Nidhi Company registration process is not very
difficult and not take much the whole process. To proceed with the concept
of nidhi company, we like to give a brief introduction to Nidhi Company.
Nidhi Company is a company work as a small bank, this is
the reason some people use to know this company as a Nidhi Bank company. In
this company directors manage the whole process of collecting the fund from
the market and distribution the fund in the market. We need to understand that
the Nidhi Company only works for their own members not for any other person. If
any person wants to take loan from the Nidhi bank then they need to become a member of the company.
Nidhi company follow all rules of Nidhi rules 2014
prescribed by the Ministry of corporate affairs. The process of registration
and all applications can be read in The nidhi rules 2014.
Nidhi Company Registration
Process
For Registration of Nidhi company, we need to consider
many facts. So we are describing the steps involved in the process of Nidhi Company registration.
Step 1: Collection of Seven members
Nidhi Company is the public limited company and every
public limited company needs to have at least 7 members which are also known as
the shareholders or promoters of the proposed company. So we need to arrange 7
members for the nidhi company for the registration. At the time of finding new
members we need to consider Rule 8 of Nidhi rules.
Rule 8. Membership.—(1) A Nidhi shall
not admit a Company or trust as a member, which means only an Individual and a partnership firm can become members.
(2) No Nidhi company
can reduce there members blow 200 at any time of there operation, in any
circumstances its happens then the company must take prior approval of the RD.
(3) Age of member must
not blow then 18 years old:
In case of deposits, minor may be accepted as a member, if
they are made by the natural or legal guardian who is a member of Nidhi.
Step 2: Determine Director
In Nidhi company, there must be at
least 3 directors at the time of registration, so we need to choose any of 3
from the 7 members to be a director at the time of nidhi company registration
process. At the time of finding new member, we need to consider the Rule 17 of
Nidhi rules.
Rule 17. Rules relating
to Directors.—(1)
The Director must be a member of Nidhi company in which he wants to be
director.
(2) The director of
Nidhi Company cannot hold the office of director for more than 10 years continuously.
(3) The director can
be reappointed in any Nidhi company after the expiration of 2 years from the date
of resignation or removal.
(4) Central the government may increase the tenure of any director in the nidhi company
terminate on expiry of
such extended tenure.
(5) Coming Director must
comply with the requirements of subsection (4) of Section 152 of the Act and
shall not have been disqualified under section 164 of the companies act 2013.
Step 3: Documents required for nidhi company registration
Every member of the company need to provide the following documents
at the time of the Nidhi Company registration process.
1)
PAN
card (Permanent Account Number)
2)
Adhaar
Card
3)
Bank
statement / Passbook ( Must not be old more than 60 days )
4)
Photo
5)
Email
ID
6)
Phone
number
After collection of
all these documents of the members we need to apply for the Digital Signature.
Step 4: Digital Signature (DSC)
A digital signature is a
signature under a pan drive token, this signature is required for every step of
company registration and management after company registration. The Digital
signature of members who are not a director of the company is not required after
Nidhi company registration. This signature looks like a normal pen drive and the
life of this signature is not more than 2 years. Every person needs to create a digital signature after 2 years.
Step 5: Name Approval of Nidhi Company
Name approval is very
important in the Nidhi company registration process. If you like you can file your
company directly to the department without any name approval, but we suggest taking name approval first so that chances of getting company is very high. Name
must contain Nidhi as a middle name and Limited as the last name of the
company. We cannot use any other last name or middle name in the nidhi company.
We should understand
that the first name of the nidhi company must not resemble or same to any
other nidhi company or any other company having the financial objects in the
MOA.
Step 6: Preparation of document and submit to the department
After all the above
process of Nidhi company registration we need to create some specific document
which need to submit with Spice + from issued by the department, these
documents are as follow
1)
DIR
2 to be created in which every director will give permission to becoming
director and other details like any other company in which he is already a
director.
2)
Declaration
is required to be given by all the members of the Nidhi company, these
declarations must be created as per the rule 6 of the Nidhi rules 2014. There
are some restriction on the working of the nidhi company and all those
restriction to be signed by all promoters of nidhi company.
3)
INC
9 to be filed by all members of the new company, in this form very promoters
need to give a clarification that he had not committed any mistake in any other
law of the companies act.
So above we have
discussed the Nidhi Company registration process which also known as Nidhi bank
registration. The registration is very simple and easy but we should understand
that the registration process required the Chartered accountant or a Company secretary
for preparing the documents, We are the CA firm providing services of Nidhi
Company registration. Our Online CA service is best in this Nidhi Company
registration.
