This firm is quite different from firms like a partnership, LLP, proprietorship etc. In other words, non-banking firms pertaining to Finances are known as Nidhi Firm. It has recognition under section 406, Companies Act of 2013. The control and regulation of such firms are under the central government. The receiving and lending of money between firms and companies are facilitated by Nidhi firm. Good examples of such firms are Mutual funds, permanent funds, benefit funds etc. All the transaction should comply with the terms and conditions projected under chapter XXIV, Company Rules, 2014.
Ministry of Corporate Affairs is involved in the regulation of the Nidhi Firms. Each and every financial transaction is scrutinized by the RBI. Lending of money can be done for the tenure of not less than six months and more than five years. Such firms need to have three directors and seven stakeholders for accomplishing its inception. The equity share capital which should be paid up can’t be less than 5 lakhs.
Documents for Nidhi Firm
- A copy of PAN card (self-attested)
- A copy of either Driver’s license or Voter ID or Aadhar card or Passport
- A copy of latest bank statement/telephone bill/electricity bill or any other utility bill
- Passport size photographs
- Certificate of specimen signature
How we help you get started
DSC is a mandatory to get started with the registration. A few scanned copy of documents and then we have a representative take care of it from there. After the DSC has been applied, we will begin with the application of company name chosen by you. In maximum 30 days, we can get this approved and the company running for you unless there is any complication in the documentations.