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Nidhi Company

 

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About Nidhi company

Nidhi Company is classified as NBFC (a Non-Banking financing company) which is registered under section 406 of companies Act, 2013, In India it is created for cultivating the habit of thrift and saving among its members. The best feature of that make differences Nidhi Company from other companies is NBFCs is that it can “Give” and “Take” “loan” and “Advances” to members (shareholder) for benefits of its members. Though Nidhi Company is mainly created to create saving habits from its members.

Key Features

Few Important notes on Nidhi Companies that mentioned in Rule-6 of “Nidhi Rules of 2014”.

Benefits of Starting a Nidhi Company

The main motive of establishing Nidhi Company is to encourage member to save so that they can fulfill their own financial requirement which arises them time to time. So that they become self-sufficient and can fulfill all future expenses that may come up. And other benefits of registering are mentioned below.

There are several more advantages to forming a Nidhi company. Few of them are mentioned below:

RBI imposed a very few Guidelines in Nidhi companies. Nidhi companies are governed under the Nidhi rules 2014 and its activities and operations are controlled by central government.

In case if Nidhi Company suffers from any financial distress in course of business then the personal property of directors and members are not at risk. Liability of shareholders and Directors are limited.

Nidhi companies enjoys the benefit of better credibility based on trust cooperative or NGOs.

The from from Nidhi companies are Cheaper than banks and Other NBFCs companies for it’s shareholder. And the process for taking loan from this Banks And are easier and quicker.

For Inviting deposits from general public, Nidhi company is the cheapest wa. We just need to take them as registered member.

The process of registering a Nidhi company is very easy and simple with setupfilings you can register your Nidhi Company. You will not have to take seprate license from RBI. Simply we have to register a public limited company with MCA.

Lending and Borrowing to know person which belongs to same group of people is much less complicated than dealing with bank where loan procedure is very hassle and fixed.

Nidhi Company can purchase assets and Lend to other, Nidhi company can be sued or sue other, It has separate legal entity.

Documents required for incorporation of Section 8 companies

Documents required for Incorporating Section 8 Company is as follow:

ID proof of proposed Directors and members (anyone):

Address proof of proposed members and directors (anyone):

Address proof for the principal place of business of the proposed company (anyone):

Procedure for Incorporation

basic

2 DSC 2 Years validity

2 DIN Number for Director

Name Approval for company

Authorized capital of 10 Lakh

Incorporation fees

PAN And TAN of Company

Incorporation KIT

Standard

2 DSC 2 Years validity

2 DIN Number for Director

Name Approval for company

Authorized capital of 10 Lakh

Incorporation fees

PAN And TAN of Company

Incorporation KIT

Goods And Service Tax (GST)

Udyam Registration

Premium

3 DSC 2 Years validity

2 DIN Number for Director

Name Approval for company

Authorized capital of 10 Lakh

Incorporation fees

PAN And TAN of Company

Incorporation KIT

Goods And Service Tax (GST)

Udyam Registration

Import Export code (IEC)

ISO Certification 3 Years Validity