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WHAT ARE THE REQUIREMENT FOR REGISTRATION OF NIDHI COMPANY IN JAIPUR?

WHAT ARE THE REQUIREMENT FOR REGISTRATION OF NIDHI COMPANY IN JAIPUR?

Introduction to Nidhi Companies:

Nidhi Companies are unique financial entities with a focus on serving their members by encouraging savings and providing access to credit. These companies are primarily established to promote a culture of thrift and mutual benefit. The following are the requirements for registering a Nidhi Company in Jaipur:Visitofficialwebsite 

Requirements for Registration of Nidhi Company in Jaipur:

  1. Minimum Number of Members: To register a Nidhi Company, you need a minimum of 3 directors and 7 members. However, the number of members may vary according to the Nidhi Rules.

  2. Name Approval: The first step in the registration process is to obtain name approval from the Registrar of Companies (ROC) in Jaipur. The name must include the term “Nidhi Limited.”

  3. Digital Signature Certificate (DSC): Directors and subscribers need to obtain a Digital Signature Certificate.

  4. Director Identification Number (DIN): Directors are required to obtain DIN. This can be done online by filing Form DIR-3.

  5. Registered Office: The Nidhi Company must have a registered office in Jaipur, and the address proof must be submitted to the ROC.

  6. Memorandum of Association and Articles of Association: The MOA and AOA of the company need to be prepared and submitted to the ROC.

  7. Minimum Capital Requirement: As per Nidhi Rules, a Nidhi Company should have a minimum net owned fund of Rs. 10 lakhs. This requirement must be met within a period of one year from the commencement of business.

  8. Nidhi Company Software: It’s advisable to have specialized software in place to manage the financial transactions of the company effectively.

  9. Compliance with Nidhi Rules: Ensure that your Nidhi Company complies with the various rules and regulations laid down in the Nidhi Rules, 2014.

  10. Appointment of Statutory Auditor: You must appoint a qualified and independent auditor to conduct an audit of the company’s accounts.

  11. Registration with MCA: After obtaining name approval and fulfilling all the above requirements, you need to submit the necessary forms and documents to the Ministry of Corporate Affairs (MCA) through the online portal.

  12. ROC Approval: The ROC will review your application, and if everything is in order, they will grant the Certificate of Incorporation.

  13. Legal Compliance: Ensure that your company complies with all legal requirements related to Nidhi companies, as specified under the Companies Act, 2013.

  14. Annual Compliance: After registration, a Nidhi Company must file annual returns and financial statements with the ROC.

Local Considerations for Registration in Jaipur:

In addition to the general requirements mentioned above, there are some specific considerations for registering a Nidhi Company in Jaipur:

  1. Local Address: Ensure that you have a valid and verifiable registered office address in Jaipur. This address will be the official address of your Nidhi Company.

  2. Local Licensing: Depending on local regulations, you may need to obtain additional licenses or permits from local authorities in Jaipur.

  3. Local Business Environment: Familiarize yourself with the local business environment and community to understand the financial needs and preferences of potential members.

  4. Network and Outreach: Establish a local network and outreach plan to attract members and promote the Nidhi Company’s services within the Jaipur community.

benefits of register nidhi company in jaipur

Registering a Nidhi Company in Jaipur, or any other part of India, offers several benefits for both the company and its members. Nidhi Companies are unique financial institutions that primarily serve the financial interests of their members. They are governed by the Nidhi Rules, 2014, and the Companies Act, 2013. Here are some of the key benefits of registering a Nidhi Company in Jaipur:

  1. Promotion of Thrift and Savings: Nidhi Companies encourage their members to save and deposit their funds in a common pool, which promotes a culture of thrift and savings among members.

  2. Access to Credit: Members can avail themselves of loans at reasonable interest rates. Nidhi Companies are primarily established to provide credit facilities to their members for various purposes, such as housing, business, and personal needs.

  3. Mutual Benefit: The primary purpose of Nidhi Companies is to benefit their members, not to maximize profits. This makes them ideal for small investors and individuals who seek financial assistance within the community.

  4. Ease of Formation: Registering a Nidhi Company is a relatively straightforward process compared to other types of financial institutions. It requires fewer compliances and formalities.

  5. Limited Regulatory Compliance: While Nidhi Companies are regulated by the Ministry of Corporate Affairs (MCA), they have fewer regulatory and compliance requirements compared to traditional banks and financial institutions.

  6. No External Involvement: Nidhi Companies do not involve external parties or shareholders. They are usually established by a group of individuals from a particular community or locality who come together for mutual benefit.

