Nidhi Company Registration (1)

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A nidhi company is a type of company in the
Indian non-banking finance sector, recognized
under section 406 of the Companies Act,
2013.Their core business is borrowing and lending
money between their members. They are also known
as Permanent Fund, Benefit Funds, Mutual Benefit
Funds and Mutual Benefit Company. They are
regulated by Ministry of Corporate Affairs, which
is also empowered to issue directions to them in
matters relating to their deposit acceptance
activities.
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• A Minimum of 7 shareholders or members are
  required
• A Minimum of 3 Directors are required
• A Minimum of Rs 5 Lakhs needed as the capital
  Requirement
• DIN (Director Identification Number) for
  Directors
• No Preference Shares will be issued
• The nominal value of each equity share issued
  must not be less than Rs 10 per share
• A minimum of 10 equity shares or shares
  corresponding to Rs 100 should be issued to each
  deposit holder.

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The mandatory compliances for a Nidhi Company
registration are

• 1.
  Form NDH 1
• It needs to submit the list of members within a
  period of 90 days starting from the end of every
  fiscal year, in this particular Form.
• 2.
  Form NDH 2
• If in case the company is not able to meet the
  target of 200 members in the first financial
  year, then it can request the MCA (Ministry of
  Corporate Affairs) for granting an extension in
  this Form.
• 3.
  Form NDH -3
• Other than the form mentioned above, i.e., NDH-1
  Form, a half-yearly return is also needed to be
  filed in Form NDH-3.
• 4.
  Annual Return with the ROC
• It needs to file its Annual Returns with the MCA
  by way of Form MGT-7.

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Checklist online Nidhi company registration
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