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Unlock Your Savings Potential: Register Your Nidhi Company with TeamCSP Today!

With TeamCSP, registering your Nidhi Company is quick and hassle-free. Get expert assistance to start your savings and loan business today.

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An Overview

What is a Nidhi Company?

A Nidhi Company is a type of non-banking financial institution in India that is primarily formed to cultivate the habit of thrift and savings amongst its members. These companies are registered under the Companies Act, 2013, and are regulated by the Ministry of Corporate Affairs. The main objective of a Nidhi Company is to facilitate the acceptance of deposits from its members and to provide them with loans or advances for their mutual benefit. Unlike traditional financial institutions, Nidhi Companies are restricted from performing any other banking activities, such as issuing credit cards or dealing in foreign exchange.

Registering a Nidhi Company Comes with Several Advantages

  • Limited Liability: Members of a Nidhi Company have limited liability, which means that their personal assets are not at risk in case of any legal action against the company.
  • Easy to Form: Nidhi Companies are relatively easy to form and require a minimum of seven members to be registered.
  • Controlled by Members: The management and control of a Nidhi Company are in the hands of its members, who elect a board of directors to oversee its operations.
  • No External Shareholding: A Nidhi Company is a closed entity, and its shares are not available for public subscription. This ensures that the ownership and control of the company remain with its members.
  • No RBI Approval Required: Unlike other non-banking financial institutions, Nidhi Companies do not require approval from the Reserve Bank of India to be registered.

Getting a company registered: Steps to take

  • Obtain Digital Signature Certificate (DSC): The first step is to obtain a DSC for all directors of the proposed Nidhi Company. It is a secure digital key that certifies the identity of the company’s representatives.
  • Apply for Director Identification Number (DIN): After obtaining the DSC, directors must apply for a DIN. It is a unique identification number issued by the Ministry of Corporate Affairs (MCA) to each director.
  • Name Reservation: The next step is to reserve the company’s name with the Registrar of Companies (ROC). The name must comply with the guidelines issued by the MCA and must not resemble any other registered company’s name.
  • Preparation of Documents: Once the name is approved, the necessary documents, including the Memorandum of Association (MOA) and Articles of Association (AOA), must be prepared and filed with the ROC.
  • Filing of Application: After preparing the documents, the application for Nidhi Company registration can be filed with the ROC.
    Certificate of Incorporation: If the ROC is satisfied with the application, a Certificate of Incorporation will be issued, and the company can commence its operations.

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Nidhi Companies' registration documents

  • Memorandum of Association (MOA) and Articles of Association (AOA)
  • Proof of registered office address
  • Identity proof and address proof of all directors and shareholders
  • Digital Signature Certificates (DSC) of all directors
  • Director Identification Number (DIN) of all directors
  • Consent from all proposed directors
  • Affidavit of non-acceptance of deposits from the public
  • NOC from the landlord of the registered office premises
  • Certificate of Incorporation of the Nidhi Company
  • PAN card of the company

With TeamCSP, register your Nidhi Company

TeamCSP offers end-to-end solutions for registering a Nidhi Company in India, making the process easy and hassle-free. With years of experience in assisting businesses with company registration, TeamCSP has a team of experts who are knowledgeable in Indian regulations and compliance requirements. They provide customized solutions tailored to meet the unique needs of each client, ensuring that the process is smooth and efficient. TeamCSP also offers ongoing support and guidance throughout the registration process and beyond, making it easy for businesses to establish and grow their Nidhi Company. Additionally, their competitive pricing with no hidden fees makes it affordable for businesses of all sizes.

Frequently Asked Questions

The minimum capital required to register a Nidhi Company is Rs. 5 lakhs.

Yes, a Nidhi Company can accept deposits from its members only.

The registration process usually takes around 30 to 45 days.

No, an existing company cannot be converted into a Nidhi Company.

Yes, a Nidhi Company can provide loans to its members, subject to certain conditions and limitations.

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