Starting a Nidhi Company–Venture Care | Register Nidhi Company Online

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EANING Nidhi Company means a company which has
been incorporated as a public company with
the object of-Culvang the habit of thri and
savings amongst its members and receiving
deposits from, and lending to, its members only,
for their mutual benefit. OBJECT TO INCORPORATE
NIDHI COMPANY Nidhi Company is incorporated with
following objecves ? To smulate savings among
its member ? To lend Loans and receive money as
deposits for the purpose from only its
members. ? Since Nidhis come under NBFCs, the RBI
is empowered to issue direcons to them in maers
relang to their deposit acceptance acvies.
However, since Nidhis deal with their
shareholdermembers only, RBI has exempted such
nofied firms from the provisions of the RBI Act
and other direcons applicable to
NBFCs. APPLICABILITY The Central Government made
Nidhi Rules, 2014 for the purpose of carrying
out the objecves of Nidhi companies. These
rules shall be applicable to ? Every company
which had been declared as a Nidhi or Mutual
Benefits under Secon 620A(1)of Companies Act,
1956 ? Every company funconing on the lines of a
Nidhi company or Mutual benefit society but has
either not applied for or has applied for and is
awaing noficaon to be a Nidhi or Mutual Benefit
Society under Secon 620A(1)of Companies Act,
1956 ? Every company incorporated as a Nidhi
pursuant to the provisions of Secon 406of the
Companies Act, 2013. PRE-REGISTRATION
REQUIREMENTS FOR REGISTERING A NIDHI COMPANY
Minimum Three Directors Minimum three
Directors are required to incorporate Nidhi
Company. All this three director has to act as
members of the company. Minimum Seven
Members Nidhi Company can be started with seven
members. Out of which 3 are also to be appointed
as directors. Minimum Capital Requirement Nidhi
Company as Public Limited Company Should have
Capital of Rs.5,00,000/- Like Public Limited
Company.
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No Preference Shares shall be issued. Object of
the Company The objecve of such a firm would be
to imbibe in the members a habit of thri and
saving and the services would only be restricted
to its members. The name of the company must
have word as Nidhi Limited at the end. PROCEDURE
FOR INCORPORATION OF NIDHI COMPANY Get Digital
Signature Cerficate (DSC) of all seven
members. Get Director Idenficaon number (DIN) of
three Directors by using DSC. Suggest at least
Six Company name. We will do search for name
availability. Apply to ROC for name approval with
adding word Nidhi Limited. Once name is approved
by ROC File Incorporaon document with ROC like
MOA AOA Consent of Director, Affidavit and
declaraon from directors etc. Once Incorporaon
form is approved by ROC, ROC shall issue
Cerficate of Incorporaon with PAN and TAN
No. Requirement to Apply for DSC All 7 members
should have DSC ? Pan Card Self Aested ?
Residenal Proof Self Aested ? Dully fill and
sign DSC applicaon form. Requirement to Apply for
DIN (Minimum Three Directors are required for
Incorporaon of Nidhi Company) ? Photograph of
the Applicant To be Self-aested. ? PA N To
be Self-aested Mobile No. Email id. ? Educaonal
Qualificaon ? Occupaon ? Proof of residence of
applicant ? Address proofs like passport, elecon
(voter identy) card, raon card, driving licence,
electricity bill, telephone bill or bank account
statement shall be aached and should be in the
name of applicant ( shall not be later than 2
months). ? DSC of Individual.
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Requirement to Apply for Name Availability ?
Six Proposed name with significance of Name ?
Authorized Capital- Minimum 5 Lacs ? Jurisdicon
of Registrar of Companies. ? Main Object to be
pursued by Company Requirement to Apply for
Incorporaon of Nidhi Company ? Registered
office address of Company. ? Recent Address
proof with NOC from Owner. ? Consent from all
Directors ? Affidavit and declaraon from all
directors and subscribers. TIME PERIOD Time
Required for Incorporaon of Nidhi Company Shall
be 20-30 days, depending on government
approval. POST-REGISTRATION REQUIREMENTS FOR A
NIDHI COMPANY There are certain Compliances
which Nidhi Company has to do aer incorporaon of
Nidhi Company. Every Nidhi Company shall, within
a period of one year from Incorporaon of the
company, ensure that it has Not Less than 200
Members Aer incorporaon, a Nidhi company must
add at least 200 members to comply with
this requirement of law. Further, it has to
maintain this during the course of me. If the
total members falls less than 200 at any me
thereaer, it will leave the company at default.
