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Want To Register Nidhi Company?

Mylegal Route Is The Answer.

Online Nidhi Company Registration starts at Rs.999 /- (Govt fees and all expenses included-No Extra Charges)

Pricing

Rs.999

(Govt fees and all expenses included-No Extra Charges), Payment Terms: Pay 50% Advance & 50% after registration.

Basic

  • Company Name Search Help
  • Name Approval Certificate by MCA
  • Complete Guidance for Registration
  • 7 DSC
  • 3 DIN
  • 5 Lakh Authorised Capital
  • Certificate of Incorporation (COI)
  • PAN of Company
  • TAN of Company
  • MOA of Company
  • AOA of Company
  • Company Master Data
  • Bank A/c Opening Support
  • Bank A/c Opening Board Resolution
  • Includes All Govt Fees and Expenses
  • Extra Stamp Duty for Kerala, Punjab & MP
  • 10+ Document Formats
  • Share Certificate
  • Statutory Register
  • Minutes of First Board Meeting
  • ISO 9001:2015 Certificate
  • Appointment of First Auditor
  • Commencement of Business
  • MSME Registration
  • GST Registration
  • Startup India Registration
  • Trademark Application
Rs.11999

(Govt fees and all expenses included-No Extra Charges), Payment Terms: Pay 50% Advance & 50% after registration.

Standard

  • Company Name Search Help
  • Name Approval Certificate by MCA
  • Complete Guidance for Registration
  • 7 DSC
  • 3 DIN
  • 5 Lakh Authorised Capital
  • Certificate of Incorporation (COI)
  • PAN of Company
  • TAN of Company
  • MOA of Company
  • AOA of Company
  • Company Master Data
  • Bank A/c Opening Support
  • Bank A/c Opening Board Resolution
  • Includes All Govt Fees and Expenses
  • Extra Stamp Duty for Kerala, Punjab & MP
  • 10+ Document Formats
  • Share Certificate
  • Statutory Register
  • Minutes of First Board Meeting
  • ISO 9001:2015 Certificate
  • Appointment of First Auditor
  • Commencement of Business
  • MSME Registration
  • GST Registration
  • Startup India Registration
  • Trademark Application
Rs.29999

(Govt fees and all expenses included-No Extra Charges), Payment Terms: Pay 50% Advance & 50% after registration

Premium

  • Company Name Search Help
  • Name Approval Certificate by MCA
  • Complete Guidance for Registration
  • 7 DSC
  • 3 DIN
  • 5 Lakh Authorised Capital
  • Certificate of Incorporation (COI)
  • PAN of Company
  • TAN of Company
  • MOA of Company
  • AOA of Company
  • Company Master Data
  • Bank A/c Opening Support
  • Bank A/c Opening Board Resolution
  • Includes All Govt Fees and Expenses
  • Extra Stamp Duty for Kerala, Punjab & MP
  • 10+ Document Formats
  • Share Certificate
  • Statutory Register
  • Minutes of First Board Meeting
  • ISO 9001:2015 Certificate
  • Appointment of First Auditor
  • Commencement of Business
  • MSME Registration
  • GST Registration
  • Startup India Registration
  • Trademark Application

About Nidhi Company

Nidhi Company governed in India by Companies Act 2013, and define under section 403, and is belongs to the non banking Indian finance sector. Nidhi Companies are regulated by Ministry Of Corporate Affairs (MCA).

Nidhi Companies are 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 benefits.

Nidhi Company must have minimum 3 directors. All the Nidhi Company shall have the last word as “Nidhi Limited” as a part of its name. Nidhi Company is easy and economic to register.

Advantages

Capital Requirement

The Ministry of Corporate Affairs has done away with the minimum capital requirement of INR 5 Lakhs for Nidhi’s. It is only after Nidhi Rules, 2014, that mandated the infusion of INR 10 lakhs for such companies.

