Introduction:-
Registering a company in the Nidhi sector can be a transformative step towards building a sustainable financial future. Nidhi companies are regulated by the Ministry of Corporate Affairs and are designed to foster the habit of thrift and savings amongst its members. In this article, we will guide you through How to Register a Company in Nidhi, providing you with the essential steps and insights to get started.
Section 1: Understanding Nidhi Company Registration
Nidhi Company Overview:
Nidhi companies are non-banking financial institutions that primarily deal with borrowing and lending money amongst their members. The main objective is to cultivate a culture of saving and thriftiness within the community. To establish a Nidhi company, one must follow a structured Nidhi company registration process.
Section 2: Pre-Requisites for Nidhi Company Registration
1. Minimum Members:
A Nidhi company must have a minimum of 200 members.
2. Minimum Capital Requirement:
The company must have a minimum paid-up capital of Rs. 5 lakhs.
3. Unique Name:
Choose a name for your company and ensure it is unique and not similar to any existing companies.
Section 3: Steps for Nidhi Company Registration
1. Director Identification Number (DIN) and Digital Signature Certificate (DSC):
Obtain DIN and DSC for the proposed directors. These are essential for online company registration.
2. Name Approval:
Apply for the name approval of your Nidhi company through the RUN (Reserve Unique Name) service provided by the Ministry of Corporate Affairs.
3. Drafting Memorandum and Articles of Association:
Prepare the MOA and AOA, defining the objectives and rules of the Nidhi company.
4. Application for Incorporation:
File the incorporation forms along with the necessary documents, including MOA, AOA, and other relevant documents.
5. Registrar of Companies (ROC) Verification:
The Registrar of Companies will review the application and documents submitted. If everything is in order, the ROC will issue the Certificate of Incorporation.
Section 4: Post-Incorporation Formalities
1. Opening Bank Account:
After obtaining the Certificate of Incorporation, open a bank account in the name of the Nidhi company.
2. Initial Subscription:
At least 200 members must subscribe to the Memorandum within a year of incorporation.
3. Compliance with Nidhi Rules:
Ensure that the company adheres to all the rules and regulations outlined for Nidhi companies.
Conclusion:-
Registering a company in Nidhi is a significant step towards securing your financial future and contributing to financial inclusion in the community. By following the steps outlined in this guide, you can navigate the registration process smoothly. Remember to comply with all legal requirements and stay updated with any changes in the regulatory framework governing Nidhi companies.