Are you looking to launch a small lending and savings business in a reputable neighbourhood? Perhaps a Nidhi Company would be ideal. Nidhi Companies, which are well-liked in South India and are currently becoming more popular across the country, are established to promote member savings and offer low-interest loans.
We’ll go over all you need to know about registering a Nidhi Company in this tutorial, including its advantages, the detailed procedure, and how Legal Darbar can make the process easier for you.
One kind of Non-Banking Financial Company (NBFC) that is registered in accordance with Section 406 of the Companies Act of 2013 is a Nidhi Company. It encourages members to be frugal and save money, and it has the ability to take deposits and lend money to members, but only to those in its membership network.
Get in touch with us via social media or our website. We will assist you in choosing a distinctive name and submitting the RUN (Reserve Unique Name) application.
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For each proposed director, we will set up Director Identification Numbers (DIN) and Digital Signature Certificates (DSC).
The MoA, AoA, Nidhi declarations, and other supplementary paperwork will be prepared by our professionals. After that, we will submit the SPICe+ paperwork to the MCA.
Once authorised by the Registrar of Companies (RoC), you’ll obtain your COI with the firm registered as “XYZ Nidhi Limited.”
A Nidhi Company is a simple, legal, and community-driven solution to encourage savings and provide loans without relying on banks or external money. If you’re intending to start one, let Legal Darbar handle the paperwork, compliance, and registration from start to finish.
No, RBI clearance is not necessary. The Ministry of Corporate Affairs (MCA), not the RBI, is in charge of regulating Nidhi Companies.
No, only registered members are eligible to get loans from a Nidhi Company.
According to the 2022 amendment rules, you must have at least 10 lakhs in paid-up capital at the outset and raise it to 20 lakhs within 120 days of incorporation.
Three directors and a minimum of seven members are needed at first. After registering, you have 12 months to reach 200 members.
No. Nidhi Companies are not allowed to publicise their deposit plans. Only members are able to deposit money.
No. A Nidhi Company can only be registered as a Public Limited Company. A private limited company cannot be changed into a Nidhi corporation.
Important compliances consist of:
NDH-1, NDH-2, and NDH-3 filing
preserving the ratio of NOF to deposits (1:20)
submitting financial accounts and yearly returns to RoC
The entire procedure usually takes 15–20 working days, depending on when the paperwork is submitted and approved.
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