nidhi company registration
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Nidhi Company Registration @ ₹
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
Fill inquiry form below to pay later
Nidhi Company Registration @ ₹
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
Fill inquiry form below to pay later
Nidhi Company Registration @ ₹
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
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Nidhi Company Registration @ ₹
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
This pricing plan includes free consultation
Fill inquiry form below to pay later
Know More
Nidhi Company Registration
An Overview
A Nidhi Company is a unique and innovative financial institution that operates under a mutual benefit society framework. It is specifically designed to promote a culture of saving and provide financial services to its members. In India, Nidhi Companies are regulated by the Ministry of Corporate Affairs and must adhere to strict sets of rules and regulations outlined in the Nidhi Rules, 2014. These rules require Nidhi Companies to have a certain, minimum number of members and maintain specific capital adequacy ratios. The Companies Act, 2013, also governs Nidhi Companies, ensuring that they operate with utmost transparency and accountability.
One significant aspect of Nidhi Companies is that they are not permitted to engage in any external commercial business activities but instead focus solely on meeting the financial needs of their members within a defined group. By offering borrowing and lending services, Nidhi Companies play a crucial role in facilitating financial inclusion and empowerment in India.
Is It Mandatory?
No, forming a Nidhi Company is not mandatory. It is a voluntary choice made by individuals or groups who wish to establish a mutual benefit society that focuses on borrowing and lending activities among its members. Nidhi Companies are formed based on the interest and objectives of the founders, and individuals are not legally obligated to form or be a part of such a company.
Information / Documents Required
To register a Nidhi Company in India, the following information and documents are typically required:
Directors and Members: Details of directors and members, including their names, addresses, photographs, contact information, and identification proof (such as Aadhaar card, PAN card, or passport).
Name Approval: Proposed name for the Nidhi Company, along with alternative names, in the prescribed format. The name must comply with the naming guidelines and availability checks by the Ministry of Corporate Affairs.
Memorandum of Association (MOA) and Articles of Association (AOA): These documents outline the objectives, rules, and regulations of the Nidhi Company. They need to be drafted and signed by the directors and members.
Registered Office Address: A proof of the registered office address of the Nidhi Company, such as a utility bill, rental agreement, or ownership documents.
Capital Requirements: The minimum capital requirements, as specified by the Nidhi Rules, 2014, need to be fulfilled. This includes the requirement to have at least 200 members within one year of incorporation.
Statutory Declaration: A declaration by the directors and members confirming compliance with the Nidhi Rules and their intention to form a Nidhi Company.
Affidavits: Directors and members may need to provide affidavits confirming their eligibility, non-conviction of any offense, and compliance with the requirements of the Companies Act.
Digital Signature Certificates (DSC): DSCs are required for filing electronic forms and documents during the registration process. Each director and member must obtain their own DSC.
Application Forms: Various application forms, such as SPICe (Simplified Proforma for Incorporating Company electronically), need to be filled out and submitted with the required information and documents.
Additional Documents: Depending on the specific requirements and circumstances, additional documents such as identity proofs, address proofs, and NOC (No Objection Certificate) from the landlord may be necessary.
Benefits
Nidhi Companies can raise funds through the issuance of fixed deposits and recurring deposits from their members. This provides a convenient source of funding for the company’s lending activities.
Nidhi Companies promote a culture of thrift, savings, and financial discipline among their members. By encouraging regular savings and providing loans at reasonable interest rates, Nidhi Companies empower members to meet their financial needs.
Nidhi Companies have fewer regulatory obligations compared to traditional banks and financial institutions. They are subject to fewer stringent regulations, making it easier to manage and operate the company.
Nidhi Companies operate on the principle of mutual benefit, where membership is restricted to individuals within a defined group. This ensures a close-knit community and a higher level of trust among the members.
Nidhi Companies often focus on serving the financial needs of a specific geographic area or community. This contributes to local economic development by providing access to financial services within the community
Members of a Nidhi Company enjoy limited liability, meaning their personal assets are not at risk for the company’s liabilities. This protects their personal finances in the event of any financial issues faced by the company.
Nidhi Companies can distribute dividends to their members, allowing them to share in the profits earned by the company based on their participation and savings.
Nidhi Companies play a vital role in promoting financial inclusion by providing financial services to individuals who may not have access to formal banking institutions.
Nidhi Companies are typically managed by their members, ensuring that the decisions and operations align with the specific needs and interests of the community they serve.
Nidhi Companies enjoy certain tax benefits, such as exemptions on certain types of income and tax deductions, which can contribute to overall cost savings for the company.
Inquiry
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