NIDHI COMPANY
REGISTRATION
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WHAT IS NIDHI COMPANY REGISTRATION?
Nidhi companies were established in India to promote the habit of saving and
thrifting. Compared to the banking sector, Nidhi companies are very minute as
they are only allowed to borrow and lend to the members. It is basically
cultivating the savings amongst a small group of people. Let us understand more
nuances about Nidhi company registration online.
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NIDHI BANK REGISTRATION ONLINE- PROCESS
A Nidhi company is incorporated in India by first establishing a limited liability
company, one with seven shareholders and a minimum of three directors. It is
essential to ensure that the memorandum of association of this limited company
clearly states that it is being established for the mutual benefit of the members
and to promote the habit of saving and thrifting amongst all members of the
company.
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TO TRANSITION THIS LIMITED COMPANY INTO A NIDHI COMPANY,
IT SHOULD MEET THE FOLLOWING CRITERIA AFTER A YEAR:
Does not own funds of more than INR 10 lakh.
The ratio of the owner to deposit funds does not exceed 1:20.
Does not have less than 200 members.
Term deposits are at least 10% of the total company deposits.
Suppose the company satisfies all the above criteria and has completed one financial year
minimum of ninety days before. In that case, the owner can file a return for statutory
compliance with the form NDH-1.
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CONCLUSION
The last step requires a certified practising financial expert, and
Lawgical India can help you with it. Our team of financial and legal
experts will overlook the entire process from scratch and help you
2
through
everything. Contact us to learn more.
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CONTACT US
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