A Nidhi Company, operating under the Nidhi Rules, 2014, is a non-banking financial company (NBFC) aimed at promoting thrift and savings among members while facilitating financial assistance through lending. Governed by Section 406 of the Companies Act, 2013, Nidhi Companies operate as public limited entities. MyCAbuddy is here to assist you in registering your Nidhi Company in India, ensuring compliance with all regulations and making the process seamless.
What is a Nidhi Company?
A Nidhi Company focuses on managing deposits from and providing loans to its members, who are also shareholders. It encourages savings among members while offering financial assistance exclusively to them. Operating under specific exemptions and relaxed regulations, Nidhi Companies play a unique role in India’s financial landscape.
Purpose and Nature of Nidhi Companies
Nidhi Companies promote savings among members, accepting deposits and providing loans exclusively to them. Though categorized as NBFCs, they operate differently, enjoying certain exemptions from regulatory guidelines. This exclusive engagement with members sets them apart, fostering a sense of security and mutual benefit within the community.
Benefits of Nidhi Company
Registering as a Nidhi Company offers several advantages:
- Easy Formation
- Non-Compliance with RBI Guidelines
- Lower Risk Transactions
- Economic Registration
- Savings Promotion
- Net-Owned Funding System
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Documents Required for Nidhi Company Registration in India
Essential documents for Nidhi Company registration include DIN, PAN, residential and address proofs, photographs, business place proofs, NOC, MoA, and AoA.
Restrictions on Nidhi Companies
Nidhi Companies must adhere to specific rules, including restrictions on advertising for deposits, involvement in chit funds, leasing, and more. These regulations ensure they maintain focus on serving their members exclusively.
Nidhi Company Incorporation Requirements
Pre-registration requirements include minimum shareholders, directors, capital, DIN, and a focus on savings. Post-registration requirements involve membership quota, net owned funds, and more.
Nidhi Company Registration Procedure
The registration process involves applying for DIN and DSC, drafting MoA & AoA, name approval, registration application submission, obtaining CIN, and obtaining PAN, TAN, and a bank account.
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- Streamlined Registration Process
- Compliance Assurance
- Cost Efficiency
- Employee Welfare
- Expert Guidance
Compliance for Nidhi Company
Nidhi Companies must comply with various measures like submitting NDH forms, filing annual returns with ROC, submitting financial statements, and filing income tax returns.
Seamless Nidhi Company Registration with MyCAbuddy
MyCAbuddy offers end-to-end assistance in registering your Nidhi Company, handling documentation, name approval, and post-registration formalities. Let MyCAbuddy guide you through the intricacies of Nidhi Company registration, ensuring a hassle-free experience.