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Nidhi company registration – Venture care | Register Nidhi Company Online

To start a Nidhi Company in India, the first step is to incorporate a Limited Company, under the Companies Act, 2013 for the online nidhi company registration.

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Nidhi company registration – Venture care | Register Nidhi Company Online

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  1. www.venture-care.com Ask@venture-care.com +91 91 72713075

  2. EANING: Nidhi Companymeans a company which has been incorporated as a public company with the object of-Culvang the habit of thri and savings amongst its members and receiving deposits from, and lending to, its members only, for their mutualbenefit. • OBJECT TO INCORPORATE NIDHICOMPANY: • Nidhi Company is incorporated with followingobjecves: • To smulate savings among itsmember • To lend Loans and receive money as deposits for the purpose from only its members. • Since Nidhis come under NBFCs, the RBI is empowered to issue direcons to them in maers relang to their deposit acceptance acvies. However, since Nidhis deal with their shareholdermembers only, RBI has exempted such nofied firms from the provisions of the RBI Act and other direcons applicable toNBFCs. • APPLICABILITY: • The Central Government made ‘Nidhi Rules, 2014’ for the purpose of carrying out the objecves of ‘Nidhi’ companies. These rules shall be applicableto • Every company which had been declared as a Nidhi or Mutual Benefits under Secon 620A(1)of Companies Act, 1956; • Every company funconing on the lines of a Nidhi company or Mutual benefit societybut • has either not applied for or has applied for and is awaing noficaon to be a Nidhi or Mutual Benefit Society under Secon 620A(1)of Companies Act,1956; • Every company incorporated as a Nidhi pursuant to the provisions of Secon 406of the Companies Act,2013. • PRE-REGISTRATION REQUIREMENTS FOR REGISTERING A NIDHI COMPANY: • Minimum ThreeDirectors: • Minimum three Directors are required to incorporate Nidhi Company. All this three director has to act as members of the company. Minimum SevenMembers: Nidhi Company can be started with seven members. Out of which 3 are also to be appointed as directors. Minimum CapitalRequirement: www.venture-care.com Ask@venture-care.com +91 91 72713075

  3. Nidhi Company as Public Limited Company Should have Capital of Rs.5,00,000/- Like Public Limited Company. No Preference Shares shall be issued. Object of theCompany The objecve of such a firm would be to imbibe in the members a habit of thri and saving and the services would only be restricted to itsmembers;. The name of the company must have word as Nidhi Limited at the end. PROCEDURE FOR INCORPORATION OF NIDHI COMPANY: Get Digital Signature Cerficate (DSC) of all sevenmembers. Get Director Idenficaon number (DIN) of three Directors by using DSC. Suggest at least Six Company name. We will do search for nameavailability. Apply to ROC for name approval with adding word Nidhi Limited. Once name is approved by ROC File Incorporaon document with ROC like MOA AOA Consentof Director, Affidavit and declaraon from directorsetc. Once Incorporaon form is approved by ROC, ROC shall issue Cerficate of Incorporaon with PAN and TANNo. • Requirement to Apply forDSC: • All 7 members should haveDSC • Pan Card SelfAested • Residenal Proof Self Aested • Dully fill and sign DSC applicaonform. • Requirement to Apply forDIN: • (Minimum Three Directors are required for Incorporaon of NidhiCompany) • Photograph of the Applicant – To beSelf-aested. • PA N – To be Self-aested Mobile No. Emailid. • Educaonal Qualificaon • Occupaon www.venture-care.com Ask@venture-care.com +91 91 72713075

