WHAT ARE THE REQUIREMENT FOR REGISTRATION OF NIDHI COMPANY IN UTTAR PRADESH?

Introduction

YOU NEED TO KNOW WHAT ARE THE REQUIREMENT FOR NIDHI COMPANY REGISTRATION ONLINE IN UTTAR PRADESH

Nidhi Company registration online in Uttar Pradesh, you typically need a minimum of seven members and a net owned fund of at least Rs. 10 lakhs. The company must adhere to Nidhi Rules, and the registration process involves document submission, including the company’s memorandum and articles of association. Additionally, compliance with the Companies Act and adherence to Nidhi Company regulations is crucial. Consultation with legal professionals is recommended to ensure a smooth registration process. Visitofficialwebsite

Eligibility Criteria

Before beginning the registration process, it’s essential to ensure that your company meets the eligibility criteria set out in the Companies Act, 2013 for Nidhi Companies: Nidhi Company registration online in Uttar Pradesh

Minimum Members: A Nidhi Company must have at least 200 members within a year of its incorporation.
Minimum Capital Requirement: It should have a minimum paid-up equity share capital of Rs. 5 lakhs.
No Preference Shares: A Nidhi Company cannot issue preference shares.
Object Clause: The primary objective of a Nidhi Company should be cultivating the habit of thrift and savings amongst its members, receiving deposits from them, and lending to them for their mutual benefit. Nidhi Company registration online in Uttar Pradesh

documents requirement to register nidhi company

To register a Nidhi Company in Uttar Pradesh, you need to provide a set of documents and information as part of the registration process. Here’s a list of the essential documents and information required:
1. Digital Signature Certificates (DSCs)
2. Director Identification Number (DIN)
3. Memorandum of Association (MoA) and Articles of Association (AoA)
4. Address Proof for Registered Office
5. Board Resolution:
6. Declaration by Directors
7. PAN and Aadhar Card of Directors
8. Passport-sized Photographs
9. Registered Office Verification
10. Subscription Money Proof

What are the new Nidhi Rules 2023

The following are the rules regarding membership in Nidhi Company. A Nidhi Company shall have at least 200 members at all times. Initially, it can be incorporated with 7 members, but it shall increase the number of members to 200 within 120 days of incorporation. Nidhi Company registration online in Uttar Pradesh.

Directors and Management

Directors: A Nidhi Company must have at least three directors, with a minimum of two-thirds of them being individuals. Each director should have a Director Identification Number (DIN).
Board Meetings: The company must hold a minimum of four board meetings in a year, with an interval of not more than 120 days between two consecutive meetings.
Appointment of CEO: A Nidhi Company should appoint a Chief Executive Officer (CEO) who should be a director. Nidhi Company registration online in Uttar Pradesh

How many members should Nidhi Company have

As per the provisions of the law, a minimum of seven members are required for the incorporation of a Nidhi Company. It is to be noted that out of those seven members, three of them are supposed to be company directors. Moreover, the company is supposed to have a minimum paid-up equity share of 5 lakhs Nidhi Company registration online in Uttar Pradesh

Company Name Reservation

Select a unique and suitable name for your Nidhi Company. Ensure that the name is not identical or similar to an existing company or trademark. You can check the availability of the name on the Ministry of Corporate Affairs (MCA) portal. Nidhi Company registration online in Uttar Pradesh

How do I register a nidhi company

Nidhi company is like a small bank with some restrictions, Nidhi company cant open current account & can accept upto 1 lakh in saving account & also loan to members upto specified limit. Nidhi Company registration online in Uttar Pradesh

Its working is on the concept of Mutual Benefits, it can deal with members of Nidhi only.

Things to know before registering Nidhi Company:

Nidhi company is a Public Limited Company as per Companies Act.
Minimum Shareholders for registration should be Seven. But it will have to increase to 200 or more within One year of incorporation.
Minimum Director required for Nidhi is Three.
Minimum Authorised & paidup share capital at the time of incorporation will be Rs. 5 Lakh, which will have to increase to Rs. 10 Lakh or more within one year of incorporation.
Nidhi company will have word Nidhi in its Name. Earlier its was also accepting Mutual Benefit word.

