Introduction

A Nidhi Company is a type of non-banking financial institution in India that is primarily formed for the purpose of cultivating the habit of thrift and savings among its members. It enables members to deposit money and lend to one another for mutual benefit. The Companies Act, 2013 governs Nidhi Companies, and they are regulated by the Ministry of Corporate Affairs (MCA).

Steps for Nidhi Company Registration

1. Obtain Digital Signature Certificate (DSC)

• The first step is to obtain a Digital Signature Certificate for the proposed directors of the Nidhi Company. This is required for signing electronic documents and can be obtained from authorized certifying authorities.

2. Obtain Director Identification Number (DIN)

• Each director must apply for a DIN, which serves as a unique identification number for directors. This can be applied online through the MCA portal.

3. Name Approval

• Choose a unique name for the Nidhi Company that reflects its nature of business. You can propose one or more names through the RUN (Reserve Unique Name) form, which requires approval from the Registrar of Companies (RoC).

4. Drafting of Memorandum and Articles of Association (MoA and AoA)

• The MoA should specify the objectives of the Nidhi Company, while the AoA should define the rules governing the company. These documents are crucial for registration and must adhere to the guidelines laid out in the Companies Act.

5. Filing of Form for Nidhi Company

• Submit Form INC-1 for name approval, followed by Form INC-12, which is the application for incorporation of a Nidhi Company. This must be accompanied by the required documents.

6. Payment of Registration Fees

• Pay the applicable registration fees based on the authorized capital of the company, which can be checked on the MCA website.

7. Obtain Nidhi Company License

• After reviewing the application and documents, the RoC will issue a license to operate as a Nidhi Company, allowing it to engage in mutual benefit activities among its members.

8. Certificate of Incorporation

• Upon successful verification, the RoC will issue a Certificate of Incorporation, which serves as proof of the company’s existence.

9. Apply for PAN and TAN

• After obtaining the Certificate of Incorporation, the next step is to apply for the Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) through the NSDL website.

10. Open a Bank Account

• Open a bank account in the name of the Nidhi Company using the Certificate of Incorporation and PAN to manage the financial transactions.

11. Compliance with Post-Incorporation Requirements

• Ensure compliance with post-incorporation requirements, including the first board meeting, appointment of auditors, and maintenance of statutory registers.

Required Documents

To register a Nidhi Company, you will need the following documents:

1. Identity Proof of Directors:
   • Aadhar card, Passport, Voter ID, or Driving License.
2. Address Proof of Directors:
   • Recent utility bills, bank statements, or government-issued documents showing the current address.
3. Registered Office Address Proof:
   • Rental agreement (if applicable) along with a no-objection certificate from the property owner.
4. MoA and AoA:
   • Drafted and signed by all the directors, adhering to the Nidhi Company requirements.
5. Digital Signature Certificate (DSC):
   • For all proposed directors.
6. Director Identification Number (DIN):
   • For all directors.
7. Income and Expenditure Statement:
   • A draft statement that outlines the projected income and expenditures.
8. Bank Account Statement:
   • If available, for any initial capital contribution.
9. NOC from the Owner of the Property:
   • If the registered office is rented, a no-objection certificate from the property owner is required.
10. Passport-sized Photographs:

• Recent passport-sized photographs of all directors.

Conclusion

Registering a Nidhi Company is a significant step towards fostering mutual benefit and savings among members. At Jitva Foundation, we provide comprehensive assistance throughout the Nidhi Company registration process, ensuring compliance with all necessary legal requirements.

For more information or assistance with your registration process, feel free to contact us at [email protected] or visit our website at www.jitva.in.