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Nidhi Company Registration Procedure
Though Nidhi Company Registration Procedure is easy yet, support from a professional is suggested for filing difficult forms within proper deadline. It may seem difficult to understand government portals and terms therein also. Let us know the steps of Nidhi company incorporations.
KYC of all the Directors and Shareholders:
Minimum 3 directors and 7 members are wanted. Same individuals can be both members and directors. Without DIN numbers, maximum 3 members can be directors at the time of incorporation of the company.
DSC (Digital Signature) is a fundamental need for initiating the Nidhi Company Registration Process. All the forms are submitted must be self-attested. Required details :.
1)Email ID and Mobile number
2)PAN and Aadhaar
Approval of Name
The recommended names of Nidhi Company must be distinctive and should not match the names of already registered companies. The name can be reserved with Reserve Unique Name (RUN) form.
Next digital signature and name approval, we will draft all the directors' and shareholders' declarations sheets for their approval, articles of association, memorandum of association and subscription sheet.
Final Incorporation (MoA and AoA)
After approval of name procedure is completed, the application for Nidhi Company Registration must be submitted through SPICe Form. The application should accompany Memorandum of Association (MoA) and Articles of Association (AoA) of Nidhi Company. Once correct inspection of the application is completed, COI is issued. .
PAN and TAN
PAN and TAN applications will be done with Nidhi Company Registration.
Some Points to remember before starting a Nidhi Company in India
a. Not below than 200 members
b. Net owned funds of Rs 10 lakhs or more
c. Unencumbered deposits of not below than 10% of the vital deposits as specified in Rule 14
d.The ratio of net owned fund to deposits of not more than 1:20
Advantages of Nidhi Company Registration
a. Nidhi Company is outside the glance of Reserve Bank of India. It does not necessary RBI's license for managing a loan business in India
b. The Ministry of Corporate Affairs has done away with the at least Paid up capital need of Rs. 5 Lakhs for Nidhis.
c. They just have to incorporate themselves as a public company with the MCA, infuse the required amount of capital as per Nidhi Rules, 2014 and they are all set to go
d.The small savings of the members donate to the funds of and avail credit from Nidhi companies.
e. The loans given to the members are at a lower rate of interest than the market rate
f.The outsider is not allowed to intervene in the working of the Nidhis
Compulsory compliances for Nidhi Company
Business Commencement - It is a Announcement to be given by the directors within 180 days of incorporation of company declaring that the subscribers to the Memorandum of the company has paid the price of shares so accepted by them, with a verification of registered office address of the company. This declaration needs to be filed with proof of subscription money obtained by the company in form 20A with the Registrar of Companies .
Auditor Appointment - - Consultation with of First Auditor - As per section 139(6) the first auditor of the company other than a government company shall be appointed by the Board within 30 days of Incorporation. In the case of Board's failure, an EGM (Extraordinary General Meeting) shall be done within 90 days to appoint the first auditor.
NDH 1 –
Nidhi needs filing a return of statutory compliances in Form NDH 1 within 90 days from the finish of the first financial year after its registration and where applicable, the second financial year, with such fee as stated in Companies (Registration Offices and Fees) Rules, 2014 with the Registrar accordingly certified by a chartered accountant or a company secretary or a cost accountant in practice .
NDH 2 –
If a Nidhi is not following clauses (a) or (d) of sub-rule (1), it shall within thirty days from the end of the first financial year, apply to the Regional Director in Form NDH 2 with fee prescribed in Companies (Registration Offices and Fees) Rules, 2014 to extend the time and the Regional Director may judge the application and pass orders within 30 days of receiving the application .
NDH 3 –
a) Number of member admitted
b) Number of member ceased
c) Calculation of Net Owned Funds
d) Details of Deposits .
Why Nidhi Company should be registered
a) Low mobilization of deposits
b) Perfect for middle and lower-income groups
c) Loan at lower interest rates
d) Secured and on-time returns
e) There is not any extra interference .
What are the post-incorporation needs for Nidhi Company:
a. Minimum 200 shareholders are needed.
b. At least Rs 10 lakh net owned fund is required.
c. At least 10% of the unpaid deposits should be taken as encumbered deposits
d. Deposits cannot be accepted by company exceeding 20 times of net owned fund
What are the minimum needs when the registration of Nidhi Company is completed
a) Once registration procedure of Nidhi Company is done, following needs are to be met within one year
b) At least Rs 10 lakh should be maintained as net owned funds
c) Minimum 200 members should be registered
d) Out of entire unpaid deposits, 10% should be unencumbered term deposits
e) The ratio of net owned funds to deposit must be 1:20