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Nidhi company registration process is very similar to a public limited company, however, the functioning of the company is different and MOA & AOA is more towards financing.
At least of 3 directors and 7 shareholders are required to start Nidhi Company Registration. Precautions must be taken to make sure that the aim of Limited Company is that of saving its members, lending, and borrowing amongst its members only for their mutual benefit.
Nidhi Company Registration process requires to comply with the Nidhi companies rules or else the application made may be rejected by the authority. In Additional, the registration process may be divided into 3 steps:
Step 1 – Prepare DSC & DIN: The first step is to file for Digital Signatures (DSC) and Director Identification Number (DIN). It takes around 1 day to get the digital signatures and generally DIN can be filed on the same day.
Step 2 – File Name Approval: The second step is to file the name approval via form INC – 1 and most of them can give maximum 6 names for approval.
Step 3 – File for incorporation: The third step is to file the incorporation along with all necessary documents via form INC 32.
The ratio of Net Owned Funds to deposits should not be more than 1:20.
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