Nidhi Company
Nidhi Company registration including Incorporation kit and share certificates.
| Market Price: | ₹40000 |
|---|---|
| Professional Services Price: | ₹22442incl. GST |
| Government Fee: | Included |
What is Nidhi Company and how it works?
Nidhi Companies belong to the Non-banking financial companies structure. Registering a Nidhi Company allows a Nidhi to borrow from its members and lend to the members.
Nidhi Companies are registered in India are created to cultivate the habit of thrift and savings among its members. The funds that are contributed to a Nidhi Company are only from its members.
For Incorporating a Nidhi Company, no license is required from the Reserve Bank of India. Hence, the formation of the Nidhi Company is easy. Nidhi Companies are registered as Public Companies and should have Nidhi Limited at the last of the name.
It should also be noted that the Nidhi Companies fall under the purview of the Reserve Bank of India as the functioning of Nidhi Companies is similar to NBFCs.
How to incorporate a Nidhi Company in India?
To incorporate a Nidhi Company in India, at least seven members are mandatory, out of which three should be the designated directors. However, the Nidhi Company should acquire at least 200 members within one year of commencement.
For registering a Nidhi Company, it is necessary to have a minimum equity share capital of Rs. 5 lakh. But it is to be noted that the Net Owned Funds (NOF) must be increased to Rs 10 lakhs within one year of registration. While Registering as a Nidhi Company in India, it is necessary to first incorporate into a Limited Company under the Companies Act, 2013.
While Nidhi Company Registration, it necessary to ensure that the objective mentioned in the Memorandum of Association is to cultivate the habit of thrift and savings among the members, receiving and lending to its members only for its mutual benefit.
Post incorporation as a Limited Company, the Nidhi Company should meet the following capacities:
What are the documents required to register a Nidhi Company?
The following documents are required to incorporate a Nidhi Company.
- Directors Identification Number
- PAN number of the shareholders as well the Directors
- Residential Proof of the shareholders and directors
- Photographs
- Identification Documents such as the Aadhar card
- Rent agreement or lease agreement of the Registered office
- If the office is owned, then ownership information or the registered office address must be provided
- NOC if required
- MOA
- AOA
- MCA form
What are the post Incorporation compliances for a Nidhi Company?
After the Registration of a Nidhi Company is done, there are different compliances which the applicant must be aware of
Form NDH 1
The list of members has to be submitted within 90 days of Incorporation.
Form NDH 2
This to be filed when there is an extension of the request to meet the target of 200 members.
Form NDH 3
It is necessary to file half yearly requirements to be filed along with form NDH 1
The profits and loss statement and Balance sheets are to be submitted as per the requirements of the Company on an annual basis. This is done through form AOC 4
A Nidhi Company is required to file Income Tax Returns as per the Income Tax Act requirements.
A Nidhi Company must have Net Owned funds that are more than Rs. 10 lakhs. The