Nidhi Company Registration
Nidhi Company Registration
Nidhi companies are just like Public Limited Companies but having the word Nidhi before Limited.Nidhi companies are allowed to borrow from its members and lend to its members. Therefore, the funds contributed for a Nidhi company is only from its members (shareholders).They are created primarily for the motive of cultivating the habit of thrift and savings among their members.
Main Business of Nidhi Company
Nidhi Companies are registered Limited Companies involved in taking deposits and lending to its member. Nidhi Companies ONLY deal with shareholder-members money, RBI has exempted Nidhi Companies from the core provisions of the RBI and other regulations applicable to a NBFC.
Features of Nidhi Company
- Borrow from and lend only to members
- Incorporate as Public Limited Company
- Not Required to register with RBI
- Minimum 7 Members, 3 Directors
- Rs. 5 Lakh Capital
Requirements for Nidhi Company
Compliances to be made after One Year of Incorporation
- Unencumbered term deposits of not less than 10 percent
- Net Owned fund of Rs.10 Lakhs or MoreMinimum 200 Members
- Net Owned fund to deposits ratio not more than 1: 20
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Restrictions on Nidhi Company
- Shall not able to carry business of Chit Fund, Hire Purchase, leasing finance, insurance or acquisition of securities issued by anybody corporate;
- Shall not issue preference shares, debentures or any other debt instrument
- Shall not acquire another company by purchase of securities or control the composition of the Board of Directors.
- Shall not carry on any business other than the business of borrowing or lending in its own name Shall not accept deposits from or lend to any person, other than its members
- Shall not pledge any of the assets lodged by its members as security;
- Shall not take deposits from or lend money to anybody corporate;
- Shall not issue or cause to be issued any advertisement in any form for soliciting deposit:
- Shall not pay any brokerage or incentive for mobilising deposits from members or for deployment of funds or for granting loans.
- Shall not able to provide any current account services
Compare Packages
Rishab Gupta & Company offers the following Cost effective & Easy Company Registration Services packages for its Clients with in schedule days from Anywhere in India:
One Person Company (OPC)
- One Director
- One nominee
- Rs. 6,299 (Professional Fees)
- (Free PAN + TAN )
Pvt. Ltd. (with Indian Promoters)
- Two Shareholders
- Two Directors
- Rs. 1 Lac Capital
- Rs. 9,999 (Professional Fees)
- (Free PAN + TAN )
Pvt. Ltd. (with Non-Resident Indian Promoters)
- Two Shareholders
- Two Directors
- Rs. 1 Lac Capital
- Rs. 27,999 (All Inclusive)
- (Free PAN + TAN)
Public Ltd. (with Indian Promoters)
- Seven Shareholders
- Three Directors
- Rs. 5 Lac Capital
- Rs. 59,999 (All Inclusive)
- (Free PAN + TAN)
NGO/Section 25 Company (with Indian promoters)
- Two Shareholders
- Two Directors
- Rs. 1 Lac Capital
- Rs. 54,999 (All Inclusive)
- (Free PAN + TAN )
Conversion of Business into Company
- Proprietorship into Company
- Partnership Firm into Company
- Pvt. Ltd. into Public Ltd.
- Unlisted Public Ltd. into Pvt. Ltd.