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HOW TO FILE NIDHI COMPANY AND WHAT ARE THE FORM IS REQUIRED?

WHAT ARE THE FORM REQUIRED TO FILE NIDHI COMPANY? IN JUST 5 STEPS

Introduction

YOU NEED TO KNOW WHAT ARE THE FORM REQUIRED TO FILE NIDHI COMPANY?

Form required to file Nidhi company: To file a Nidhi Company in India, obtain Digital Signature Certificates for directors, apply for Director Identification Numbers (DIN) using Form DIR-3, and reserve a name through Form INC-1. Draft Memorandum of Association (MOA) and Articles of Association (AOA), then submit them with Form INC-7 for incorporation. Pay the requisite fees, apply for PAN and TAN, and await the Certificate of Incorporation. Within 90 days, file Form NDH-1 for compliance. Post-incorporation, conduct necessary meetings and fulfill ongoing obligations. Seek professional advice for accuracy and compliance with evolving regulations. Visitofficialwebsite.

Why is Nidhi Company Filing Important?

Filing for the incorporation and regulatory compliance of a Nidhi Company is crucial for several reasons:

  • Legal Compliance: Nidhi Companies must adhere to the Nidhi Rules, 2014, and other relevant regulations to operate legally in India. Filing ensures that the company follows these rules and guidelines. Form required to file Nidhi company

  • Member Trust: Compliance and transparency in filing and reporting build trust among members, who need assurance that their interests are protected.

  • Regulatory Oversight: Filing allows regulatory authorities to oversee the operations of Nidhi Companies, ensuring they adhere to the prescribed limits and standards.

  • Operational Clarity: Proper filing helps the company maintain clear and accurate financial records and report on its financial health and performance.

  • Financial Inclusion: Compliance and filing play a role in promoting financial inclusion, which is a core objective of Nidhi Companies.

Filing for a Nidhi Company involves a step-by-step procedure that includes obtaining necessary approvals and registrations from various authorities. Here is the comprehensive procedure: Form required to file Nidhi company

Step 1: Obtaining Digital Signatures

The first step is to obtain digital signatures for the proposed directors and key personnel of the Nidhi Company. Digital signatures are necessary for filing documents electronically with regulatory authorities.

Step 2: Director Identification Number (DIN)

Directors of the Nidhi Company must obtain Director Identification Numbers (DIN). This unique number is essential for directors to legally represent the company. The application for DIN is submitted to the Ministry of Corporate Affairs (MCA). Form required to file Nidhi company

Step 3: Name Reservation

Before filing for incorporation, you must apply to the ROC for the reservation of the company’s name. The name should include “Nidhi Limited” at the end to comply with regulatory requirements. The name reservation process ensures that the selected name is unique and does not infringe on existing trademarks. Form required to file Nidhi company

Step 4: Drafting the Memorandum of Association (MOA) and Articles of Association (AOA)

The MOA and AOA are essential documents that define the objectives, powers, and regulations of the Nidhi Company. They need to be drafted in compliance with the Nidhi Rules, 2014, and should align with the core objectives of promoting thrift, savings, and mutual benefit.

Step 5: Filing for Incorporation

After obtaining digital signatures, DINs, and reserving the company name, you need to file the following forms and documents with the ROC: Form required to file Nidhi company

  • Form INC-32 (SPICe): This form is used for integrated incorporation and includes details of the company, directors, registered office, and subscribers. The form can be filed online.

  • Form INC-33 (e-MOA): This electronic MOA form includes the company’s objectives and powers. It should be attached to Form INC-32.

  • Form INC-34 (e-AOA): This electronic AOA form outlines the company’s regulations and bylaws. It should be attached to Form INC-32.

