First auditor offers Tamil Nadu's Chennai with nidhi company registration. We are the top nidhi company registration consultants in Chennai, Tamil Nadu. In Coimbatore, Madurai, Tirupur, Trichy, Thanjavur, Erode, Salem, Namakkal, Karur, hosur, tuticorin, krishnagiri, Cuddalore, Kanyakumari, and Pondicherry, we offer nidhi business registration services. We provide a low-cost online nidhi corporation registration process. We can provide service at a lower cost and more efficiently than our rivals.
Nidhi Company Overview
A company recognised under section 406 of the Companies Act of 2013 as belonging to the non-banking financial sector in India is known as a nidhi company. Their primary activity is the lending and borrowing of funds among their members. They are also referred to as Mutual Benefit Companies, Benefit Funds, Mutual Benefit Funds, and Permanent Funds.
Prerequisites For Incorporation
Benefit of Members
The goal of such a company would be to instill in its members a habit of being frugal and saving money, and the services would only be available to members.
Minimum Required Capital
A Nidhi Company must have a minimum capital of Rs. 5,00,000 to be incorporated.
Company Formation
A Nidhi business must be publicly traded.
Benefits of Nidhi Company Registration
- For a Nidhi Company, operations are simple. With the primary intent of helping others, raising money or obtaining capital becomes simpler. Those who invest money also receive something in return as part of the lender's interest. Additionally, ownership is easily transferable.
- The corporation benefits from a certain amount of compliance relaxation.
- Borrowing money offers low rates of interest, which makes it alluring. It also provides a platform for safe investments.
- R.B.I. interferes with such transactions the least.
Documents of Nidhi Company Registration
- A copy of the shareholders' and directors' PANs.
- A copy of each director's and shareholder's ID. voter identification cards, AADHAR, licences, and passports
- Copies of the shareholders' and directors' proof of address (bank statement, utility bill, phone bill, mobile bill)
- Photos the size of a passport.
- Property Ownership Records for the Location of a Registered Office:
- Electricity bill plus ownership records and a NOC are necessary if the property is owned (if required)
- Electricity bill plus rent agreement plus NOC if the property is rented
- In addition to all of these documents, your corporate professional, such as CA or CS, will produce a few more necessary paperwork for submission to ROC..
FAQ
What is the Average Timeline for Setting up of a Nidhi Company?
Setting up a Nidhi Company takes an average of 15 business days to complete.
Is it necessary to use the word Nidhi Limited in the Name of the Company?
It is required to include "Nidhi Limited" in the company name, yes. The phrase "Mutual Benefit" can also be used, though.
What is the Minimum Number of Individuals required for a Nidhi Company Registration?
A Nidhi Company must have a minimum of three directors and seven shareholders in order to be incorporated.
Is it Necessary for the Promoters to present themselves before the Authority for the purpose of Registration?
The Nidhi Company Registration process is entirely online, therefore there is no need for anyone to come to our office in person.
What all Documents are required for Nidhi Company Registration?
ID proofs, address proofs, the most recent bank statements, and address proofs for the registered office are the main documents needed for Nidhi Company Registration.
Can a Convicted Person become a Director or Shareholder in a Nidhi Limited?
No, someone who has been convicted is ineligible to hold a director or shareholder position in a Nidhi Company.
Can a Nidhi Company provide Unsecured Loans?
The answer is negative, Nidhi Company is not licenced to grant unsecured loans. To its members or shareholders, though, it may offer secured loans.
How is Nidhi Company Registration different from the Registration of other NBFCs?
A Nidhi Company is not subject to RBI regulations or rules of governance. Furthermore, the capital requirement for Nidhi Company Registration is substantially lower than the NBFC requirement of Rs 2 Crore paid-up capital.
Who is the Regulating Authority for Nidhi Company?
The Nidhi Company is governed by the rules adopted by the Ministry of Corporate Affairs and the provisions of the Nidhi Rules, 2014.
What shall be the maximum tenure of directors in Nidhi Company?
A Nidhi Company director is eligible to serve for a maximum of 10 consecutive years. He can only be appointed again once a period of two years has passed after the end of his current term.