Going Concern

A Nidhi company being a juristic person, can acquire, own, enjoy and alienate property in its own name. No member can make any claim upon the property of the Nidhi Company as long as it is a going concern.

Channelisation Of Savings

The main aim of such companies is to promote the habit of saving and thrifts among lower and middle section of the society. These small sections of the population contribute to the funds of and avail credit from Nidhi companies

Outsider Intervention

The Nidhi companies are formed by, managed by, and provide benefits to their members only. The outsider is not allowed to intervene in the working of the Nidhi’s, neither allowed to deposit money or avail credit from these companies.

Better Credibility

A Nidhi company enjoys better credibility when compared to Mutual Benefit Organizations. Nidhi companies are registered and monitored by the Central Government. Mutual Benefits Organization are on the other hand governed and monitored by State Governments.

Easy Management

The Board of Management of a Nidhi company can be easily changed by filing simple forms with the Registrar of Companies. The Board of Management of a Nidhi company controls the activities of the Nidhi Company.

Credit Rate

The loans given to the members are at a lower rate of interest than the market rate. This brings greater savings to the members.

Minimum Requirements

  • Minimum paid up equity share capital of Rs.5,00,000/-
  • Minimum 3 directors.
  • Minimum 7 shareholders.
  • The name must have Nidhi Limited.

Documents Required For Registration

Identity And Address Proof

Aadhar Card, Aadhar number is now a necessity for applying for any registration in India.

Income tax return can only be filed if the person has linked his PAN card with Aadhar number.

Address proof will be required for all directors and shareholders of the company to be incorporated.

For Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be mandatorily submitted.

Residence proof documents like bank statement or electricity bill should not be more than 2 months old.

All documents submitted must be valid

Registered Office Proof

  • Register office of all companies must be in India .If it is a Rented Property, Rent agreement and NOC from a landlord. If it is a Self-owned Property, Electricity bill or any other address proof.
  • Documents submitted must be valid and not more than 2 month old.

Nidhi Rules

General restrictions or prohibitions

  • No Nidhi shall carry on the business of chit fund, hire purchase finance, leasing finance, insurance or acquisition of securities issued by any body corporate.
  • No Nidhi shall issue preference shares, debentures or any other debt instrument by any name or in any form whatsoever.
  • No Nidhi shall open any current account with its members.
  • No Nidhi shall acquire another company by purchase of securities or control the composition of the Board of Directors of any other company in any manner whatsoever or enter into any arrangement for the change of its management, unless it has passed a special resolution in its general meeting and also obtained the previous approval of the Regional Director having jurisdiction over such Nidhi.
  • No Nidhi shall carry on any business other than the business of borrowing or lending in its own name. Provided that Nidhis which have adhered to all the provisions of these rules may provide locker facilities on rent to its members subject to the rental income from such facilities not exceeding twenty per cent of the gross income of the Nidhi at any point of time during a financial year.
  • No Nidhi shall accept deposits from or lend to any person, other than its members.
  • No Nidhi shall pledge any of the assets lodged by its members as security.
  • No Nidhi shall take deposits from or lend money to any body corporate.
  • No Nidhi shall enter into any partnership arrangement in its borrowing or lending activities.
  • No Nidhi shall issue or cause to be issued any advertisement in any form for soliciting deposit. Provided that private circulation of the details of fixed deposit Schemes among the members of the Nidhi carrying the words “for private circulation to members only” shall not be considered to be an advertisement for soliciting deposits.
  • pay any brokerage or incentive for mobilising deposits from members or for deployment of funds or for granting loans.

Process

FORM SPICE (INC-32) MOA (INC-33), AOA (INC-34), AGILE

Form INC-32 must be accompanied by supporting documents including details of Directors & subscribers, affidavits, declarations, identity proof, address proof, MoA and AoA etc. Once the eForm is filed, its processed by the MCA’s Central Processing Centre.
If found complete company would be registered and CIN would be allocated. Also DINs gets issued to the proposed Directors who do not have a valid DIN. Maximum three Directors are allowed for using this integrated form for filing application of allotment of DIN while incorporating a company. Once all the 4 forms ready with the applicant, upload all three documents as Linked form on MCA website and make the payment of the same.

