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Nidhi Company

Nidhi companies are registered under the Companies Act 2013, with the exclusive object of cultivating the habit of thrift, savings and functioning for the mutual benefit of members by receiving deposits only from individuals enrolled as members and by lending only to individuals, also enrolled as members. Nidhi Companies come under one class of NBFCs, RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these Nidhi's deal with their shareholder-members only, RBI has exempted the notified Nidhi's from the core provisions of the RBI Act and other directions applicable to NBFCs. Nidhi Company is an ideal entity to take deposit from and lend to a specific group of people.

Nidhi company should have minimum of two hundred members within a period of one year from the date of commencement. Net owned funds shall be ten lakhs and ratio of net owned funds to deposit shall be not more than 1:20. A Nidhi shall not close any branch unless it publishes an advertisement in a newspaper in vernacular language in the place where it carries on business at least 30 days prior to such closure.

Expedite Standard

Nidhi company registration with PAN, TAN and company with in 25 working days. Share issuance for upto 200 shareholders.
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Expedite Premium

Nidhi company registration with PAN, TANand company kit in 15 working days. Share issuance for upto 200 shareholders.
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Expedite Elite

Nidhi company registration with PAN, TAN, company kit and confirmation from ROC in 10 working days.Share issuance for upto 200 shareholders.
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Why to Register as Nidhi Company Registration

Separate Legal Entity

A Nidhi company is a legal entity and a juristic person established under the Act. Therefore, a Nidhi company has wide legal capacity and can own property and also incur debts. The members (Directors) of a Nidhi company have no liability to the creditors of a Nidhi company.

Easy Management

The Board of Management of a Nidhi company can be easily changed by filing simple forms with the Registrar of Companies. The Board of Management of a Nidhi company controls the activities of the Nidhicompany.

Going Concern

A Nidhi company being a juristic person, can acquire, own, enjoy and alienate, property in its own name. No member can make any claim upon the property of the Nidhicompany as long as it is a going concern.

Uninterrupted Existence

A Nidhi company has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A Nidhi company, being a separate legal person, is unaffected by the death or other departure of any member but continues to be in existence irrespective of the changes in membership.

Better Credibility

A Nidhi company enjoys better credibility when compared to Mutual Benefit Organizations. Nidhi companies are registered and monitored by the Central Government. Mutual Benefits Organization are on the other hand governed and monitored by State Governments.

Limited Liability

Limited Liability means the status of being legally responsible only to a limited amount for liabilities of the Nidhi Company. In a Nidhi Company, the members are not held personally responsible for the liabilities of the Nidhi Company.

Documents  Required  For  Nidhi  Company  Registration

Identity and Address Proof

Identity and address proof will be required from all Directors and Shareholders of the NidhiCompany to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than two months old.

Registered Office Proof

All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill, gas connection bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.

List of Documents

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Nidhi Company Registration Process

Obtaining DSC & DIN

Digital Signature Certificate(DSC) and Director Identification Number(DIN) is required for the proposed Directors of the Nidhi Company. DIN and DSC can be obtained for the proposed Directors within 3 to 4 working days.

Name Approval

A minimum and a maximum of one proposed name must be submitted to the MCA through RUN option. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2-3 working days.

Nidhi Company Registration

Registration documents can be submitted to the MCA along with an application for registration. MCA will usually approve the application for incorporation in 3-4 working days, subject to their processing time.

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Mandatory Requirements for Nidhi Company Registration

Requirements for Nidhi Company Registration

  Minimum 7 Shareholders
  Minimum 3 Directors
  Minimum Capital of 10 Lakhs
  DIN for all Directors

Requirements POST Nidhi Company Registration

  Minimum number of 200 members(in 12months)
  Net owned fund must be 10 Lakhs & above
  Unencumbered deposits of not less than 10% of the outstanding deposits
  Net own fund vs deposits should not be more than 1:20

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Frequently Asked Questions

A Nidhi Company is a Company which carries on the business of accepting deposits and lending the same on demand. Nidhi Company is similar to NBFC but the only basic difference between the two is that Nidhi Companies accept deposits only from its members. The main aim of these companies is to work for the mutual benefit of its members. These companies are not entitled to carry on the business of Hire Purchase Financing, Insurance, Chit Funds, and Acquisition of securities or Issue of any Debt Instruments.
Nidhi Companiesare incorporated into the nature of Public Company so rules and regulations of Companies Act, 2013 are applicable.RBI provisions related to Interest rate payable on deposit are applicable to Nidhi Companies. But the core provisions of RBI are not applicable to Nidhi Companies as RBI has exempted the Nidhi Companies from the same.Nidhi Rules, 2014.
To incorporate a Nidhi Company, it is to be registered as a Public Limited Company. Minimum of 3 directors and seven shareholders are required. 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 mutual benefit of its members.
Once the Nidhi Company is incorporated it must fulfill certain requirements, within one year it must have at least 200 members/shareholders, minimum Net Owned Fund should be Rs. 10 Lakhs, unencumbered term deposit must be at least 10% of the term deposit, the ratio of Net Owned Fund to term deposit should not be less than 1:20.
Yes, you can expand operations.A minimum of three branches can be opened in a particular district. In case you want to expand outside the district or want to open more than three branches, intimation needs to be issued 30 days prior to opening to the Registrar of Companies.
The conditions laid down by the Act says that a Nidhi company should acquire a minimum of 200 members within one year. However, in case you have not been able to acquire the required numbers, you can apply for an extension with the authorities.
It is a single office institution governed exclusively by its members with no involvement of the third party, provide loans at minimal interest rates and minimum documentation.Secured investments are guaranteed by such companies.
Yes, the Deposits with such companies are safe and secure because the Ministry of Corporate Affairs and Reserve Bank of India has framed rules and regulations to ensure the safety and security of Deposits. And the Nidhi Company compulsorily abide by the rules of Central Government.
Any person who is above 18 years of age as per the standard age proof can become a member of the Nidhi Companies. The person desirous of becoming a member should have valid ID Proof and Address Proof.
Nidhicompany can provide loan to its members only after the members have given/ provided some securities like gold, silver jewelry or any type of financial securities against the loan.