“Nidhi” is a Hindi word, which means finance or fund. Nidhi means a company which has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit.
Nidhi company registration requires minimum 3 members. All the Nidhi company’s incorporated shall have the last word as “Nidhi Limited” as part of its name. Nidhi company is easy and economical to register. Nidhi company registration can be done through monitrix in Delhi NCR, Mumbai, Bengaluru, Chennai and other Indian cities.
Nidhi company requires minimum 3 members. It might not issue preference share. If preference shares have already been issued by a Nidhi Company before initiation of this Act, such preference shares are to be redeemed in accordance with the terms of issue of such shares. All the Nidhi company’s incorporated shall have the last word as “Nidhi Limited” as part of its name. Nidhi Company Registration is done through monitrix.
Documents required to obtain Partnership Registration
Copy of Director’s PAN Card
Passport size photograph of Directors
Copy of Aadhaar Card/ Voter identity card of directors
Copy of Rent agreement(If rented property)
Electricity/ Water bill (Business Place)
Copy of Property papers (If owned property)
Landlord NOC (Format will be provided)
Advantage of Nidhi Company
No Minimum Share Capital Requirement
Easy Transfer of Ownership
No need to use “Nidhi” or “Limited” title
No Stamp Duty
Clear Objectives for easy donations and loans
Easy to Manage
Exemptions and Privileges under Companies Act, 2013
Relaxation in Compliances
Minimum number of 200 Shareholders
Net owned Fund shall not be less than Rs. 10 Lacs
Unencumbered deposits of not less than 10% of the outstanding deposits
Net owned funds to deposits ratio should be more than 1:20
First of all, the partners have to apply for Digital signature and DPIN for Nidhi company. Digital signature is an online signature used of filing and DPIN refer to Directors PIN number issued by MCA. If the directors already have DSC and DPIN, then this step can be skipped.
Step 2. Name approval :-
You have to provide 3 different name options for Nidhi company to MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business
Step 3. MOA & AOA submission :-
Once the name is approved, one needs to draft Memorandum of association and Articles of Associate. But the object of the Nidhi company must always be a charitable object. Both MOA and AOA are filed with the MCA with the subscription statement.
Step 4. Get incorporation certificate :-
It typically takes 15- 25 days to form a Nidhi company and get the incorporation certificate. Incorporation certification is a proof that company has been creation. It also includes your CIN number.
Step 5. Apply for PAN, TAN and Bank account :-
Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with bank to open your bank account.
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