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NIDHI COMPANY

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About

A Nidhi Company is one that belongs to the non-banking Indian finance sector and is recognized under the Companies Act, 2013, which does not require any Reserve Bank of India (RBI) license. Their core business is borrowing and lending money between their members. They are also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company. They are regulated by Ministry of Corporate Affairs.

Nidhi Company works through its members. It can accept deposits and lends loans to its members only. 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 can provide only secured loans to its members.

Nidhi is the safest and the cheapest way of raising funds from the General public (just by registering them as members).

The alternatives of Nidhi (like Non Banking Financial Companies (NBFC's) will need a capital of at least two crores) are very costly. The minimum capital requirement for Nidhi Company is five lacs with at least seven members needed to incorporate a company.

Benefits

These companies are formed, managed and composed by the company members itself; there is no scope for any unknown involvement.
Due to their non-dealing with the funds of someone except their members, the rules obligatory upon the Nidhi's by RBI are limited. These companies follow the Nidhi Rules, 2014 issued by the middle in respect of the activities and workings of Nidhi companies.
The Ministry of Corporate Affairs has done away with the minimum capital requirement of INR 5 Lakhs for Nidhi Companies. It is only after Nidhi Rules, 2014, that mandated the infusion of INR 10 lakhs for such companies.
As it is an in-house process which means it will be formed among the members itself it can be very easy to form.
The loans given to the members are at a lower rate of interest than the market rate. This brings greater savings to the members.

Documents Required

Individual / Director

Pan Card

Aadhar card/ Voter ID/ Passport/ Driving License of the Director

Latest Bank Statement (should not be older than two months)

Latest Passport Size Photograph

For the Registered Office

Copy of Property Paper (if self owned Property)

NOC (if Parents owned Property)

Electricity Bill (should not be older than two months)

Rent Agreement

Package Includes

Basic

39999

all inclusive fees

2 Digital Signatures (2 Class )

2 DIN

Name Approval

MOA/AOA (Soft Copy)

Copy of Certificate of incorporation

Pan & Tan

Capital 1 to 10 lakh

Includes Government Fees

Excludes Stamp Duty and Forign National

21 Useful Legal Agreements/ letters Template

Sample Invoice( GST)

Resolution for Opening a Bank Account

Gold

59999

all inclusive fees

2 Digital Signatures (2 Class )

2 DIN

Name Approval

MOA/AOA (Soft Copy)

Copy of Certificate of incorporation

Pan & Tan

Capital 1 to 10 lakh

Includes Government Fees

Excludes Stamp Duty and Forign National

Annual Report

Directors Report

Board Resolution Preparation

Income Tax Return Filing

MCA Annual Return Filing

Share Certificate ( Hard Copy )

One Time Consultation

21 Useful Legal Agreements/ letters Template

Sample Invoice( GST )

Resolution for Opening a Bank Account

Customize

0

Make a Package according to your specifications at a very reasonable price

Submit your Reqiurment

How long will it take?

DSC

1 Working Day

DIN

1 Working Day

Name Approval

Approx 5 Working Days

Incorporation Documents

Approx 8-13 Working Days

Frequently Asked Question

Nidhi" is a Hindi word, which means finance or fund. Nidhi Company 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.
Minimum 7 Shareholders and 3 Directors are required to form a Nidhi Company.
5 Lacs is the minimum paid up capital required to form a Nidhi Company.
Only members of the Nidhi Company can deposit, lend and borrow the funds.
Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. Certificates serve as proof of identity of an individual for a certain purpose; for example, a driver's license identifies someone who can legally drive in a particular country. Likewise, a digital certificate can be presented electronically to prove one's identity, to access information or services on the Internet or to sign certain documents digitally. DSC or Digital Signature is a physical signature in an electronic format. Digital Signatures are used in India for online transactions such as Filing Annual Return, Company or LLP Incorporation, Income Tax E-Filing, E-Tenders, etc. The different types of Digital Signature Certificates are: Class 2: Here, the identity of a person is verified against a trusted, pre-verified database. Class 3: This is the highest level where the person needs to present himself or herself in front of a Registration Authority (RA) and prove his/ her identity.
DIN is the acronym for Director Identification Number issued to any person who has applied to the Ministry of Corporate Affairs and is a pre requisite to be appointed as a Director of any private or public limited company.
Minimum 3 Directors need DIN (Director Identification Number) to form a Nidhi Company.
Within 6 Months of Incorporation, Nidhi Company shall have minimum of 200 members.
A Nidhi Company cannot give any unsecured loan or a micro finance loans.
No, a Nidhi Company cannot provide any vehicle loans
Yes, the name must have Nidhi Limited in it.
This is one of the most important aspects of the Nidhi Company working. Because Nidhi can earn only through loans, hence the maximum is can earn it 7.5 + maximum rate offered on Deposits.

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