What is the approval process for Nidhi COMPANY

The directors must submit an application for registration including the Memorandum of Association (MOA) and Articles of Association (AOA) as soon as the name is authorized. The appropriate government needs 15 to 20 days to provide a certificate of establishment for Form required to file Nidhi company

How to get profit from Nidhi Company

  1. Within a year following its initial registration.
  2. Nidhi Company should have at least 200 members within one year of its inception.
  3. Furthermore, the net held funds should be worth at least 10 lakh rupees.

How much loan a Nidhi Company can give

For Gold Loan: In the case of a gold loan, the maximum amount of loan which can be provided is 80 % of the Gold value. Loan against Property: Loan against property the maximum amount which can be provided is 50% of the property value. No loan for vehicles: No loan for vehicles can be provided by Nidhi companies. Form required to file Nidhi company

What are the benefits of Nidhi Company

Nidhi, meaning treasure, is a company formed to promote the habit of savings among its members. This Company helps its members in pooling their savings by accepting deposits and paying interest to them. On the other hand, whenever its members are in need, Nidhi Company grants loans to them. Form required to file Nidhi company

How many branches can a Nidhi Company have

three branches
 
Maximum number of branches of Nidhi allowed

Within one district, a Nidhi Company can open maximum up to three branches only. If a Nidhi company wishes to open more than three branches within a district without prior approval of Regional Director.

Required Forms for Nidhi Company Filing

Filing for a Nidhi Company requires the submission of various forms and documents to regulatory authorities. Here are the key forms and their purposes:

  • Form INC-32 (SPICe): This form is used for the integrated incorporation of the Nidhi Company. It includes information about the company, its directors, registered office, subscribers, and key personnel. Form INC-32 streamlines the process by combining multiple requirements into a single filing.

  • Form INC-33 (e-MOA): This electronic Memorandum of Association (MOA) form contains the objectives and powers of the Nidhi Company. It is filed electronically and should be attached to Form INC-32. Form required to file Nidhi company

  • Form INC-34 (e-AOA): The electronic Articles of Association (AOA) form outlines the regulations and bylaws of the Nidhi Company. Like Form INC-33, it is filed electronically and should be attached to Form INC-32.

  • Form DIR-3: This form is used for obtaining Director Identification Numbers (DIN) for the directors of the Nidhi Company. Directors must apply for DIN before they can legally represent the company. Form required to file Nidhi company

  • Form DIR-2: Directors are required to provide a consent letter, which is filed using Form DIR-2. This letter affirms their willingness to serve as directors of the Nidhi Company.

  • Form DIR-6: If there are any changes in the particulars of the directors (such as their address or contact details), Form DIR-6 is used to update these changes.

  • Form INC-8: This form is used to declare the minimum paid-up equity share capital of the Nidhi Company. It is a key component of the application for Nidhi status. Form required to file Nidhi company

  • Form INC-9: Form INC-9 is used to declare the minimum number of members in the Nidhi Company (which should be at least 200) and the net-owned fund of the company.

  • Form INC-10: This form is submitted along with the application for Nidhi status and includes a declaration of compliance with the Nidhi Rules, 2014.Form required to file Nidhi company

  • Form INC-11: Form INC-11 is the application for a license for a Nidhi Company, which is required to commence its business operations. It includes details about the company’s infrastructure, registered office, and financial position. Form required to file Nidhi company

Annual Regulatory Filings for Nidhi Companies

Apart from the initial filing for incorporation and Nidhi status, Nidhi Companies are required to submit annual regulatory filings to maintain compliance with the Nidhi Rules, 2014. These filings include:

  • Annual Return (Form MGT-7): This form includes details of the company’s registered office, members, and changes in directors. It must be filed with the ROC within 60 days of the annual general meeting (AGM). Form required to file Nidhi company

  • Financial Statements (Form AOC-4): Nidhi Companies are required to file their financial statements, including the balance sheet, profit and loss statement, and cash flow statement, with the ROC using Form AOC-4. These statements should be audited by a chartered accountant.

