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Every company should ensure the following within 1 year.
1. Minimum members must not be less than 200.
2. Minimum net owned fund should be at least Rs.10,00,000.
3. The ratio between net owned funds and deposits must not be more than 1:20.
4. No body corporate or trust must be admitted to it as its member.
5. A minor should be a part of it.
C. Directors
1. The minimum number of directors should be 3.
2. The director should be the member of the company.
3. The director should be appointed for a minimum of 10 years.
D. Incorporation
1. Minimum requirements
The company should fulfil all the minimum requirements to register a Nidhi Company like:
a. Minimum 7 members
b. Document requirement
c. Minimum capital requirement
2. Choose directors
A minimum of 3 directors must be chosen by the company and it must be done wisely, for the directors run the company.
3. Apply for DSC and DIN
Digital signature is encrypted signature made for every director. It is used in various processes during incorporation.
Director Identification Number(DIN) – As per the law, every director must have a DIN. If the newly appointed director doesn’t have one, he should apply for it. It is like a PAN card since it has lifetime validity.
4. Name approval
A Nidhi company should get its name approved. It should either have the words Nidhi Limited or Mutual Benefit Company at the end.
5. Applying for incorporation
The one final and the most important step is to apply to the registrar for Nidhi Company incorporation. Before the incorporation, you must consult an expert for his/her advice.
