Nidhi Company

Registration of Nidhi Companies can be easily done with VAKILKARO with legal expertise. It is totally online process, which started with seven(7) Natural persons. The Ministry of Corporate Affairs (MCA) has given the power to the Registrar of Companies (ROC) to issue the License of Nidhi Companies, which takes 7 days estimated. VAKILKARO has the legal expertise in Registration, Legal Compliance, Loan Agreement Drafting and Loan Recoveries of Nidhi Companies as well Finance Companies like NBFCs.

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OVERVIEW

Register a Nidhi Company

If you want to start a finance business by taking deposits and providing loans like a bank without RBI Approval, the only solution is “NIDHI COMPANY”.
Nidhi Company is a mutual benefit society, registered under section 406 of companies act,2013 which is operated through its members. Under Nidhi Company you can take deposits from members and serve with secured loans with an attractive rate of Interest.
Nidhi Company is a profit-making company that earns interest on the loan from its members. The Rate of Interest on loans under Nidhi can go up to 19.5% p.a. The Members apart from loan facilities under Nidhi company can open saving a/c, make deposits, monthly income saving scheme, etc. with a most attractive rate, which can boost up to 12% p.a.

Registration of Nidhi Company is Simple with Vakilkaro

Registration of Nidhi Companies can be easily done with VAKILKARO with legal expertise. It is totally online process, which started with seven(7) Natural persons. The Ministry of Corporate Affairs (MCA) has given the power to the Registrar of Companies (ROC) to issue the License of Nidhi Companies, which takes 7 days estimated. VAKILKARO has the legal expertise in Registration, Legal Compliance, Loan Agreement Drafting and Loan Recoveries of Nidhi Companies as well Finance Companies like NBFCs.

BENEFITS

Advantages of Nidhi Company Registration

Nidhi Companies are exempted from getting the license from the Reserve Bank of India under the provisions of RBI ACT,1934. Only Certificates issued by Registrar of Companies (ROC) is a legible document to start the Nidhi business.

Nidhi Companies can be started with a minimum capital of Rs. 5 lakh which is very less in comparison to NBFCs. The amount of capital has to be deposited to the current a/c of the newly incorporated Nidhi company within 180 days from the date of Incorporation.

Nidhi Companies apart from loans can provide the facilities of Deposits (F.D., R.D., M.I.S.,) and opening of saving accounts of its members. Nidhi Companies can also issue a copy of passbook to its members who have opened the saving account with it.

Nidhi Companies has the legal power to provide the loan to its members up to Rs. 2 lakh when the deposit is up to Rs. 12.5 lakh and this loan limit can be increased when the deposits have increased.

REQUIRED DOCUMENTS

Documents required to register a Nidhi Company

PAN Card

PAN CARD of 7 persons are mandatorily required and in case of foreign national valid passport also requires.

Proof of Identity

Any proof of identity like Adhaar Card/ voter id card/driving license of all 7 persons is mandatorily required.

Company Name

The client has to be provide at least two Company name to apply for name approval.

Photo/Mobile Numbers/ Email IDs/ Bank Statements

All the 7 persons must have their photos, mobile number, valid emails and latest bank statements (must not be older than 2 months).

Office Address Proof

The client has to provide Office Address proof like Rent Agreement/Property papers with latest electricity bill.

process

Process to Register a Nidhi Company in India

Name Approval 1-2 Days

  • Client has to provide at least two names out of which one name will be approved by MCA

Digital Signature:(1-2 days)

  • Second process is to apply and approve the digital signature of all 7 members in Nidhi company.

Application filling and approval for certification: (2-3 days)

  • Our experts will file the complete document with drafted copies of MOA and AOA of the company. If there is no objection the certificate of incorporation will be issued by the MCA.

Congratulation!

  • work is done
COMPARE RELATED SERVICES

Compare different business structures to choose the right entity type

  • Member
  • Minimum Capital Required
  • RBI License
  • Compliance
  • Profit earning
  • Incorporation cost
  • Suitable for
  • Nature of the company
  • Working area
  • Saving account opening facility
  • Nidhi Company
  • 7
  • 5 Lacs
  • No Need
  • Moderate
  • Yes
  • Nominal
  • Secured loan and deposits
  • Limited
  • District level
  • Yes
  • get started
  • Section 8
  • 2
  • No need of minimum capital
  • No Need
  • Moderate
  • No
  • Nominal
  • Unsecured loan
  • can be Ltd or Pvt Ltd
  • PAN India
  • No
  • get started
  • Micro Finance
  • 2
  • 2 Cr.
  • Required
  • High
  • Yes
  • High
  • Secured and unsecured loan
  • can be Ltd or Pvt Ltd
  • PAN India
  • No
  • get started
FREQUENTLY ASKED QUESTIONS

Explore Nidhi Company Registration

1. How many types of loan in a Nidhi company?

Nidhi company can provide only secured loans for example – gold loan, loan against property, loan against certificate deposits.

2. It is mandatory to write “Nidhi Limited” at the end of the name?

Yes, as per the provision of the law. It is mandatory write down the word” Nidhi Limited” at the end of the company.

3. Who can be member of the Nidhi company?

An Individual natural person can become a member of company who have attained his/her age of 18 years and have valid PAN. No any artificial person like any company, firm, trust, society is eligible to become a member.

4. Who can apply for the loan in Nidhi Company?

Nidhi Company is registered for its members only, therefore only members can apply for the loan as well for deposits.

5. Can a Nidhi Company proceed for Bike Loans or Vehicle Loans?

No, as per Nidhi Rules, 2014 Vehicle Loans are totally prohibited whether in the forms of Bike Loans or otherwise.

6. Can a Nidhi Company Open Branches?

Yes but after completion of 3 years with continuous profits in three years.

7. Can a Nidhi Company Invest its deposit money anywhere?

No, as per Nidhi Rules,2014, Deposits under Nidhi Company can be used only for lending money to its members.

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