Nidhi Company

Nidhi Company Registration

Nidhi Company is a company registered under the Companies Act, 2013, which has a sole objective of cultivating the habit of thrift and savings amongst its members. Nidhi companies are allowed to take deposit from its members and lend to its members only. Therefore, the funds contributed for a Nidhi company are only from its members (shareholders) and used only by the shareholders of the Nidhi Company.

Nidhi company is a class of NBFCs and RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these Nidhis deal with their shareholder-members only, RBI has exempted the notified Nidhis from the core provisions of the RBI Act and other directions applicable to NBFCs. Therefore, Nidhi Company is an ideal entity to take deposit from and lend to a specific group of people.

Reasons to Register a Nidhi Company Registration

Separate Legal Entity

A Nidhi company is a legal entity and a juristic person established under the Act. Therefore, a Nidhi company has wide legal capacity and can own property and also incur debts. The members (Directors) of a Nidhi company.

Uninterrupted Existence

A Nidhi company has ‘perpetual succession’, that is continued or uninterrupted existence until it is legally dissolved. A Nidhi company, being a separate legal person, is unaffected by the death or other departure.

Easy Management

The Board of Management of a Nidhi company can be easily changed by filing simple forms with the Registrar of Companies. The Board of Management of a Nidhi company controls the activities of the Nidhi company.

Going Conecrn

A Nidhi company being a juristic person, can acquire, own, enjoy and alienate, property in its own name. No member can make any claim upon the property of the Nidhi company as long as it is a going concern.

Better Credibility

A Nidhi company enjoys better credibility when compared to Mutual Benefit Organizations. Nidhi companies are registered and monitored by the Central Government. Mutual Benefits Organization.

Documents Required for NIDHI COMPANY

Identity and Address Proof

Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.

Registered Office Proof

All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.

NIDHI COMPANY FAQs

1
How many people are required to register a nidhi company?
A minimum of 3 directors and 7 shareholders are required to register a Nidhi company in India.
2
What are the requirements to be a Director?
The Director needs to be over 18 years of age and must be a natural person.
3
Is an office required for starting a Nidhi Company?
An address in India where the registered office of the Company will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.
4
Do I have to be present in person to incorporate a Nidhi Company?
No, you will not have to be present at our office or appear at any office for the registration of a Nidhi Company. All the documents can be scanned and sent through email to our office. Some documents will also have to be couriered to our office.
5
What is a Digital Signature Certificate?
A Digital Signature establishes the identity of the sender or signee electronically while filing documents through the Internet. The Ministry of Corporate Affairs (MCA) mandates that the Directors sign some of the application documents using their Digital Signature. Hence, a Digital Signature is required for all Directors of a proposed Nidhi Company.
6
What are the documents required for registration?
Identity proof and address proof is mandatory for all the proposed Directors of the Nidhi Company. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.

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