Nidhi Company Registration in Chennai
Register your Nidhi company in Chennai with Earnlogic- a trustable registered corporate service providers with experienced peoples. We handle our clients in a more efficient and a comfortable way and we offer our services in multiple locations of Chennai including Pallavaram, Meenambakkam, Porur, Mylapore, Triplicane and Avadi. Nidhi company runs on the basis of payment, that the company borrows from its members. The company borrows some amount from the members and pays interest to them likewise, the company lends an amount to its members and charges some interest for the company's growth.
Nidhi Company is a non-financial banking sector; the main core of the company is borrowing and lending money between them with mutual understanding. The company is also named as mutual benefit company, mutual benefit funds and permanent fund. The registration of company is under the section 406 of the companies act 2013 along with Nidhi company rules 2014. The registration process of Nidhi Company is simple and less complex when compared to other non- financial banking company. There is no need of RBI licence to start the company.On and after the commencement of the Act, no Nidhi shall issue preference shares.
Nidhi Company is a certain category of Non-Banking Finance Company. But the RBI does not have any direct regulations on Nidhi. This type of company needs Minimum capital of 5 lakhs to commence the company with minimum number of seven people and it also requires three directors initially. ‘Principles of mutuality’ is the fundamental concept of Nidhi Company. Ever Nidhi Company should mention the name of the company as Nidhi Company limited. The fund is only received by the shareholder of the company and can be used among Nidhi company shareholders. These type of company can have tax benefits. The company must ensure a period of 1 year that it has not less than 200 members. There are 80% of Nidhi Companies located in Tamilnadu. Earn logic provides great service in registering Nidhi company at affordable cost.
Documents Required For Nidhi Company Registration in Chennai
- PAN card copy of the directors
- Passport photography of each director
- Aadhar card copy/ voter proof
- Rental agreement ng-copy="expression"
- Water bill or any utility bill
- Electricity Bill
- Property papers copy
- Registered office should submit NOC from the landlord.
Advantages of Nidhi Company Registration in Chennai
- There is no minimum share capital requirement
- The ownership can be easily transferable
- Compared with other form of companies, benefit of tax is high
- Stamp duty is zero
- Easily the person can get donations and loans
- Easy to manage
- Relaxation in compliance