Nidhi Company Registration

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NI DHI 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 I NR 10
lakh. The ratio of the owner to deposit funds
does not exceed 120. Does not have less than
200 members. Term deposits are at least 1 0
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 throu2gh everything.
Contact us to learn more.
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91 74177 26646
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CONTACT US
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