Nidhi Company Registration

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WHAT IS Nidhi Company?

A NIDHI company is one that belongs to 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, Mutual funds and Mutual benefit company. They are regulated by Ministry of Corporate Affairs.

NIDHI company registration requires minimum 3 members. All the NIDHI company’s incorporated shall have the last word as “Nidhi Limited” as a part of its name. Nidhi company is easy and economical to register.

Some requirements of Nidhi company:

Before incorporation:

At least 7 shareholders
At least 3 directors
Minimum capital of 10 lacs
DIN for all directors

After incorporation:

Atleast 200 shareholders
Net owned fund shall not be less than 10 lacs
Unencumbered deposits of not less than 10% of the outstanding deposits
Net owned funds to deposits ratio should be more than 1:2

Advantages

Limited liability
A member can borrow money at cheaper rates than bank.
Encourages its members to save money.
No external interference in the management
Requires minimum documentation and formalities
Investments are secured here

Disadvantages

Only members deposit money.
Availability of credit is restricted.
Falls under RBI vigilance.
Central government do not totally exempt it from regulatory framework.

FAQs

How longer will it take to register a NIDHI company?

It will take around a month to be registered.

Are the deposits with the company safe and secured?

yes, as the central government has framed the laws and rules to ensure the security and safety of deposits.

Who can invest in a Nidhi company?

Only shareholders of Nidhi company who have membership id, can invest in Nidhi company.

Who can become a member of Nidhi company?

Any person can deposit, lend or borrow money through provisions provided by companies act 2013.

How much money can a member deposit in Nidhi company?

a member can deposit not exceeding 20 times its net owned assets as mentioined in the last audited statements.

DOCUMENTS REQUIRED

Self-attested copy of PAN card
Self-attested copy of driving license/voter id/passport
Aadhar card
Self-attested copy of bank statement/telephone bill/electricitybill
Passport sized photo graph
Specimen signature certificate

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