Process of Nidhi Company Registration in brief

To apply for Name approval in SPICE+ Part A.
Apply for Digital Signature for all subscribers.
As name approved then file for its registration in SPICE+ Part B. Both SPICE+ A & SPICE+B both can be filed simultaneously.
As Company registered then open bank account & deposit subscription money to bank.
File Form INC 20A for Commencement of Business. (Within 6 months of incorporation).
File NDH 4 within 60 days of expiring one year of its incorporation to get the status of Nidhi Company.

What is a nidhi company’s registration and its process

The process of Nidhi Company registration involves the following steps:

Obtain a Digital Signature Certificate (DSC)

2. Apply for Director Identification Number (DIN)

3. Name Reservation:

4. Drafting of Memorandum of Association (MOA) and Articles of Association (AOA)

5. Submission of Forms and Documents

6. Payment of Fees

Registration Application

Submit the application for the registration of your Nidhi Company with the Registrar of Companies (RoC). The application should include the following documents and information: Nidhi Company registration online in Uttar Pradesh

MoA and AoA
Names, addresses, and PAN cards of the directors
Address of the registered office
Declaration by the directors stating that the company will comply with all Nidhi Company rules
Statement of accounts and financial projections

Nidhi Company Rules Compliance

Nidhi Companies must comply with various regulations under the Nidhi Rules, 2014. These rules include:

Deposits: Nidhi Companies can accept deposits only from their members.
Lending: They can lend only to their members.
Interest Rates: The interest rate charged on loans should not exceed 7.5% above the highest rate offered on deposits.
Reserve Fund: They are required to transfer at least 20% of their profits to a reserve fund until it reaches 10% of their outstanding deposits.
Fixed Deposits: Nidhi Companies are not allowed to offer fixed deposit schemes.
Membership: Membership of Nidhi Companies is limited to individuals and entities specified in the Nidhi Rules.

Audit and Compliances

Conduct an annual audit of the company’s accounts and file the necessary financial statements with the RoC.

Please note that Nidhi Companies are subject to regulatory changes, and it’s essential to stay updated with the latest regulations and guidelines issued by the Ministry of Corporate Affairs (MCA), the Reserve Bank of India (RBI), and other relevant authorities. Consulting with a legal or financial advisor with expertise in Nidhi Company registrations is advisable to ensure proper compliance with all requirements. This comprehensive guide provides a general overview of the requirements for registering a Nidhi Company in Uttar Pradesh, but specific details may vary based on the company’s unique circumstances and the evolving regulatory landscape. Nidhi Company registration online in Uttar Pradesh

how auriga accounting help you to registration nidhi company

Expert Guidance: Auriga Accounting can provide you with expert guidance on the entire registration process. They have a team of professionals with expertise in company registration, legal compliance, and financial services.
Document Preparation: They can assist you in preparing all the necessary documents required for the registration of a Nidhi Company. This includes drafting the Memorandum of Association (MoA), Articles of Association (AoA), and other legal documents, ensuring that they adhere to the relevant regulations.
Digital Signature Certificates (DSCs) and Director Identification Numbers (DINs): Auriga can help you obtain DSCs for the directors and assist in applying for DINs, which are essential for the registration process.
Company Name Reservation: They can guide you in selecting a unique and suitable name for your Nidhi Company and help you check its availability with the Ministry of Corporate Affairs (MCA).
Registration Application: Auriga can prepare and file the registration application with the Registrar of Companies (RoC) on your behalf. This includes submitting all the required documents and information in compliance with the Companies Act and Nidhi Rules.
Compliance with Nidhi Rules: They will ensure that your company’s operations and documents are in compliance with the Nidhi Rules and Regulations. This includes making sure that the primary objective of your Nidhi Company aligns with the specified regulations.
Address Verification: Assistance in verifying the registered office address and providing the required documentation for this purpose.
Financial Compliance: Auriga can assist in setting up the initial capital requirement of a Nidhi Company, ensuring that a minimum of Rs. 5 lakhs is deposited in the company’s bank account.
Ongoing Compliance and Reporting: After registration, they can help you with ongoing compliance, including annual financial audits, filing of returns, and maintaining statutory records.
Tax Registration: Assistance in obtaining Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN) for your company. Nidhi Company registration online in Uttar Pradesh