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Testimonials

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Carolina Monntoya

Managing Director

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Carolina Monntoya

Managing Director

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tes-img

Carolina Monntoya

Managing Director

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Price Table

MULTISTATE SOCIETY RAGISTRATION

3,00,000 In just 3 Months

  • 100% Online
  • Register Your Business Anywhere in India
  • Dedicated CA/CS Available
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NIDHI COMPANY REGISTRATION

13,999 In Just 15 Days

  • 100% Online
  • Register Your Business Anywhere in India
  • Dedicated CA/CS Available
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MICROFINANCE COMPANY REGISTRATION

1,25,000 In just 2 Months

  • 100% Online
  • Register Your Business Anywhere in India
  • Dedicated CA/CA Available
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FAQ

What is Nidhi Company?

A Nidhi Company is a Company which carries on the business of accepting deposits and lending the same on demand. Nidhi Company is similar to NBFC but the only basic difference between the two is that Nidhi Companies accept deposits only from its members. The main aim of these companies is to work for the mutual benefit of its members. These companies are not entitled to carry on the business of Hire Purchase Financing, Insurance, Chit Funds and Acquisition of securities or Issue of any Debt Instruments.

What is Minimum Number of Member required for nidhi company Registration?

A minimum of three directors and seven shareholders are needed for incorporating a Nidhi Company.

Can a Minor Become the member or Director od Nidhi Company?

No, a minor is not allowed to become director of a Nidhi Company. Only a person who is a minimum of 18 years old can become the Director of a Nidhi Company.

What is Maximum Number of Member can be in Nidhi Company?

No, there is no upper limit prescribed for the maximum number of members. However, it is mandatory for a Nidhi Company must have a minimum of two hundred members by the end of the 1st financial year.

Can Nidhi Company take deposits from a non-member?

No, all the financial transactions have to be made only between the shareholders of the company.

Can a Nidhi Company do microfinance business?

No, Nidhi Company is not allowed to do microfinance business in India. These are because micro finance is a completely different set of business for an NBFC and require more capital to do the same. Hence, Nidhi Company cannot engage itself into micro finance business. Further, since Nidhi Company raise fund from deposits and hence, if it passes the same to member without any security, then there will be great chances of customer default which will ultimately results into bankruptcy of the Nidhi Company.

How many branches a Nidhi Company can open?

A Nidhi Company can open up to 3 branches after three years of continuous profit running of the business. Further, these three branches can be opened within the district only. Further, to open any branch outside the district, you will require the Regional Director (RD) permission. Also, a Nidhi Company cannot open a branch outside the state.

Are the Deposits with Nidhi Company safe and secured?

Yes, the Deposits with such companies are safe and secure because the Ministry of Corporate Affairs and Reserve Bank of India has framed rules and regulations to ensure the safety and security of Deposits. And the Nidhi Company compulsorily abide by the rules of Central Government.

Who can become the shareholder/member of Nidhi Company?

Any person who is above 18 years of age as per the standard age proof can become a member of the Nidhi Companies. The person desirous of becoming a member should have valid ID Proof and Address Proof.

On what condition Nidhi Company can provide a loan to its members?

Nidhi can provide loans to its members only after the members have given/ provided some securities like gold, silver jewelry or any type of financial securities against the loan.

Is it to use the word “Nidhi limited” in the name of the company?

Yes, it is necessary to use the word “Nidhi Limited” in the name of the company. However, the term “Mutual Benefit” can also be used.

Who is Regulating Authority for Nidhi Company?

The regulations passed by the Ministry of Corporate Affairs and the provision of Nidhi Rules, 2014 act as the regulating authority for Nidhi Company.

What is the validity of certificate of incorporation?

A Certificate of Incorporation has lifetime validity, or till the time the company’s name is not struck off by the ROC (Registrar of Companies).

Can a Nidhi company provide unsecured loans?

No, Nidhi Company is not qualified to issue unsecured loans. However, it can issue Secured Loans to its shareholders or members.

Can a member who has earlier defaulted in a loan from Nidhi Company cannot borrow again from the Nidhi?