  • Income Tax Returns: Nidhi Companies must file income tax returns as per the Income Tax Act, 1961. The returns should accurately reflect the company’s income and financial transactions. Form required to file Nidhi company

  • ROC Compliance: Regularly, the company must maintain compliance with the ROC by filing documents and returns, including those related to changes in the board of directors, alterations in the MOA or AOA, and more.

form required to file nidhi company | nidhi company file process and forms

Roles and Responsibilities of Directors and Key Personnel

In the context of filing for a Nidhi Company, directors and key personnel play significant roles in ensuring compliance and regulatory adherence. Here are their responsibilities:

Responsibilities of Directors:

  1. Obtaining DIN: Directors must obtain Director Identification Numbers (DIN) before representing the company. This involves filing Form DIR-3 and providing consent through Form DIR-2. Form required to file Nidhi company

  2. Declaration of Compliance: Directors must declare their compliance with the Nidhi Rules, 2014, and their adherence to the regulations of Nidhi Companies.

  3. Filing Annual Returns: Directors should ensure that the Nidhi Company files annual returns, financial statements, and income tax returns in a timely and accurate manner. 

  4. Corporate Governance: Directors are responsible for upholding corporate governance principles, including transparency, accountability, and fairness in the company’s operations.

  5. Regulatory Compliance: Directors must ensure that the company operates within the prescribed regulatory framework and does not engage in speculative or non-compliant activities. Form required to file Nidhi company

How auriga accounting help you to define form to file nidhi company

Auriga Accounting, as a financial software or service provider, can assist in defining and managing the forms required to file for the incorporation and regulatory compliance of a Nidhi Company. Here’s how Auriga Accounting can help in this process:

  1. Form Identification and Documentation:

    • Auriga Accounting can provide a comprehensive list of the forms and documents required for filing during the incorporation and ongoing compliance of a Form required to file Nidhi company
    • It can offer document templates and checklists to ensure that all the necessary forms are completed accurately.
 

2. Form Filing Assistance:

    • The software can guide users through the process of filling out each required form, ensuring that all mandatory fields are completed.
    • It can offer real-time validation checks to prevent errors and discrepancies in the submitted forms.
 

3. Data Management and Storage:

    • Auriga Accounting can store and manage the data required for various forms, making it easily accessible for future filings.
    • It can facilitate the creation of a digital repository for documents, making it simple to retrieve and review past submissions.
 

4. Compliance Tracking:

    • The software can provide a compliance calendar, reminding users of important filing deadlines for annual returns, financial statements, and other regulatory filings.
    • It can generate alerts and notifications for upcoming compliance requirements, reducing the risk of missed deadlines.
 

5. Customized Forms:

    • Auriga Accounting can allow customization of standard forms to meet the specific needs and branding of the Nidhi Company.
    • Users can add company-specific information to ensure that forms are consistent with the company’s operations and objectives.
 

6. Submission and E-filing:

    • The software can facilitate electronic filing and submission of forms to the relevant regulatory authorities, streamlining the filing process and reducing paperwork. Form required to file Nidhi company
    • It can assist with digital signatures and encryption for secure online submissions.
 

7. Integration with Regulatory Updates:

    • Auriga Accounting can integrate with regulatory databases and updates, ensuring that the forms and compliance requirements are always up to date.
    • Users can receive notifications and updates on changes to forms and regulations.
 

8. Audit Trail:

    • The software can maintain an audit trail of all filings and submissions, providing a transparent record of compliance for internal and external audits.
    • It can assist in tracking the status of filed forms and any pending approvals.
 

9. Reporting and Analytics:

    • Auriga Accounting can generate reports on the status of compliance, the history of filings, and the accuracy of submitted forms.
    • It can offer insights into the company’s compliance performance and areas that may require attention.
 

10. Accessibility and Collaboration:

    • The software can be accessed from multiple locations, allowing for collaborative work on form preparation and filing.
    • It can provide role-based access, ensuring that only authorized personnel can handle sensitive compliance data.
February 25, 2024

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