How does the Online Nidhi Company Registration in India?

Meaning of Nidhi Company: NIDHI Stands for National In titivate for Developing and Harnessing Institutions. It is a non-banking financial Institution. A Nidhi Company's main function is to borrow and lend money to its members, who handle all of the transactions themselves.  Section 406 of the Companies Act of 2013 was used to register the Nidhi Company, it is run by RBI regulations.

Advantages of Nidhi Company Registration in India

By becoming a Nidhi Company Registration in India, you can benefit from a wide range of benefits:

Simple to raise funds: Nidhi Company can raise safely and affordably by asking for public deposits. Simply accept them as members who have registered.

Increases Credibility: Nidhi corporations have greater credibility than any other member-based organization, such as trusts, cooperative societies, or non-governmental organizations (NGOs).

Simple to Incorporate: There are just 7 person requirements, of which 3 are for the appointment of Directors, and the paperwork may be completed quickly.

Less Risk:  Nidhi Company registration can only approve and give loans to its members by the Nidhi Rules, which have been created in 2014. As a result, the risk of loan non-repayment is lower as Compared to other financial businesses.

Fewer Restrictions: The Nidhi Rules, 2014 govern Nidhi companies. The governing body is in charge of regulating its activation and functioning.  The RBI only imposes a very limited number of rules on Nidhis.

Limited Liability: The Nidhi Company's directors' and shareholders' responsibility is restricted.

Minimum Capital Requirement: According to the Ministry of Corporate Affairs Nidhi Company should have Rs.5 Lakhs. In the Next year, the Company’s Capital has to raise more than the previous capital.

Small Banking: Nidhi Company offers banking services to India's rural and outlying populations, many of whom are situated in remote areas. It is additionally without access to funding from national banks and NBFCs.

Documents Required for Online Nidhi Company Registration in India:

The Following Documents are required for the Online Nidhi Company Registration in India:

·         DIN number of Directors

·         DSC of Directors

·         PAN Card of the members

·         Passport-size photographs of the members

·         Address proof of the registered Company.

·         NOC Certificate (if the property is rented)

·         Identity Proof(Like Voter ID, passport, etc)

·         Certificate copy of a memorandum of Association (MOA) of the company.

·         Certificate Copy of Article of Association (AOA) of the Company.

 The procedure of Nidhi Company Registration in India

·         Obtain DSC and DIN numbers from Ministry of Corporate Affairs accredited representatives.

·         Obtain the company's consent for the name.

·         An application to register and submit the COI

·         Provide Member Information

Forms Filled for the Nidhi company registration

These two forms should be filled and submitted to MCA for the Nidhi Company Registration:

INC 9: The form must be submitted by each and everyeveryum of Association

DIR 2: All company directors are required to file the DIR 2, and all subscribers are required to sign the declaration of rules 5 and 6 of the Nidhi regulations 2014 form.

 

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