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Nidhi Company Registration

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For Indian Person

Price : 20,000.00

Ideal for dealing with Lend & Borrow amongst Members


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The word “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, & lending to, its members only, for their mutual benefit, & which complies with such rules as are prescribed by the CG for regulation of such class of companies. Nidhi is one of the familiar words in India which means money or treasure. The Nidhi Company is entitled to borrow from its members, and give loans only to its members. Therefore, it is also referred to as Mutual Benefit Society. Because it works for the mutual benefit and welfare of all members. Their core business is borrowing and lending money between their members. They are mutual benefit societies, because their dealings are restricted only to the members; and membership is limited to individuals. The principal source of funds is the contribution from the members.

 

Nidhi Company is a class of Non-Banking Financial Company and Reserve Bank of India (RBI) has powers to issue directives for them related to their deposit acceptance activities. However, since these Nidhi deal with their shareholder or members only, RBI has exempted them from the core provisions of the RBI Act and other directions applicable to NBFCs. The dealings of Nidhi Company are restricted to its members only i.e., borrowing from the members and lending to back to them only and hence regarded as the mutual benefit societies. Nidhi Companies provides loans at less rates comparatively than Banks. Registration of Nidhi Company is very simple and less complicated. It has been more popular in southern part of India.

PAN Card

Self attested PAN Card issued by I.T. Department
Aadhar Card

Self attested Aadhar Card issued by UIDAI
Id Proof

Self attested id proof (Voter ID/DL/Passport)
Address Proof

One month bank statement or telephone bill
Photograph

A latest passport-size colour photographs
Utility Bill

Latest electricity bill with NOC

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Incorporate House is one the leading professional services provider. Submit the required documents and we will assist you with the whole registration process without any delay.

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Benefits of Nidhi Company

Certainty on Savings

The basic objective of Nidhi companies is to promote the culture of savings among the people of India. This objective makes the concept of Nidhi companies certain and trustworthy.

 

Low Capital Required

Ministry of Corporate Affairs (MCA) commands that the minimum capital requirement of Rs. 5 lakhs for Nidhi. And, within 1-year, the capital has to be raised to at least Rs. 10 lakhs. Thus, low Capital required.


Simple Registration Procedure

The process of Nidhi Company formation is free from all the complexities. In other words, it’s simple and easy to form a Nidhi Company. There is no need for a Nidhi Company to attain a license from the Reserve Bank of India.

Limited RBI Regulations

RBI has powers to issue directives for them related to their deposit acceptance activities. However, since these Company deal with their members only. RBI has exempted Nidhi Company from following stringent compliances.

No Scope for Outsiders

The Nidhi Companies are formed, managed and provides benefits only to their members or shareholders. No external party can deposit money; also, they can’t intervene in management-related decisions of the Company.


Documents required

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month bank statement or telephone bill

Photograph

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC

Frequently Asked Questions

"Nidhi" means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with the rules made by the central Government for regulation of such class of companies.
The principle of mutual benefit has been to pool the savings from members and lend only to members and never have dealing with Nonmembers
(1) Every Nidhi shall, within a period of one year [from the date of its incorporation], ensure that it has- a) not less than two hundred members; b) Net Owned Funds of ten lakh rupees or more; c) unencumbered term deposits of not less than ten per cent. of the outstanding deposits as specified in rule 14; and d) ratio of Net Owned Funds to deposits of not more than 1:20. (2) Within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year, Nidhi shall file a return of statutory compliances in [Form NDH-1] along with such fee as provided in Companies (Registration Offices and Fees) Rules, 2014 with the Registrar duly certified by a company secretary in practice. (3) If a Nidhi is not complying with clauses (a) or (d) of sub-rule (1) above, it shall within thirty days from the close of the first financial year, apply to the Regional Director in [Form NDH-2] along with fee specified in Companies (Registration Offices and Fees) Rules, 2014 for extension of time and the Regional Director may consider the application and pass orders within thirty days of receipt of the application. (4) If the failure to comply with sub-rule (1) of this rule extends beyond the second financial year, Nidhi shall not accept any further deposits from the commencement of the second financial year till it complies with the provisions contained in sub-rule (1) 3[and gets itself declared under sub-section (1) of section 406], besides being liable for penal consequences as provided in the Act.
Nidhi shall have a minimum paid up equity share capital of five lakh rupees
Every Nidhi shall allot to each deposit holder at least a minimum of ten equity shares or shares equivalent to one hundred rupees
(1) A Nidhi may open branches, only if it has earned net profits after tax continuously during the preceding three financial years. (2) Subject to the provisions contained in sub-rule (1), a Nidhi may open up to three branches within the district. (3) If a Nidhi proposes to open more than three branches within the district or any branch outside the district, it shall obtain the prior permission of the Regional Director and an intimation is to be given to the Registrar about opening of every branch within thirty days of such opening. (4) No Nidhi shall open branches or collection centres or offices or deposit centres, or by whatever name called outside the State where its registered office is situated. (5) No Nidhi shall open branches or collection centres or offices or deposit centres, or by whatever name called unless financial statement and annual return (up to date) are filed with the Registrar. (6) A Nidhi shall not close any branch unless it- (a) publishes an advertisement in a newspaper in vernacular language in the place where it carries on business at least thirty days prior to such closure, informing the public about such closure; (b) fixes a copy of such advertisement or a notice informing such closure of the branch on the notice board of Nidhi for a period of at least thirty days from the date on which advertisement was published under clause (a); and (c) gives an intimation to the Registrar within thirty days of such closure.
(1) A Nidhi shall not admit a body corporate or trust as a member. (2) Except as otherwise permitted under these rules, every Nidhi shall ensure that its membership is not reduced to less than two hundred members at any time. (3) A minor shall not be admitted as a member of Nidhi: Provided that deposits may be accepted in the name of a minor, if they are made by the natural or legal guardian who is a member of Nidhi.
If a company falling under rule 2 contravenes any of the provisions of the rules prescribed herein, the company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees, and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues
• Companies Act, 2013 • RBI provisions related to Interest rate payable on deposit are applicable to Nidhi Companies. • Nidhi Rules, 2014
Any person who is above 18 years of age as per the standard age proof can become a member of the Nidhi Companies

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