Nidhi Company is a type of Non-Banking Financial Company and is recognized under section 406 of the companies Act, 2013, which does not require any license from the RBI to start. Nidhi Company is very easy and simple to form or register.
Nidhi company or mutual benefit society sole objective is to cultivate the habit of thrift and savings amongst its members. Nidhi companies are allowed to borrow deposit from its members and lend to its members only. Therefore, the funds contributed for a Nidhi company are only from its members (shareholders) and used only by the shareholders of the Nidhi Company.
Within these companies the only members can make deposits and these deposits money are used to give secured loans to the other members at a reasonable rate of interest. The basic idea of a Nidhi company is to save its members from the exploitation of money lenders who charge high interest rates.
Nidhi company is a type of NBFCs and RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition to the fact that only members are involved in borrowing and lending of money. Nidhi company are much easier to formulate as compare to NBFC.
DSC & DIN: - Application for Digital Signature Certificate & Director Identification Number
Name submission to MCA: - You have to provide 3 different name options for Nidhi company to MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business.
MOA & AOA submission: - After name approval, next step is to draft Memorandum of association and Articles of Associate. Object of the Nidhi company incorporation must always be a charitable object. Both MOA and AOA are filed with the MCA with the subscription statement
certificate: - It typically takes 3-4 Weeks to incorporate a Nidhi company and get the incorporation certificate. Incorporation certificate includes your CIN number.
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You'll receive your completed Nidhi Company package by an E-mail & Courier.
Prepare & file business taxes can be complicated. Our expert CA/CS will help you to prepare and file tax forms correctly with a minimal fee and on time for your Nidhi company
Our expert CA/CS will complete annual audits and compliances for your Nidhi Company on time.
Yes, the company registration process is completely online.
Generally, it takes around 30 to 35 working days to register a Nidhi Company. But through CorpSeed, we issue the registration certificate with 15-20 Days.
Yes, a salaried person can become a director in a Nidhi company, but one may have to go through their employment agreement if it contains any restrictions.
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