What is Nidhi Company?
Nidhi Company is governed by Section 406 of the Companies Act, 2013 and Company Nidhi Rules, 2014 which has a sole objective of cultivating the habit of thrift and savings amongst its members. Nidhi companies are allowed to take deposit from its members and lend to its members only. Therefore, the funds contributed for a Nidhi company are only from its members (shareholders) and used only among the shareholders of the Nidhi Company.
Nidhi Company is a class of NBFCs and RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these Nidhis deal with their shareholder-members only, RBI has exempted the notified Nidhis from the core provisions of the RBI Act and other directions applicable to NBFCs. Therefore, Nidhi Company is an ideal entity to take deposit from and lend to a specific group of people.
Benefits Of Nidhi Company Registration
These companies work toward the sole purpose of encouraging people to save and be a help to each other as a part of mutual benefit.
Checklist For A Nidhi Company
Our Recommendation: Points to Focus on Nidhi Company Registration
Requirements for a Nidhi Company Registration
Post Incorporation Requirements for Nidhi Company
Every Nidhi must, within a period of one year from the commencement meet all of the following criteria:
Required Documents for Nidhi Company Registration
Apart from all these documents, Some other required documents will be prepared by your Corporate Professional i.e. CA/CS for submission to ROC.
Process of Registration of Nidhi Company
Usually Nidhi Company Registration Process takes up to 45 days, Registration of a Nidhi Company consists the following steps:
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