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Nidhi company registration in Chennai

Nidhi Company is an example of a Non-Banking Financial Company (NBFC). Which is a great option for people seeking to save money and lead responsible commercial and personal lives. Therefore, it is always preferable to register a Nidhi company online.
The structure of non-banking financial firms includes Nidhi Companies. A Nidhi can borrow from and give to its members by registering a Nidhi Company.
The purpose of Nidhi Companies, which are established in India, is to encourage its members to practise economical living. A Nidhi Company receives contributions only from its participants.
The Central Bank of India does not need to grant any licences in order to incorporate a Nidhi Company. As a result, creating the Nidhi Corporation is simple. As public companies, Nidhi Businesses are required to end their names with Nidhi Limited.
Additionally, it should be mentioned that because Nidhi Companies operate similarly to NBFCs, they are governed by the Reserve Bank of India.

Features of Nidhicompany

A Nidhi Company in India is not required to register with the Reserve Bank of India (RBI) to engage in loan business. It can open up to three branches within the same district after three years of operation.
Nidhi Companies can only lend against security such as gold, property, fixed deposits, and government securities. The maximum interest rate that a Nidhi Company can charge on loans is 20% on a reducing balance method.
In terms of deposits, Nidhi Companies can accept fixed deposits, recurring deposits, and savings deposits and offer an interest rate of up to 12%.
It is worth noting that Nidhi Company registration can be obtained at a low price of ₹16,899/-, which is the lowest price available across the web.

Some of the advantages of Nidhi Company registration in Chennai, India are:

  1. Limited liability: Nidhi Company registration provides limited liability to its members. This means that the personal assets of the members are protected, and they are not personally liable for the debts or losses of the company.
  2. Easy to register: The registration process for a Nidhi Company is relatively simple and straightforward. It can be completed in a short period of time with minimal documentation.
  3. Low-cost registration: Nidhi Company registration is comparatively less expensive than other types of company registration in India.
  4. Trustworthy: Nidhi Companies are considered trustworthy by customers and investors, as they have to follow strict regulations and are monitored by the Ministry of Corporate Affairs.
  5. Interest on deposits: Nidhi Companies can accept deposits from their members and offer them an attractive rate of interest, which can help to increase their savings and investment returns.
  6. Access to credit: Nidhi Companies can lend money to their members, which can be helpful for those who may not have access to credit from traditional banks or financial institutions.
  7. Local focus: Nidhi Companies are typically focused on a specific locality or community, which can help to build trust and foster a sense of belonging among its members.

To register a Nidhi Company in Chennai, India, the following documents are required:

PAN Card: PAN cards of all the shareholders and directors of the company are required. In case of foreign nationals, a valid passport is needed.

Photographs: Latest passport size photographs of all the shareholders and directors are required.

Identity Proof: Aadhar card and voter ID, passport or driving license of all the shareholders and directors must be provided.

Director's Address Proof: Latest copies of telephone bills, electricity bills, or bank account statements of all the directors are required.

Business Address Proof: Latest copies of electricity bills or telephone bills of the registered office address must be provided.

Procedure of Nidhi Company registration in Chennai, India

Obtaining Digital Signature Certificates (DSC) for each proposed director and shareholder of the business is the first step.
The second stage is to apply for Director Identification Numbers (DIN) for each proposed director of the company. A DIN is a special identifying number that the Ministry of Corporate Affairs issues.
Name Approval: The Registrar of Companies must give his or her approval to the Nidhi Company's suggested name (ROC). The phrase "Nidhi Limited" must be at the conclusion of the name.

Incorporation: The Nidhi Company registration application may be submitted to the Registrar of Companies after the name has been authorised. The necessary paperwork and payment must be submitted with the registration.
Certificate of Incorporation: The business will be incorporated and a Certificate of Incorporation will be issued if the Registrar of Companies is satisfied with the application.

Apply for PAN and TAN: The Nidhi Corporation must submit an application for PAN and TAN after receiving the Certificate of Incorporation.
Beginning of Business: The Nidhi Corporation must launch its operations within 90 days of receiving the Certificate of Incorporation.







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