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Nidhi Company
NIDHI COMPANY
Nidhi Company is a type of Non-Banking Financial Company (NBFC). It is formed to borrow and lend money to its members. It inculcates the habit of saving among its members and works on the principle of mutual benefit. It is registered as a public company and should have “Nidhi Limited” as the last words of its name. This company is registered under the Companies Act, 2013 and is managed, as per the RBI’s guidelines.
A Nidhi Company can open up to 3 branches after three years of continuous profit running of the business. Further, these three branches can be opened within the district only. Further, to open any branch outside the district, you will require the Regional Director (RD) permission and A Nidhi Company cannot open a branch outside the state.
NIDHI Company Registration
- Within 12 months of registration, a minimum of 200 members has to be added.
- Requires at least seven people to start with (minimum 7 members).
- The registering company must have paid up equity share capital of Rs. 5 lakh.
- The name of the company must always contain ‘Nidhi Limited’.
- Companies registered under Nidhi Company will be a public company.
- It is not entitled to perform either a “vehicle finance business or microfinance business”.
- Filing of Annual Accounts, Audit, and Tax Returns, in the proper format, is compulsory.
Loan under Nidhi Company
- Nidhi can lend three types of loans; gold loan property loan, others (LIC, FD etc.).
- Nidhi cannot engage micro finance business but can lend secured loan @20% interest.
- Nidhi can take legal action if any member failed to repay any sum of money.
Deposits under Nidhi Company
- Nidhi can accept three types of deposits; Fixed deposit (FD), recurring deposit (RD) & Savings.
- Nidhi can pay interest up to 12.5% on FD & RD and 6% on savings accounts.
- Nidhi can take deposits up to 20 times the funds invested. Invest 5 lakh and accept 1 Cr.
Documents Required:
- Pan of All Directors &shareholders.
- Aadhar of all directors &shareholders
- Photo of all directors &shareholders
- Mobile No. & E-mail id of all directors &shareholders
- Bank Statement of all Directors (Not older than 2 Months) &shareholders
- Electricity Bill/Utility Bill/Gas Bill/Postpaid Mobile Bill of registered office (Not older than 2 Months)
- A copy of the rent agreement (if the premise is rented).
Nidhi Company Registration package includes:
- Incorporation Certificate
- MOA of Company
- AOA of Company
- Pan of Company
- Tan of Company
- Registration of ESI/PF
- DIN of Three Directors
- DSC of Three Directors
- Board Resolution for Bank Account opening
Time duration
It can take up to 10-12 working days in order to Nidhi Limited Incorporation.
Cost involved
Get your Nidhi Limited registered on 15,999/- Only
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