  4. Proof of residence ofapplicant • Address proofs like passport, elecon (voter identy) card, raon card, drivinglicence, • electricity bill, telephone bill or bank account statement shall be aached and should be in the name of applicant ( shall not be later than 2months). • DSC ofIndividual. • Requirement to Apply for NameAvailability: • Six Proposed name with significance ofName • Authorized Capital- Minimum 5Lacs • Jurisdicon of Registrar ofCompanies. • Main Object to be pursued byCompany • Requirement to Apply for Incorporaon of NidhiCompany: • Registered office address ofCompany. • Recent Address proof with NOC fromOwner. • Consent from all Directors • Affidavit and declaraon from all directors and subscribers. • TIMEPERIOD: • Time Required for Incorporaon of Nidhi CompanyShall be 20-30 days, depending on governmentapproval. • POST-REGISTRATION REQUIREMENTS FOR A NIDHI COMPANY: • There are certain Compliances which Nidhi Company has to do aer incorporaon of Nidhi Company. Every Nidhi Company shall, within a period of one year from Incorporaon of the company, ensure that it has • Not Less than 200Members: • Aer incorporaon, a Nidhi company must add at least 200 members to comply with this requirement of law. Further, it has to maintain this during the course of me. If thetotal • members falls less than 200 at any me thereaer, it will leave the company at default. However, if the company is not able to reach the limit of 200 members, then you must apply for me within 30 days of closure of financial year in Form NDH-2 with RegionalDirector. • Net OwnedFund: • Net owned funds shall be Rs.10,00,000/- or more (‘Net owned funds’ means the aggregate of paid up equity share capital and free reserved as reduced by the accumulated and intangible assets appearing in the last audited balancesheet). www.venture-care.com Ask@venture-care.com +91 91 72713075

  5. Ratio: Ratio of net owned funds to deposit shall be not more than 1:20. This ratio is very easy to understand. Suppose, if you have net owned funds of 10 lakh, then your total deposit limit would be INR 2 Crore. Deposit: Unencumbered term deposits of not less than 10% of the outstanding deposits as specified in Rule 14. Membersrestricon: A Nidhi Companyshall not admit a body corporate or trust as a member. A minor shall notbe admied as a member of Nidhi Company. But deposits may be accepted in the name of a minor, if they are made by the natural or legal guardian who is a member ofNidhi • GENERAL RESTRICTIONS: • Rule 6 provides general restricons. • Carry on the business of • ChitFund, • Hire PurchaseFinance, • Leasing Finance, • Insurance or Acquision of Securies issued by anybodycorporate; • Issue • PreferenceShares, • Debenturesor • Any Other Debt Instrument by any name or in any formwhatsoever; • Open any Current Account with its members; Acquire another companyby; • Purchase of securiesor • Control the composion of the Board of Directors of any other company in any manner whatsoeveror • Enter into any arrangement for the change of its management, unless it has passed a special resoluon in its general meeng and also obtained the previous approval of the Regional Director having jurisdicon overNidhi; • Carry on any business other than the business of borrowing or lending in its own name; • Accept Deposits from or lend to any person, other than itsmembers; • Pledge any of the assets lodged by its members assecurity; • Take Deposits from or lend money to anybodycorporate; www.venture-care.com Ask@venture-care.com +91 91 72713075

  6. Enter into any Partnership Arrangement in its borrowing or lendingacvies; • Issue or cause to be issued any adversement in any form for solicingdeposit; • Pay any brokerage or incenve for mobilizing deposits from members or for deployment of funds or the granngloans. • Share capitalallotment: • Every Nidhi shallallot • To each deposit holder at least a minimum of 10 equity shares or shares equivalent to Rs.100/-. • To each savings account holder and a recurring deposit account holder at least 10 equity shares ofRs.10/-. • Acceptance of deposits: • A Nidhi shall not accept deposits exceeding 20 mes of its Net Owned Assets as per last audited financialstatements. • The fixed deposits shall be accepted for a minimum period of 6 months and a maximum period of 60months. • Recurring deposits shall be accepted for a minimum period of 12 months and a maximum period of 60months. • In case of recurring deposits relang to mortgage loans, the maximum period of recurring deposits shall correspond to the repayment period of such loans granted byNidhi. • The maximum balance in a savings deposit account at any given me qualifying for interest shall not exceed Rs.1,00,000/- and the interest shall not exceed 2% above the rate of interest payable to savings bank account by naonalizedbanks. • Interest for fixed and recurring deposits shall be at a rate not exceeding the maximum rate of interest prescribed by RBI which the NBFC can pay on their publicdeposits. •  • Every Nidhi shall invest and connue to keep invested, in unencumbered term deposits with a scheduled commercial bank or post office deposits in its own name an amount which shall not be less than 10% of the deposits outstanding at the close of the business on the last working day of the second preceding month. • In case of unforeseen commitments, temporary withdrawal may be permied with the prior approval of the Regional Director for the purpose of repayment to depositors, subject to such condions and me limit which may be specified by the Regional Director to ensure restoraon of the prescribed limit of10% www.venture-care.com Ask@venture-care.com +91 91 72713075

  7. www.venture-care.comAsk@venture-care.com+91 91 72713075

  8. www.venture-care.com Ask@venture-care.com +91 91 72713075

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