WHAT IS NIDHI COMPANY?
‘Nidhi’ means treasure or to finance or fund. The main objective of the company is to build the habit of saving among its members. It is just like a public limited company and needs a minimum of seven members and three directors to register it. It is also known as ‘Mutual benefit companies’ this terminology is mainly used in the banking sector. They borrow money from their members and pay interest on such borrowing and lend to its members on specified interest rates. It works like a community among a group of people, the company took money from one person and gave it to another member, and it circulates the money among the other members of the company. They are incorporated with an aim to build a money reserve, receive deposits and lend money to its members. This structure is different from the other business forms in the sense that any person who is a member of Nidhi company can make deposits or borrow loans whenever the need arises. Any person can become part of the company and take the benefit of its activity only by taking part in the shares of the company. Anyone can start this business for the mutual interests of the members of the company.
Documents Required For Nidhi Company Registration
Pan card is required for all the Directors and Shareholders of the company.
Driving License, Voter Id Card or Passport. Any one Id Proof is required for all the Directors and Shareholders of the company.
Latest Bank Statement not older than 2 months is required for all the Directors and Shareholders of the company.
PASSPORT SIZE PHOTO
Passport size photograph is required for all the Directors and Shareholders of the company.
REGISTERED OFFICE PROOF
Latest Utility bill not older than 2 months, Rent agreement in case of rented property Registry Proof or House Tax Receipt in case of owned property and No Objection Certificate (NOC) from the owner
Process Of Nidhi Company Registration
- Submit Documents
- Name Approval
- Digital Signature
- Documents Preparation
- Company Incorporation