No, a person cannot borrow again from the Nidhi Company if he has earlier defaulted in a loan.

Can a Nidhi company operate in more than one state?

No, a Nidhi Company is not allowed to operate outside the state in which it is registered.

Can the profits from a Nidhi company be invested in any other business?

No, the profits earned from a Nidhi Company cannot be invested in any other business.

What is a term prescribed for fixed deposits in a Nidhi company?

A minimum of 6 months and a maximum of 60 months period is prescribed for fixed deposits in a Nidhi Company.

From where Nidhi Company accept deposits?

A Nidhi Company can accept deposits only from its Registered Members.

What is a term prescribed for Recurring deposits in a Nidhi company?

A minimum of 12 months and a maximum of 60 months period is prescribed for recurring deposits in a Nidhi Company.

Does the Reserve Bank of India regulate Nidhi Companies?

No, Nidhi Companies are exempted from the core NBFC provisions of the Reserve Bank of India.

How is Nidhi Company Registration different from the registration of other NBFCs?

A Nidhi Company is not regulated and governed by the provisions of RBI. Moreover, Nidhi Company Registration requires a much smaller amount of capital than Rs 2 Crore paid-up capital requirement for NBFCs.

No, a Nidhi Company is not allowed to issue Preference shares and Debt Securities.

A Nidhi Company is not regulated and governed by the provisions of RBI. Moreover, Nidhi Company Registration requires a much smaller amount of capital than Rs 2 Crore paid-up capital requirement for NBFCs.

Can Nidhi Company purchase securities and shares from any other organization?

No, a Nidhi Company cannot purchase securities and shares from any other organization.

No, a Nidhi Company is not allowed to open a Current Bank Account with its shareholders or members.

No, a Nidhi Company cannot purchase securities and shares from any other organization.

Can Nidhi Company carries out any activity other than Lending and Borrowing?

No, a Nidhi Company is not allowed to carry out any activity other than Lending and Borrowing.

What should be the objects of a Nidhi Company?

A director of Nidhi Company can hold their office for 10 consecutive years. However, he is eligible for re-appointment only after the expiry of 2 years, starting from the cessation of his term.

What is the maximum limit up to which a Nidhi Company can accept deposits?

Nidhi Company cannot accept deposits exceeding the limit of twenty times its NOF (Net Owned Funds).

How many branches can a Nidhi Company open in a District?

A Nidhi Company is allowed to open only three branches within a district. However, to open more than three branches, the said Company is must seek prior approval of the RD (Regional Director) for every additional branch.

What are the eligibility criteria to be a Director in a Nidhi Company?

A Director is firstly required to be a member of the said Company, and then, he must comply with the requirements prescribed under Section 152(4) of the Companies Act, 2013.

Is a Body Corporate allowed to become a member in a Nidhi Company?

No, a Body Corporate is not allowed to be admitted as a member or shareholder of a Nidhi Company.

What is a status of a Nidhi Company?

A Nidhi company must be incorporated under the provisions of the Companies Act, 2013, and shall acquire the status of a Public Limited Company.

Is a salaried person qualified to become a director of a Nidhi Company?

No, such rules have been prescribed banning a salaried person from becoming a director of a Nidhi Company. However, the employment agreement of the said person may place some restrictions on him or herein doing so.

Can Nidhi Convert into NBFC?

A Nidhi company cannot be converted into NBFC.

Can Nidhi Company give a vehicle loan?

No, Nidhi Company cannot give a vehicle loan

How does Nidhi Bank Work?

A Nidhi Company is a company that carries on the business of accepting deposits and lending the same on demand. Nidhi Company is similar to NBFC, but the only basic difference is that Nidhi Companies accept deposits only from its members.

Can Nidhi Company give an Unsecured Loan?

Nidhi can deal only in secured loans. Thus it can give loans against the securities mentioned in the law.

What is NOF?

The term NOF is the acronym form for the Net Owned Funds. Further, NOF or the Net Owned Fund = Aggregate Paid up share capital + Free Reserves – Accumulated losses (Deferred Revenue Expenditure), and Other Intangible Assets appearing in the Last Audited Balance Sheet.

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