Nidhi company registration - GSBTaxation.com

1. NIDHI COMPANY REGISTRATION

2. A Nidhi Company is one that belongs to the non-banking Indian finance sector and is recognized under section 406 of the Companies Act, 2013. Their core business is borrowing and lending money between their members. They are also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company. Nidhi Company Registrations are regulated by Ministry of Corporate Affairs. Reserve Bank of India is empowered to issue directions to them in matters relating to their deposit acceptance activities.However, in recognition of the fact that Nidhi Company deal with their shareholder-members only. Governing Law of Nidhi Company  Nidhi company is governed by Nidhi Rules, 2014. They are incorporated in the nature of Public Limited company and hence, they have to comply with two set of norms, one of Public limited company as per Companies Act, 2013 and another is for Nidhi rules, 2014. No RBI approval is necessary for Nidhi Company registration procedure, as RBI has specifically exempted this category of NBFC in India to comply its core provisions such as registration with RBI etc.Every Nidhi Company shall, within a period of one year from the commencement must ensure that it has not less than 200 members. Documents Required  ​PAN Card of all directors and shareholder Latest Bank Statement/Telephone or Mobile Bill Scanned copy of Notarized Rental Agreement Voter's ID/Passport/Driver's License Passport-sized photograph of all directors and shareholder Scan copy of Signature (signature should same as on PAN Card) Utility Bill,Rent Agreement (If Rented Property) Requirement after Nidhi Company Incorporation  ​Minimum number of 200 Members ( in 12 Months ) Net owned fund must be Rs. 10 Lakh and above Unencumbered deposits of not less than 10% of the outstanding deposits Net own fund vs deposits should not be more than 1:20