What is Nidhi Company
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.
WHAT ARE THE DOCUMENTS REQUIRED FOR NIDHI COMPANY REGISTRATION?
“Scanned Copy of the Following Documents has to be Provided by the Promoters of the Company”
- PAN card copy with Self-attestation.
- Latest passport size photo in jpg.
- Copy of No Objection Certificate(NOC) from the owner of the property.
- If owned property, a copy of Sale Deed and Electricity bill is sufficient.
- Voter Id copy or Passport copy or Aadhar card copy or Driving license copy with self attestation.
- Copy of Electricity bill or Property Tax receipt or Water Tax receipt not older than two months.
- Utility bill has to be provided of the particular country where the NRI or Foreign national resides and it should be notarized.
- Latest Bank account statement or Mobile /Telephone bill or Electricity Bill (not older than two months)- no need for self attestation.
- For the registered office proof of the company, if the property is rented/ leased, then copy or rental agreement or lease agreement.
- In case of NRI or Foreign national, Passport copy has to be notarized at the Indian Embassy of the particular country.