  • In respect of non-individual first subscribers who are based outside India, pdf attachments of apostilled MOA and AOA shall be attached with SPICe (INC-32).
  • SPICe AoA (INC-34) has facility for adding, modifying, and deleting Articles. Thus if additional article is required, we may add the same
  • DSC is mandatory for all subscribers and witnesses in eMoA (INC-33) and eAoA (INC-34). eMoA and eAoA shall be used only where the maximum number of subscribers do not exceed 7. In case the numbers of subscribers are more than 7, MoA and AoA shall be attached manually to SPICe and DSC is not mandatory in such cases.
  • Two resubmissions are only permitted in the e-form
  • SPICe eMoA and eAoA have to be uploaded as ‘Linked Forms’ to SPICe (INC-32).
  • The Ministry of Corporate Affairs (MCA) has notified an E-form known as AGILE – Application for Registration of the Goods and Services Tax Identification Number (GSTIN), Employees’ State Insurance Corporation (ESIC) registration and Employees Provident Fund Organization (EPFO) registration.
  • GSTIN Application via E-form AGILE and Mandatory to file INC-35 while submitting SPICe form.
  • It is mandatory to apply for PAN and TAN for the proposed company along with SPICe form.

Frequently Asked Questions

Following provisions are applicable to Nidhi Companies.

  • As they are incorporated into the nature of Public Company so rules and regulations of Companies Act, 2013 are applicable.
  • RBI provisions related to Interest rate payable on deposit are applicable to Nidhi Companies. But the core provisions of RBI are not applicable to Nidhi Companies as RBI has exempted the Nidhi Companies from the same.
  • Nidhi Rules, 2014.

As to incorporate a Nidhi Company it is to be registered as a Public Limited Company. So, to incorporate a Nidhi Company it is necessary to fulfill following criteria:

  • It should have at least 3 Directors.
  • It should have at least 7 Members.
  • The main objective to be written in the MOA should be to cultivate the habit of thrift and savings among its members. And it can accept deposits and lend money only to its members and shall work for the mutual benefit of its members.

Once the Nidhi Company is incorporated it must fulfill the following requirements:

  • It must have at least 200 members/shareholders.
  • Minimum Net Owned Fund should be Rs. 10 Lakhs.
  • Unencumbered term deposit must be at least 10% of the term deposit.
  • The ratio of Net Owned Fund to term deposit should not be less than 1:20.

Yes, the Deposits with such companies are safe and secure because the Ministry of Corporate Affairs and Reserve Bank of India has framed rules and regulations to ensure the safety and security of Deposits. And the Nidhi Company compulsorily abide by the rules of Central Government.

The Nidhi Company uses the funds in lending to shareholders as per Nidhi Rules. It lends such money in the form of small loan for business and finance.

Any person who is above 18 years of age as per the standard age proof can become a member of the Nidhi Companies. The person desirous of becoming a member should have valid ID Proof and Address Proof.

Nidhi can provide loans to its members only after the members have given/ provided some securities like gold, silver jewelry or any type of financial securities against the loan.

Yes, another can be a shareholder in a Nidhi company.

Yes, a salaried person can become a director in a Nidhi company. There are no legal hassles in this but one may have to go through their employment agreement if it contains any restrictions.

Once a company gets incorporated, it is active and in-existence for as long as the annual compliances are met with regularly. In a scenario where the annual compliances are not complied with, the company becomes a dormant company and then it may be struck off from the registrar after a period of time. A struck-off company can be revived for a period of up to 20 years.

No, one can open a company even at their residential address. There is no legal requirement to have a commercial place to open up a company.

No, as per the constraints mentioned in the Nidhi rules and regulations, no Nidhi company can do the business of asset.

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