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.
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.
Minimum Requirements to Incorporation a Nidhi Company
Minimum 3 Directors
DIN for all directors
Minimum Capital of Rs. 10 lacs
Minimum 7 shareholders
Why to Choose Nidhi Company
A Nidhi company has extensive 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.
Change in Management for Nidhi company can easily be filing through simple forms to the Registrar of Companies.
A Nidhi company has 'perpetual succession', that is sustained or continuous existence until it is legally dissolved. A Nidhi company, being a separate legal person, is unaffected by the death or departure of any member. It continues to be in existence irrespective of the changes in membership.
A Nidhi company being a juristic person, can buy, ownproperty in its name. No director can make any claim upon the property of the Nidhi company as long as it is a going concern.
A Nidhi company have better credibility when comparing with Mutual Benefit Organizations. Nidhi companies are registered and governed by the Central Government, on the other hand Mutual Benefits Organization are governed and supervised by State Governments.
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