Nidhi company registration in Chennai

Solubilis provide Nidhi company registration in Chennai, Bangalore, Hyderabad, Cochin and all over India. Nidhi Company is a company incorporated underCompanies Act, 2013. The main objectives of Nidhi Company is to cultivate the habit of thrift and savings among its members, to receive deposits from its members and to lend money to its members. It complies with the Nidhi rule of 2014 pronounced by the Central government for regulation of such class of company. The Central government by its notification direct that any of the provisions of the company act shall not apply or shall apply such modification to any Nidhi Companies. Every Nidhi Company shall have the last word Nidhi Limited as part of its name.

Requirement to start a Nidhi Company:

  • Every Nidhi Company ensures the following within a period of one year from the year of their commencement.
  • Maintain not less than 200 members should have a net owned fund of 10 lakh rupees.
  • Must maintain unencumbered term deposit for a value of not less than 10% of the outstanding deposits receive from its members.
  • Nidhi Company carries on the business of Chit funds, Hire purchase leasing finance etc.
  • Nidhi company cannot issue preferences, debenture any other debt instrument. They cannot open current accounts with any of its members.
  • Nidhi Companies can accept deposits 20 times the value of the net owned fund of the company

Documents Required

  • Aadhaar Card (For all Directors)
  • Director's PAN Card
  • Photo copies
  • Rental / Sales deed
  • Utility Bills(Electricity bill, Water bill)
  • No Objection Certificate

FAQ'S


A Nidhi Company is a Company which carries on the business of accepting deposits and lending the same on demand. Nidhi Company is similar to NBFC but the only basic difference between the two is that Nidhi Companies accept deposits only from its members.

Solubilis is the best service provider; we take 5-7 days to register the private limited company.

No, all the financial transactions have to be made only between the shareholders of the company.

Following provisions are applicable to Nidhi Companies.
1. As they are incorporated into the nature of Public Company so rules and regulations of Companies Act, 2013 are applicable.
2. RBI provisions related to Interest rate payable on deposit are applicable to Nidhi Companies. But the core provisions of RBI are not applicable to Nidhi Companies as RBI has exempted the Nidhi Companies from the same.
3. Nidhi Rules, 2014.

Once the Nidhi Company is incorporated it must fulfil the following requirements:
1. It must have at least 200 members/shareholders.
2. Minimum Net Owned Fund should be Rs. 10 Lakhs.
3. Unencumbered term deposit must be at least 10% of the term deposit.
4. The ratio of Net Owned Fund to term deposit should not be less than 1:20.

The Nidhi Company uses the funds in lending to shareholders as per Nidhi Rules. It lends such money in the form of small loan for business and finance.

A minor shall not be admitted as a member in a Nidhi company, But deposits may be accepted in the name of minor, if they are made by natural or legal guardian who is a member of the respective Nidhi.

Nidhi can provide loans to its members only after the members have given/ provided some securities like gold, silver jewellery or any type of financial securities against the loan.

Nidhi shall not issue preference shares.

The Nidhi Company uses the funds in lending to shareholders as per Nidhi Rules. It lends such money in the form of small loan for business and finance

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