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Most of the investment companies in India cater to a large amount of money, whereas banks provide very little scope for growth in savings. Nidhi Company provides the most effective and easy way to save your money with a wide scope of monetary growth.
Nidhi Company is a type of Non-Banking Financial Company (NBFC). Its major function is lending and borrowing money to its members. The objective is to cultivate the habit of savings amongst its members and work on the principle of mutual benefits that are regulated by the Ministry of Corporate Affairs.
Nidhi Company is not required to receive the license from Reserve Bank of India (RBI), hence it is very easy and convenient to form. It is also known as Mutual Benefit Finance Company. It is registered as a public company and must include “Nidhi Limited” as the last words of its name.
As Nidhi companies are involved in a non-banking financial transaction, they are prohibited from performing the following activities:
SPICe e-MoA and e-AoA are the linked forms which have to be drafted at the time of application for company registration.
Memorandum of Association (MOA) is defined under section 2(56) of the Companies Act 2013. It is the foundation on which the company is built. It defines the constitution, powers and objects of the company.
The Articles of Association (AOA) is defined under section 2(5) of the Companies Act. It details all the rules and regulations relating to the management of the company.
The process of registering a Nidhi Company is complicated and involves various compliances. Our experts at Professional Utilities can simplify the whole registration process for you. Register your Nidhi company online in 3 easy steps:
Fill our simple form and receive a callback from our team of experts
Provide all the required documents for registration of the company and make 50% payment in advance.
Your incorporation certificate including other documents will be delivered to you and you’ll have to make the balance payment.
Post incorporation of Nidhi company, you’ll receive the following documents:
The total cost of registering a Nidhi Company including government and professional fees would be around Rs. 10,999.
The total time for registering a Nidhi Company takes around 7-14 working days.
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