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Nidhi Company Registration

Nidhi companies are created lend and borrow money to all the members. This is based on the principle of mutual benefits and inculcates the habit of saving among all of its members. These companies are more prevalent in the southern parts of India.

What is Nidhi Company?

A Nidhi Company is a kind of Non-Banking Financial Company (NBFC). Nidhi Companies are formed to borrow and lend money to its members. It is dependent on the principle of mutual benefit and instils the habit of saving among its members. These companies are more operative in the southern part of India. Nidhi Companies do not need to register for a license from Reserve Bank of India (RBI). However, they have to be registered as a public company and their names should end with 'Nidhi Limited'.

Benefits of Registering as Nidhi Company

There are various Benefits which can be availed by registering as a Nidhi Company. These advantages can be summed up as follows:

Legal existence: The registration of a company as a Nidhi Company makes it a separate entity. It enjoys separate legal existence as a registered Mutual Benefit Society. Being a separate entity from the members of the company, the company can acquire or dispose of assets in its own name.
Limited liability: Depending on the amount invested or contributed by the members of the company, their liabilities will be limited. The members will be liable only for their share in the company. Personal liabilities of the members cannot be used to meet the company's liabilities.
Availability of funds: The members can borrow from the funds contributed by themselves at lower interest rates.

Documents Required for Nidhi Company Registration

The following documents must be submitted in order to get a company registered as a Nidhi Company:

Ownership documents or a rent/lease agreement has to be provided as a proof of address of the registered place of business
A No Objection Certificate (NOC) duly signed by the landlord or the owner of the place where the business is registered
Identity proofs
Address proofs of the members of the company
Photographs of the members of the company
Digital Signature Certificate (DSC) of the company
Copies of PAN cards of the members
Director Identification Numbers (DIN) of all the directors
Certified copy of the updated Memorandum of Association (MoA) of the company
Certified copy of the updated Articles of Association (AoA) of the company