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Plan Standard

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₹999 + 18% GST

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Plan Premium

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₹34999 + 18% GST

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ALLOTMENT OF 3 DIN

NAME APPROVAL THROUGH FORM SPICE +

COPY OF e-MOA

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ALLOTMENT OF EPAN THROUGH FORM SPICE +

ALLOTMENT OF ETAN THROUGH FORM SPICE +

PF REGISTRATION THROUGH FORM SPICE +

ESI REGISTRATION THROUGH FORM SPICE +

BANK ACCOUNT OPENING IN NEAREST BRANCH

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COMPANY SEAL

TMR

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All you need to know about Nidhi Company Registration

A Nidhi Company is a type of non-banking financial company (NBFC) established with the primary objective of promoting the habit of saving among its members. These companies primarily engage in borrowing and lending activities between their members. The term "Nidhi" is derived from a Hindi word meaning "treasure" or "fund," and a Nidhi company is often referred to as a "mutual benefit society." They operate under the provisions of the Companies Act, 2013, and are governed by specific regulations outlined by the Ministry of Corporate Affairs (MCA) and the Reserve Bank of India (RBI).

Nidhi companies are formed to cultivate a habit of thrift and savings among their members. They offer an easy and reliable source of borrowing and lending within the community of members, and they operate primarily for mutual benefit rather than for profit. The operations of a Nidhi company are restricted to its members, and they cannot engage in external lending or investment activities.

Taxbizlegal.com provides comprehensive services for Nidhi Company registration, covering every step from documentation and filing to compliance and post-incorporation support. Our team ensures a smooth and hassle-free experience at an affordable cost. We also offer assistance with Private Limited Company registration, LLP incorporation, GST filings, and more. For a free consultation, write to us at info@taxbizlegal.com or connect with our compliance manager at 9403892279.

Advantages of Nidhi Company

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Promotes Savings Culture

Nidhi companies encourage savings and financial independence among their members, promoting a culture of thrift.

Limited Liability

Shareholders enjoy limited liability, which means their personal assets are protected from the company’s debts and liabilities.

Low Operational Costs

Since Nidhi companies deal only with their members, they have lower operational and regulatory compliance costs compared to other financial institutions.

No External Borrowing

Nidhi companies are not allowed to borrow funds from outside sources reducing the risk associated with external borrowing.

Easy Access to Loans for Members

Members of Nidhi companies can access loans with fewer formalities and at better rates compared to banks or other financial institutions.

Tax Benefits

Nidhi companies are subject to specific tax exemptions and benefits under Indian tax laws, provided they meet the necessary criteria.

Key Features of a Nidhi Company

Members Only

Nidhi companies exclusively transact with their members, meaning borrowing and lending are restricted to individuals who are part of the company. This fosters a community-based financial ecosystem where only members have access to funds raised within the company.

The primary objective is to promote savings and lend to members for their mutual benefit, creating a responsible and beneficial financial environment.

Legal Status

Nidhi companies are registered as public limited companies and must include the words "Nidhi Limited" in their name. This ensures they are recognized under a specific legal framework and operate with distinct governance norms that differentiate them from other public companies.

This special legal status ensures a structured and regulated environment for their operations, guided by the Ministry of Corporate Affairs (MCA) and the Reserve Bank of India (RBI).

Borrowing & Lending

Nidhi companies are only permitted to raise funds from their members and lend exclusively to them. They cannot lend money to the general public, ensuring that their activities are restricted to the mutual benefit of their members.

This restricted borrowing and lending policy maintains the focus on financial stability within the membership, fostering responsible financial behavior and ensuring safety for all members.

Documents Required for Registering Your Nidhi Company

01.

Passport Size Photograph

02.

Individual PAN Card

03.

Registered Office Proof + No Objection Certificate (NOC)

04.

Aadhar Card

05.

Address Proof (Utility Bill/Bank Statement)

06.

Digital Signature Certificate (DSC) for all Directors

Annual Compliance for Limited Liability Partnership Company

Why Compliance Matters

Staying compliant is essential for the smooth operation of your Nidhi Company. It builds business credibility, ensures adherence to legal requirements, and fosters long-term sustainability. Here’s a quick guide on the key compliance requirements to follow after registering your Nidhi Company.

Other Non-ROC Business Compliances for Nidhi Companies

TDS Deduction & Payment (if applicable) GST Registration (if turnover exceeds threshold) Monthly/Quarterly GST Returns Filing Advance Tax Payment (if liable) Filing of Income Tax Return (ITR-6) Tax Audit Report (if turnover exceeds ₹1 crore)
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Annual Financial Statements

Form AOC-4 to be submitted within 30 days from the Annual General Meeting (AGM)

Annual Return Filing

Form MGT-7 to be submitted within 60 days from the AGM

Income Tax Returns

ITR-6 to be filed by 31st July of the assessment year

Filing of Director’s Report

To be filed as part of the AGM process

Annual General Meeting (AGM)

To be held within 6 months from the end of the financial year

Audit of Financial Statements

Must be conducted by a qualified auditor

Frequently Asked Questions

A Nidhi company is a non-banking financial institution created to promote the habit of saving and mutual lending among its members. It can only lend money to its members and cannot borrow from external sources.

No, Nidhi companies can only lend to their members and cannot lend to non-members or the public.

A Nidhi company must have at least 7 members at the time of incorporation. Furthermore, the company must have at least 200 members within one year of its formation.

There is no specific minimum capital requirement for a Nidhi company. However, the company must ensure that it has a sufficient amount of paid-up capital to support its operations, typically in the range of INR 5 lakh or more.

No, a Nidhi company cannot convert into a public limited company as its operations are restricted to mutual benefit and are limited to its members.

Nidhi companies are taxed similarly to other companies under the Income Tax Act. However, they may qualify for certain exemptions based on the nature of their operations, especially concerning deposits and loans from members.

No, Nidhi companies are restricted to Indian citizens and residents as their members and directors. Foreign nationals cannot be members or directors of Nidhi companies.

No, Nidhi companies are only allowed to take deposits from their members and cannot raise funds from the general public.

No, Nidhi companies cannot be converted into private or public limited companies as their activities are restricted to mutual benefit among members.

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