Know, How to Register Nidhi Company in India
Nidhi Company- An overview
A non-banking finance regime was recognized under section 406 of the Companies Act 2013. Only the members of the Nidhi Company Register can take the benefit of borrowing and lending money. The permanent fund, Benefit fund, mutual fund, and mutual benefit company like advantages are provided by the Nidhi Company Register. Since it is a non-banking sector, but still regulated by the Ministry of Corporate Affair(MCA). It is chiefly operated in South India. It develops the habit of carefully reserving funds amongst its members and also borrowing and lending funds among its members only. Though, RBI does not have any specific framework for Nidhi Company but is empowered to issue directions in matters related to their deposit activities.
Requirements to start the company
- Can be started with a group of seven members which has to be extended to 200 members in a year.
- Various financing activities like chit fund, higher purchase finance, leasing finance, insurance security business are prohibited.
- A minimum paid-up equity capital fund is required to maintain company status.
- The proposed name of Nidhi Company should be unique.
- Address and proof of members.
- Address proof of registered place.
- Photos of members.
- Pan card copies of members.
- Digital signature.
- Director identification number(DIN)
- Memorandum of Association of Co
- Articles of Association of the company.
Forms to be filled while registering a company
- INC 9
- BIR 2
Few but necessary amendments made in Nidhi rules 2020
- PAN reporting is mandatory for all members in NDH forms.
- All NDH forms are converted into electronic forms.
- Every member has to deposit detailed needs.
How the Nidhi company can be registered in Pune?
Nidhi Company Register can be registered within 20 to 30 days depending on ROC processing time. The Digital Signature Certificate (DSC) and Director Identification Number (DIN) are required for proposed registration within 5 2 seven days. After DIN&DSC approval, at least three directors of the company can apply for a name and a license. After getting the name approved final registration can be submitted to MCA through E- forms as per new rules Nidhi company 2020.
Need Full Requirements After Registration
Nidhi Company should comprise 200 members not less than that The ratio of net owned funds to deposit not more than 1:20. Free turn deposits of not less than 10% of the outstanding deposit. The cost charged for registration of Nidhi company in Pune starts from 15000, it could vary also. Some Nidhi company registration in Pune consultants can guide us better. An unavoidable task -bookkeeping services. Any business entrepreneur has to maintain efficient bookkeeping habits to save its valuable time and money as well. Excellent bookkeeping services make you prepare for governmental audits and a firm can be saved from fraud.
Keeping track of cash flow
Every business has a daily flow of cash transactions. By the two journals Cash receipts and cash disbursements, accessed by bookkeeping help to keep good track of every cash transaction.
The due amount can be tracked
On the sale of products cash payments have to be received by the customer’s side, bookkeeping keeps the record of due payment to be recovered.
Generate intimations for payments
Bookkeeping assures the business owners should pay timely amounts to their vendors without any delay.
Recalls the deadlines
If any loan is taken either for equipment or vehicles required in business, it makes u remember the due dates for the payment of loans. Once the members invested in Nidhi company bookkeeping becomes a habit.