Do you want to register a Nidhi company?
A Non-Banking Financial Company (NBFC), The Nidhi Company is overseen by the Ministry of Corporate Affairs. Its primary goal is to offer its members savings and lending solutions.
An example of an Indian non-banking finance company is The Nidhi Company. It is acknowledged in accordance with Section 406 of the 2013 Companies Act. The Nidhi Company’s primary activity is the lending and borrowing of funds among its participants. A Permanent Fund, Mutual Benefit Fund, or Benefit Fund are other names for it. You can start your search for the best mutual benefit fund in your state online if you’re looking for one.
Nidhi Companies are distinct legal entities. It can purchase goods and services on its own behalf because it is a registered Mutual Benefit Society. It has limited liability, thus each member is only responsible for their individual stock holdings. This means that any personal debts owed by the members cannot be utilised to settle debts owed by the firm. The Nidhi Company can borrow money from its shareholders because it is a mutual benefit society, allowing its members to get loans with cheaper interest rates.
Within thirty days after its incorporation, the Nidhi firm must submit financial statements. Additionally, it must submit ROC balance sheets and audit reports. 60 days following the annual general meeting, the annual return must be submitted. A list of the members is also required. Up to three branches may exist for The Nidhi Company in the state of formation. The Regional Director must give his or her approval for these branches. They cannot reside elsewhere than the state of incorporation.
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