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Nidhi Company is one of the category of Non Banking Financial Company (NBFC) which does not require any Reserve Bank of India (RBI) license. Nidhi Company works through its members. It can accept deposits and lends loans to its members only.
Nidhi is the safest and the cheapest way of raising funds from the General public (just by registering them as members).
The alternatives of Nidhi (like Non Banking Financial Companies (NBFC’s) will need a capital of at least two crores) are very costly. Through, very business friendly, Nidhi is yet to be common between the business communities.
Basics of Nidhi Company
Before we explain the process of registration,you must understand the basic of Nidhi Company:
1. Nidhi Company is also called a Mutual Benefit company. It promotes the art of saving and utilization of funds within its member community.
2. Anybody can register a Nidhi Company; there is no background check, nor there did any prescribe qualification for its owners.
3. Nidhi Company cannot deal with anybody other than its members. You will have to understand the process of making a making in a Nidhi.
4. The minimum capital requirement for Nidhi Company is five lacs with at least seven members needed to incorporate a company.
Incorporation of Nidhi Company
Incorporation of Nidhi Company limited is similar to incorporation of Public Limited Company. But, it requires certain other declarations as well. You can read the incorporation procedure from the following link:
Restrictions on Nidhi Company
Through, its a NBFC, but it is under strict guidelines for its working. There are many compliances which are needs to be complied with after registration to avoid any penalty or being in default. You can read the full restrictions in detail from the following link:
Maximum Interest On Loans
This is one of the most important aspect of the Nidhi Company working. Because Nidhi can earn only through loans, hence the maximum is can earn it 7.5 + maximum rate offered on Deposits.
There are many other thing related to Nidhi Company, which we cannot write here. In case of any doubt, you may contact the expert person in this regard.
