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

Nidhi Company registration online in Madhya Pradesh, you typically need documents such as PAN cards, identity proof, address proof, and photographs of directors. Additionally, a registered office address, Memorandum of Association (MOA), Articles of Association (AOA), and a minimum of three directors are essential. Compliance with the Companies Act, 2013, is crucial, and the process involves obtaining Digital Signature Certificates (DSC) for directors and filing necessary forms with the Ministry of Corporate Affairs. Visitofficialwebsite

Eligibility Criteria nidhi company

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:

  • 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 Madhya Pradesh,

documents requirements to register nidhi company

  • To register a Nidhi Company in India, you need to provide various documents and information as part of the registration process. These documents and details are necessary to ensure compliance with the Companies Act, 2013, and the Nidhi Rules, 2014. Here is a list of the essential documents and information required for registering a Nidhi Company registration online in Madhya Pradesh,

    1. Digital Signature Certificates (DSCs):

      • DSCs are required for the proposed directors and the Chief Executive Officer (CEO). DSCs are necessary for filing online applications with the Registrar of Companies (RoC).
    2. Director Identification Number (DIN):

      • Each director of the company must have a Director Identification Number. You can apply for DIN by filing Form DIR-3 through the Ministry of Corporate Affairs (MCA) portal.
    3. Memorandum of Association (MoA) and Articles of Association (AoA):

      • Draft the MoA and AoA for your Nidhi Company. These documents outline the company’s objectives, rules, and regulations. Ensure they comply with the Nidhi Rules, 2014, and the Companies Act, 2013. Nidhi Company registration online in Madhya Pradesh,
    4. Proof of Registered Office Address:

      • Provide proof of the registered office address, such as a rent agreement, lease deed, or a utility bill. The registered office should be situated within the jurisdiction of the respective Registrar of Companies (RoC). Nidhi Company registration online in Madhya Pradesh,
    5. Board Resolution:

      • A certified copy of the board resolution declaring the intent to form a Nidhi Company and authorizing directors to file the incorporation documents.
    6. Declaration by Directors:

      • A declaration from all directors confirming their intent to comply with the Nidhi Rules and Regulations, along with other legal requirements.
    7. PAN and Aadhar Card of Directors:

      • Copies of PAN and Aadhar cards of all the directors.
    8. Passport-sized Photographs:

      • Recent passport-sized photographs of all directors and the CEO.
    9. Registered Office Verification:

      • Verification of the registered office address is required. This may involve an inspection by the RoC.
    10. Subscription Money Proof:

      • Proof of the initial capital contribution by the promoters in the company’s bank account. The minimum paid-up share capital should be Rs. 5 lakhs, as mentioned in the MoA. Nidhi Company registration online in Madhya Pradesh,

How do I register a nidhi company

Nidhi Company is a Non-Banking Financial Company that is regulated by the Reserve Bank Of India. It provides the service of lending and depositing to its member. Nidhi Company is registered as a Public Company. A minimum of seven members is needed to start a Nidhi Company and three members must be the directors of the company.

The procedure of Nidhi Company Registration:

  • Obtain DSC (Digital Signature Certificate)
  • Obtain DIN (Director Identification Number)
  • Apply for Name Approval, fill out the reserve unique name form for the reservation of Name.
  • Drafting of MOA and AOA under INC 32, INC 33
  • Submit the online application for a Certificate of Incorporation
  • After the approval of the document, the registrar provides the CIN along with PAN and TAN.

What is a nidhi company’s registration and its process

Nidhi Company registration refers to the process of incorporating and establishing a Nidhi Company, a non-banking financial institution (NBFC) in India. Nidhi Companies are formed to promote the habit of thrift, savings, and financial cooperation among their members.

The process of Nidhi Company registration involves the following steps:

  1. Obtain a Digital Signature Certificate (DSC): The first step is to obtain a DSC for the proposed directors of the company. The DSC is required for the online filing of registration documents. Nidhi Company registration online in Madhya Pradesh,
 

2. Apply for Director Identification Number (DIN): Each director of the Nidhi Company must apply for a DIN from the Ministry of Corporate Affairs (MCA) by submitting the required documents and forms.

 

3. Name Reservation: Once the DIN is obtained, the next step is to apply for name reservation through the RUN (Reserve Unique Name) facility on the MCA portal. The proposed name should comply with the naming guidelines and not be similar to any existing company or trademark. Nidhi Company registration online in Madhya Pradesh,

 

4. Drafting of Memorandum of Association (MOA) and Articles of Association (AOA): The MOA and AOA are the constitutional documents of the Nidhi Company. These documents define the objectives, rules, and regulations, as well as the members’ and directors’ rights and responsibilities. The MOA and AOA need to be prepared per the Companies Act 2013.

 

5. Submission of Forms and Documents: Once the name is approved, the necessary forms and documents, including the MOA, AOA, and other required declarations, need to be filed with the Registrar of Companies (RoC). These documents should be submitted within 60 days from the date of name approval. Nidhi Company registration online in Madhya Pradesh,

 

6. Payment of Fees: The prescribed registration fees, based on the company’s authorized share capital, should be paid to the RoC. The fee structure can be obtained from the MCA website.

