Nidhi Company Registration in Bangalore
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A Nidhi Company is known under various names namely mutual benefit company, mutual benefit funds, Nidhi permanent fund, etc. It is a firm which comes under the category of Non-Banking financial Company (NBFC). It does not need the approval of Reserve Bank of India and is recognized under Section 406 of the Companies Act, 2013. By the basic concept of ‘Principle of Mutuality’ these companies operate for the common benefit of all their members and shareholders.
The main goal of a Nidhi company registration in Bangalore is to encourage the process of circulating the money between its members. Nidhi companies are mutual benefit companies which are managed and controlled by the Ministry of Corporate Affairs. Three Directors and minimum seven shareholders are needed to begin the incorporation process. By the rule no 16, rate of Interest is applicable on loan issued by Nidhi Company and cannot go above seven and a half percent.
List of Documents Required for Nidhi Company Registration in Bangalore
- Identity proofs of the directors- PAN and Aadhaar card
- Address proof like mobile bill, electricity bill
- 3 Passport sizes photographs
- Form DIR 2 duly signed by the Director
- Details of DIN & Declaration of DIN
- Application of DSC duly signed by the shareholder
- INC-9 duly signed by the shareholder
- Form INC-3 duly signed by the nominee shareholder
- Address proof of the registered office
Nidhi Company registration process in Bangalore
- Obtaining DSC for members and Directors
- Application for Approval of name
- Preparation and Drafting of Incorporation documents
- Signing of Incorporation Documents
- Application for Incorporation of Nidhi firm
- ROC approval is given after the verification of documents.
Eligibility for Nidhi Company
- SHAREHOLDERS: Minimum of 200 shareholders
- DIRECTORS: Minimum three individual persons / Maximum 15 directors
- NAME: The name of the company must contain the word “Nidhi Limited”.
- CAPITAL: The company must have at least Rs.5,00,000.Rs.
- REGISTERED OFFICE: The Nidhi company must have a registered office and can be shifted from one location to anotherlocation.