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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 the 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 deals with their shareholder-members only. Nidhi companies existed even prior to the existence of companies Act 1913. The basic concept of Nidhi is "Principle of Mutuality" (Paraspara Sahayata). Thus they function for the common benefit advantage of all their members/shareholders.
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.
A Nidhi company is the best entity and a jurally person established beneath the Act. Therefore, they have a giant legal capability and might own property and conjointly incur debts. The users (Directors) of a Nidhi company have zero liability to the creditors of the company.
A Nidhi company has ‘perpetual succession’, that’s extended or uninterrupted existence untill it’s lawfully mixed. A Nidhi company, being a separate legal person, is unaffected by the death or alternative effort of any member however continues to be breathing in spite of the changes in membership.
A Nidhi company enjoys higher credibility compared to Mutual profit organizations. Nidhi Company registration are monitored by the Central Government.
The Board of Management of the Nidhi Company will simply be modified by processing straightforward forms with the Registrar of corporations. The Board of Management of a Nidhi company handles the activities of the Nidhi Company.
A Nidhi company being an aural person will acquire, own, relish and provides up, property in its own name. No member will create any claim when the property of the Nidhi company on condition that it’s a going matter.
Limited Liability suggests that the standing of being lawfully accountable solely to a restricted quantity for liabilities of the Nidhi company. In every Nidhi Company, the members don’t seem to be the command in person accountable for the liabilities of the Nidhi company.
Application of DSC & DPIN: First of all, the partners have to apply for Digital signature and DPIN for Nidhi Company. A digital signature is an online signature used of filing and DPIN refer to Directors PIN number issued by MCA. If the directors already have DSC and DPIN, then this step can be skipped.
Name approval: You have to provide 3 different name options for Nidhi company to MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business.
Get incorporation certificate: It typically takes 15- 25 days for registration of Nidhi company and gets the incorporation certificate. Incorporation certification is proof that the company has been created. It also includes your CIN number.
Apply for PAN, TAN and Bank account: Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.
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We at GSB Taxation believe in high quality and exceptional customer service but most importantly, we believe helping others should be the primary purpose of a good service agency. So, we strive to give the best services at the most affordable prices. We’ve come a long way, so we know exactly which direction to take when supplying you with high quality yet budget-friendly services. Whether it is a Private Limited Company Registration, LLP Registration, One Person Company Registration or an FSSAI License Registration, we got it covered. We know that it’s hard for a person to stand on its own. He/she have to think twice before taking any step. Therefore, GSB Taxation offers all of these and other major services with excellent and friendly support in order to do the best for you. We are here to help you in nourishing your business. Trust our dedicated team get ready to live your dreams with us.