 

7. Certificate of Incorporation: After verifying the submitted documents, if everything is in order, the RoC will issue a Certificate of Incorporation, officially recognizing the Nidhi Company as a registered entity.

 

8. Post-Incorporation Compliance: Once the Nidhi Company is registered, certain post-incorporation compliance requirements need to be fulfilled, such as obtaining a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN), opening a bank account, and complying with other applicable laws and regulations.

What is the scope for nidhi companies in Midia

In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the objectives of transparency & investor friendliness in the corporate environment of the country, the Central Government has recently amended the provisions related to NIDHI under the Companies Act and the Rules

Impact

The amended provisions of the Companies Act (Section 406) and Nidhi rules (as amended w.e.f. 15.08.2019) require that the Nidhi companies have to apply to the Central government for updation of their status/ declaration as Nidhi Company in Form NDH-4.

What are NIDHI Companies?

  • Under Nidhi Rules, 2014, Nidhi is a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit.
  • The companies doing Nidhi business, viz. borrowing from members and lending to members only, are known under different names such as Nidhi, Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company.
  • Nidhis are more popular in South India and are highly localized single office institutions. They are mutual benefit societies because their dealings are restricted only to the members; and membership is limited to individuals. The principal source of funds is the contribution from the members. The loans are given to the members at relatively reasonable rates for purposes such as house construction or repairs and are generally secured.
  • Nidhis are also included in the definition of Non- Banking Financial companies or (NBFCs) which operate mainly in the unorganized money market. However, since 1997, NBFCs have been brought increasingly under the regulatory ambit of the Indian Central Bank, RBI.
 

RBI and NIDHI

  • Since Nidhis come under one class of NBFCs, RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities.
  • However, in recognition of the fact that these Nidhis deal with their shareholder-members only, RBI has exempted the notified Nidhis from the core provisions of the RBI Act and other directions applicable to NBFCs. Nidhi Company registration online in Madhya Pradesh,

Directors and Management in nidhi company

  • 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 Madhya Pradesh,

nidhi company registration online | nidhi company registration | nidhi company registration online in MADHYA PRADESH

How to register Nidhi Finance company

  • Directors Identification Number (DIN)
  • PAN numbers of the shareholders as well the Directors.
  • Residential Proof of the shareholders and directors.
  • Identification Documents such as the Aadhar card.
  • Rent agreement of the Registered office.

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:

  • 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 registration online in Madhya Pradesh,

What is the maximum deposit in Nidhi Company

The maximum balance in a savings deposit account at any given time qualifying for interest shall not exceed one lakh rupees at any point of time and the rate of interest shall not exceed two per cent above the rate of interest payable on savings bank account by nationalised banks.

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 Madhya Pradesh, but specific details may vary based on the company’s unique circumstances and the evolving regulatory landscape Nidhi Company registration online in Madhya Pradesh,

how auriga accounting help you to register nidhi company

Auriga Accounting is an accounting and financial services firm that can provide valuable assistance in registering a Nidhi Company in Madhya Pradesh or any other part of India. Here’s how Auriga Accounting can help you with the registration process for a Nidhi Company registration online in Madhya Pradesh,

  1. Expert Guidance:

    • Auriga Accounting can provide expert guidance and advisory services throughout the entire registration process. They have a team of professionals with expertise in company registration, compliance, and financial services.
  2. Document Preparation:

    • Auriga Accounting assist you in preparing all the necessary documents required for Nidhi Company registration. This includes drafting the Memorandum of Association (MoA), Articles of Association (AoA), and other legal documents to ensure compliance with Nidhi Rules and the Companies Act, 2013.
  3. Digital Signature Certificates (DSCs) and Director Identification Numbers (DINs):

    • Auriga Accounting help you obtain DSCs for the directors and guide you through the process of applying for DINs, which are essential for company registration.
  4. Company Name Reservation:

    • Auriga Accounting help you select a unique and suitable name for your Nidhi Company and check its availability with the Ministry of Corporate Affairs (MCA).
  5. 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.
  6. Compliance with Nidhi Rules:

    • They ensure that your company’s operations, objectives, and documents align with the Nidhi Rules and Regulations, as specified by the regulatory authorities.
  7. Address Verification:

    • Assistance in verifying the registered office address and providing the required documentation to comply with this requirement.
  8. Financial Compliance:

    • Auriga Accounting help you set up the initial capital requirement of at least Rs. 5 lakhs, ensuring it is deposited in the company’s bank account.
  9. Ongoing Compliance and Reporting:

    • After registration, they can assist you with ongoing compliance, including annual financial audits, filing of returns, and maintaining statutory records as per regulatory requirements.
  10. Tax Registration:

    • Guidance and assistance in obtaining Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN) for your company. Nidhi Company registration online in Madhya Pradesh,
June 21, 2024

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