Nidhi Company Registration In Chennai

Nidhi Company Registration In Chennai

Cost of Nidhi company registration in Chennai would be Rs 35000

Nidhi Company Meaning

Nidhi Company is a form of NBFC (Non-Banking Financial Corporation) that is controlled and regulated by the Companies Act, 2013. NIDHI is an abbreviation that stands for “National Initiative for Developing and Harnessing Innovations.” The primary objective is to form this company is to encourage and motivate its members to save and meet their basic needs on a regular basis.

This company operates on the Mutual Benefits idea. The only significant factor that distinguishes this company from others is that it only deals with deposits from and loans to its members, i.e. shareholders, and operates for the mutual benefit of its members. Nidhi Company registrations are much easier than other types of finance companies such as NBFC.

The Advantages of a Nidhi Company Registration

· Minimum capital required

· Registration is simple and affordable.

· No outside involvement in the company’s management.

· No RBI compliance.

· Less number of Compliance

· Safe investment with a low-interest rate

· It is a separate legal entity.

· Perfect savings option

· Easy and simple processing

· The provisions of the Companies Act, 2013 give for a variety of advantages and exemptions.

· Liability is limited.

· Simple access to public funds

· Low risk

· Tax Benefits

Minimum Requirement before nidhi company registration in Chennai

A Nidhi Company can be established with an initial capital of Rs.5 lakh and at least seven employees. The company must have 200 members, and the name of the company must contain the word “Nidhi Limited”. Nidhi Company registration also needs the appointment of three directors at the start. To apply for a Nidhi Company in Chennai, each promoter or director must provide a copy of their PAN card, ID evidence, and address proof. It takes about 15 to 20 days to register a Nidhi Company in Chennai. Nidhi business registration in Chennai may be done through Solubilis, a company with over ten years of expertise in the registration sector.

List of Required Documents for Nidhi Company Registration in Chennai

Indian Nominated Directors and Shareholders

· PAN Card

· Passport Size Photo.

· Digital Signature

· Director Identification Number of the directors

· Aadhar Card.

· Address proofs of the members– Bank Statement or Telephone Bill or EB or Mobile Bill or Mobile bill(Latest of Two months)

· Memorandum of Association of the company

· Articles of Association of the company

For Foreign National Proposed director & Shareholder

· A Copy of the Passport

· One passport size photo

· A copy of the address proof

· A copy of nationality proof

Proof of Registered Office

· For the rental Office, the rental agreement is Mandatory

· Electricity bill / Water Bill

· If the premises are not rented, the occupant must produce a No Objection Certificate from the landlord in order to conduct the company (NOC).

· Copy of Property papers (If owned property)

Nidhi Company Registration Procedure in Chennai

Application for DIN and DSC

A Nidhi company’s partners must apply for a Director’s Identification Number (DIN) and a Digital Signature Certificate (DSC). The Ministry of Commerce and Affairs of the Government of India issues the Director’s PIN Number. This step can be skipped if all of the directors already have their DIN and DSC.

Name Approval

You must submit three options for the name of your Nidhi Company to the MCA, from which one will be chosen. The recommended names must be unique and not similar to the names of existing registered firms.

Submission of MOA and AOA

After the name has been authorized, you must create the MOA and AOA. These must state the main reason for forming a Nidhi company and must be helpful. Both documents, including the subscription statement, are sent to the MCA.

To Obtain Incorporation Certificate

Typically, it takes 15-25 days to start a Nidhi firm and obtain the incorporation certificate. It confirms the establishment of a company and provides the corporate identification number (CIN).

Account of the Bank and Applying for a PAN number, TAN number

You must apply for a PAN and TAN. After that, you may open a bank account by sending the Certificate of Incorporation, MOA, AOA, and PAN to the bank.

Expected Time Required

The registration procedure takes around 30-40 days to complete.

Rules after Nidhi Company Registration

Once registered, Nidhi Company must complete the following standards within one year:

· At least 200 people must be registered.

· Maintain a net owned funds (NOF) minimum of Rs. 10 lakh.

· Maintain a 1:20 NOF-to-deposit ratio.

· At least 10% of all outstanding deposits must be unencumbered term deposits.

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I have provided you with a quick overview of Nidhi Company after extensive research. I hope this post will help you understand this type of firm and its early stages. You may also obtain Nidhi Company Registration contact us on 9962260333

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