Nidhi Company Registration in Chennai
Nidhi company registration in Chennai is now hassle-free with Smartcorp, offering top-notch services by expert professionals. Smartcorp extends its services across Ambattur, Velacherry, Adyar, Guindy, Mylapore, Saidapet, and Porur, boasting a decade of industry experience and renowned as Chennai's premier consultant. Our aim is to meet customer expectations with superior and swift registration services at affordable rates.
A Nidhi Company with online Nidhi company registration in Chennai, a non-banking entity, revolves around mutual lending and borrowing among its members. Also known as mutual benefit or permanent funds, it's registered under Section 406 of the Companies Act 2013 and the Company Rules 2014. Unlike other non-banking companies, starting a Nidhi Company doesn't require an RBI license; instead, it operates based on the principle of mutuality.
All companies with Nidhi company registration in Chennai must include "Nidhi Company Limited" in their name. Enjoying tax benefits, the registration process for a Nidhi Company is less complex. Within a year, the company should have at least 200 members, with a substantial 80% of Nidhi Companies situated in Tamil Nadu.
Documents required for Nidhi company registration
- Directors' PAN Card copies
- Recent passport-sized photos
- Aadhar cards
- Electricity bill and
- Latest bank statement as Registered Office
- Proof Owner-signed
- No Objection Certificate (NOC)
- Digital Signature certificate is necessary for online Nidhi company registration in Chennai
- Directors' Director Identification Numbers (DIN)
- Memorandum of Association
Benefits of Nidhi company registration
The following benefits are obtained when Nidhi company registration in Chennai is done.
- Streamlined documentation - An easy and hassle-free documentation process.
- Effortless online registration for Nidhi Companies.
- No RBI compliance required - RBI approval isn't needed to establish a Nidhi Company.
- Lower risk levels compared to other financial sectors, reducing loan repayment risk.
- Nidhi Companies apply minimal rates of interest or charges.
- Funds raised are limited to credit availability, making Nidhi Companies more restricted compared to other finance firms.