration In Tripura
Nidhi Company Registration In Lakshadweep