  7. Profitable Investment: Members of Nidhi Companies benefit from the profits earned by the company. These profits are shared among members in the form of dividends.

  8. Attractive Interest Rates: Nidhi Companies offer loans at reasonable interest rates, making them an attractive source of credit for members who might have difficulty obtaining loans from traditional banks.

  9. Local Focus: Nidhi Companies often have a strong local focus, which means they understand the financial needs and challenges of their members. This can lead to more personalized services.

  10. Enhanced Financial Inclusion: Nidhi Companies play a role in enhancing financial inclusion, especially in areas where traditional banking services may be limited or inaccessible.

NIDHI COMPANY REGISTRATION | NIDHI COMPANY REGISTER BENEFITS | NIDHI COMPANY COMPLIANCES

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.
 

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.

 

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.

 

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.

 

It is important to note that the registration process may involve additional steps and requirements depending on the specific circumstances and regulations at the time of registration. Seeking professional advice or consulting a company secretary can help ensure a smooth and compliant registration process for a Nidhi Company.

How do register a nidhi company through company help

Nidhi company registration in India is regulated by the rule & regulations specified under section 406 of companies act, 2013. The word “Nidhi” is used in reference to a treasure/a fund i.e. the company so incorporated has the primary objective of inculcating a habit of savings amongst its members.

Some of the interesting features related to NIDHI company registration are:

Borrowing & Lending: A Nidhi Company cannot lend & borrow from outside its member community.

“Nidhi ltd.”: “Nidhi limited” must be added to the name of the company.

Share capital: Minimum equity share capital of INR 5 lakh is required Nidhi Company. You cannot issue preference shares once registered as Nidhi company.

No. of members: At least 7 members must be there to start a Nidhi company. Out of which 3 must be the full-time directors of the company.

PROCEDURE OF NIDHI COMPANY REGISTRATION

>>> Apply for DSC/DIN

>>> Check proposed Nidhi company name availability with ROC/MCA

>>> Submit MOA/AOA Certificates

>>> Apply for PAN/TAN

>>> Opening of current account in bank

>>> Get your NIDHI company registration after successful verification of documents.

How many directors are required in Nidhi Company

A Nidhi Company is a company, which is a non- banking financial sector and it comes under the Companies Act, 2013. This company is formed with a motto to lend and borrow money within its members and it is very easy to form as a company.

Eligibility to form a Nidhi Company:

  • It requires at least 200 members in a year to get its Nidhi Company status.
  • They also require 3 directors minimum and maximum should not exceed beyond 15.

Conclusion OF NIDHI COMPANY

Registering a Nidhi Company in Jaipur, as in any part of India, involves adherence to specific legal and regulatory requirements. It’s a comprehensive process that demands careful compliance with all rules and regulations, from obtaining name approval to meeting the minimum capital requirement. Consulting with legal and financial experts who are knowledgeable about the specific requirements in Jaipur is advisable to ensure a successful registration process.

how auriga accounting help you to register nidhi company

Accounting and consultancy firms often play a crucial role in helping businesses, including Nidhi Companies, navigate the legal and regulatory requirements for registration. Here’s how such a firm can help:

  1. Expertise in Legal Compliance: Accounting and consultancy firms typically have a deep understanding of the legal and regulatory framework governing Nidhi Companies. They ensure that your company complies with all necessary rules and regulations.

  2. Name Approval: They assist in obtaining name approval from the Registrar of Companies (ROC) and ensure that the chosen name is compliant with the requirements.

  3. Documentation: These firms help in preparing and filing the necessary documentation, including the Memorandum of Association (MOA), Articles of Association (AOA), and other required forms with the ROC.

  4. Digital Signature Certificates (DSC) and Director Identification Numbers (DIN): Accounting firms can assist in obtaining DSCs and DINs for the directors and subscribers.

  5. Compliance with Nidhi Rules: They ensure that your Nidhi Company adheres to the specific rules and regulations laid down in the Nidhi Rules, 2014.

  6. Financial Management: They can help set up financial systems and software for managing the company’s transactions efficiently.

  7. Liaison with Authorities: Accounting and consultancy firms can communicate and liaise with the relevant authorities on your behalf, streamlining the registration process.

  8. Advisory Services: They may offer strategic advice on structuring your Nidhi Company, financial planning, and compliance, taking into account the specific needs of your business.

  9. Annual Compliance: After registration, these firms can provide support with annual compliance, including filing annual returns and financial statements with the ROC.

  10. Audit Services: Many accounting firms also provide auditing services, ensuring that your financial records are accurate and in compliance with accounting standards.

June 22, 2024

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