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What Is a Nidhi Company?

The Section 406 of the Companies Act, 2013, acknowledges a Nidhi Company as a specific organization that comes under the Indian Non-Banking Finance Division. The focal point of business operated by a Nidhi company is borrowing and loaning money among its members.

This results in members and shareholders conserving monetary and financial resources and investing them inside the company. These deposits are employed by the company for the benefit of its members or shareholders. It could either issue loans and advances to its members or obtain government-issued stocks, debentures, certificates and securities.

The Ministry of Corporate Affairs manages the operations of a Nidhi company, while its financial dealings are fundamentally monitored and controlled by the RBI. a Nidhi Company is an organization that is incorporated with the criterion of enhancing the habit of thrift and reserve funds amongst its members. It is an organization that also accepts deposits and offers loans to its inherent members for their common and mutual benefits.

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A Nidhi Company belongs to the Indian Non-banking Finance sector. It is monitored, administered and recognized under Section 406 of the Indian Companies Act of 2013. A Nidhi Company thrives on its core business operations of borrowing and lending money amongst its members and shareholders.

The members are encouraged to save their financial resources and invest them under the auspices of the company. These deposits are utilized by the company to provide loans and advances and to acquire government-issued stocks, debentures, bonds and securities to its members.

The operations of a Nidhi Company is regulated by the Ministry of Corporate Affairs while its financial dealings are monitored strictly by the RBI. It is a company that is established with the sole objective of enhancing the habit of thrift and reserve funds amongst its members, while receiving their financial deposits and even lending them for mutual advantages.

What Are the Underlying Requirements of Nidhi Company?

A nidhi company must adhere to the following conditions in order to be legally functional and formed.

  • Minimum 200 members/shareholders
  • Minimum net fund of 10 lakhs owned by the company
  • Unencumbered term deposit must be at least 10% of the term deposit.
  • The ratio of Net Owned Fund to term deposit should not be less than 1:20

Advantages for forming a Nidhi Company

A nidhi company by the virtue of its formation is like a NBFC, there are many advantages associated with them. We are listing them here for the convenience of our readers:

1. Encourages & Promotes Savings

It's a community banking type of company where members are encouraged to save. They can easily lend and borrow money as per their requirements.

2. Fewer Complications

Unlike banks there are way fewer rules and regulations to be met while borrowing money from a nidhi company. It's best for people who do not meet the banking requirements for acquiring a loan.

3. No RBI Intervention

Nidhi companies are not regulated by the RBI, hence their compliance rules don't apply to them. Hence it's easier to operate.

4. Cheaper Funds

Nidhi companies provide loans at much more competitive rates than banks. They are not governed by RBI hence have independence in determining the rate of interest they would levy on the funds they disburse as loans.

Nidhi Company Registration Packages

Here are our packages for registering a Nidhi company. They are affordable and highly efficient. Your nidhi company will be formed without much hassles.

Basic Package

Save upto 10% cost on this package

34,500

(inclusive of all taxes)

  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of
  • Punjab, MP and Kerala.
  • MSME Registration
  • Share Certificate (Soft Copy)
Get Started

Growth Package

Save upto 20% cost on this package

44,499

(inclusive of all taxes)

  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of
  • Punjab, MP and Kerala.
  • MSME Registration
  • Share Certificate (Soft Copy)
  • GST Registration
  • Stamp and Company Seal
  • Bank – Current Account Opening
  • 10% Discount on Future Service
Get Started

Premium Package

Save upto 30% cost on this package

58,500

(inclusive of all taxes)

  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital upto-1 Lakh except for the state of Punjab, MP and Kerala
  • MSME Registration
  • Share Certificate (Soft Copy)
  • GST Registration
  • Trademark Registration
  • 1month free GST filing
  • NDA
  • Guideline for Startup India Registration
  • Stamp and Company Seal
  • Bank – Current Account Opening
  • 10% Discount on Future Service
Get Started

Documents Required

Here is the list of documents that are required while forming a Nidhi company.

Minimum Criteria

  • Minimum of three directors
  • Minimum of seven shareholders
  • A minimum equity share capital of Rs 5 lakhs

Documents Required

  • Self Attested Copy of Pan Card
  • Self Attested copy of Aadhaar Card/Passport/Driving License/Voter Identity Card
  • Passport size photograph
  • Self Attested Copy of Bank Statement/Telephone Bill/Mobile Bill

Documents Needed For Registering Office

  • No-Objection letter from the Owner of Address to use the address of the registered office of the Company.
  • Electricity Bill/Telephone Bill/Gas Bill/Water Bill - To be signed by the of the Owner of Premises

Frequently Asked Questions (FAQs)

My Legal Clinic believes in answering your questions. We know that as a new business owner you would have certain levels of anxiety and doubts about how the legal business environment works, well don’t worry, read our FAQs, they have been put here to answer all the usual questions that you might have about forming a Nidhi Company.

How much capital is needed for company registration?

A minimum of 10 lakh INR is required as capital to form a nidhi company.

How many directors does a Nidhi company require?

3 directors are required at a minimum while forming a nidhi company.

How many shareholders does a Nidhi company require?

A nidhi company requires a minimum of 7 shareholders while its formation.

How long will it take to incorporate a Nidhi company?

Timelines may vary from case to case, if all your documents are in a proper shape then it can take anything between 15 days to 25 days for its incorporation.

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