However, if the company is not able to reach the
limit of 200 members, then you must apply for me
within 30 days of closure of financial year in
Form NDH-2 with Regional Director. Net Owned
Fund Net owned funds shall be Rs.10,00,000/- or
more (Net owned funds means the aggregate
of paid up equity share capital and free reserved
as reduced by the accumulated and intangible
assets appearing in the last audited balance
sheet). Ratio Ratio of net owned funds to
deposit shall be not more than 120. This ratio
is very easy to understand. Suppose, if you have
net owned funds of 10 lakh, then your total
deposit limit would be INR 2 Crore. Deposit Unenc
umbered term deposits of not less than 10 of the
outstanding deposits as specified in Rule
14. Members restricon
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A Nidhi Company shall not admit a body corporate
or trust as a member. A minor shall not be admied
as a member of Nidhi Company. But deposits may be
accepted in the name of a minor, if they are made
by the natural or legal guardian who is a member
of Nidhi GENERAL RESTRICTIONS Rule 6 provides
general restricons. Carry on the business of ?
Chit Fund, ? Hire Purchase Finance, ? Leasing
Finance, ? Insurance or Acquision of Securies
issued by anybody corporate Issue ? Preference
Shares, ? Debentures or ? Any Other Debt
Instrument by any name or in any form
whatsoever Open any Current Account with its
members Acquire another company by ? Purchase
of securies or ? Control the composion of the
Board of Directors of any other company in any
manner whatsoever or ? Enter into any arrangement
for the change of its management, unless it has
passed a special resoluon in its general meeng
and also obtained the previous approval of the
Regional Director having jurisdicon over Nidhi ?
Carry on any business other than the business of
borrowing or lending in its own name ? Accept
Deposits from or lend to any person, other than
its members ? Pledge any of the assets lodged
by its members as security ? Take Deposits from
or lend money to anybody corporate ? Enter into
any Partnership Arrangement in its borrowing or
lending acvies ? Issue or cause to be issued
any adversement in any form for solicing
deposit ? Pay any brokerage or incenve for
mobilizing deposits from members or for
deployment of funds or the granng loans. Share
capital allotment Every Nidhi shall allot ? To
each deposit holder at least a minimum of 10
equity shares or shares equivalent to Rs.100/-. ?
To each savings account holder and a recurring
deposit account holder at least 10 equity shares
of Rs.10/-. Acceptance of deposits
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? A Nidhi shall not accept deposits exceeding 20
mes of its Net Owned Assets as per last audited
financial statements. ? The fixed deposits shall
be accepted for a minimum period of 6 months and
a maximum period of 60 months. ? Recurring
deposits shall be accepted for a minimum period
of 12 months and a maximum period of 60
months. ? In case of recurring deposits relang to
mortgage loans, the maximum period of recurring
deposits shall correspond to the repayment period
of such loans granted by Nidhi. ? The maximum
balance in a savings deposit account at any given
me qualifying for interest shall not exceed
Rs.1,00,000/- and the interest shall not exceed
2 above the rate of interest payable to savings
bank account by naonalized banks. ? Interest for
fixed and recurring deposits shall be at a rate
not exceeding the maximum rate of
interest prescribed by RBI which the NBFC can pay
on their public deposits. ? Every Nidhi shall
invest and connue to keep invested, in
unencumbered term deposits with a scheduled
commercial bank or post office deposits in its
own name an amount which shall not be less than
10 of the deposits outstanding at the close of
the business on the last working day of the
second preceding month. In case of unforeseen
commitments, temporary withdrawal may be permied
with the prior approval of the Regional Director
for the purpose of repayment to depositors,
subject to such condions and me limit which may
be specified by the Regional Director to ensure
restoraon of the prescribed limit of 10
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Contact Us Head Office (India) Sr.No-29,
Ajikyatara, kalaniketan,
Venture Care Bank,

3031 AV Rotterdam, (NL) Pune, Maharashtra
411043 (IN) Phone [phone]
Venture Care
Branch Office
(Netherlands) Dhankawadi, Near Rajshri Shahu
Jonker Fransstraat 46,
Phone[phone]
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