Nidhi Company Registration in Chennai
Earnlogic offers Nidhi Company registration in Chennai, a trusted corporate service provider offering expertise in various Chennai areas including Pallavaram, Meenambakkam, Porur, Mylapore, Triplicane, and Avadi. A Nidhi company operates by borrowing from and lending to its members, fostering growth through mutual transactions.
As a non-banking financial sector, Nidhi Companies focus on borrowing and lending among members. Also known as mutual benefit or permanent fund companies, they're registered under Section 406 of the Companies Act 2013 and Nidhi Company Rules 2014. The registration process for a Nidhi Company is simpler compared to other non-banking financial firms, requiring no RBI license post the Act's commencement.
While categorized as a Non-Banking Finance Company, Nidhi Companies have no direct RBI regulations. To begin, a Nidhi requires a minimum capital of 5 lakhs, seven members, and three directors. 'Principles of mutuality' are fundamental here, where the company's name must include 'Nidhi Company Limited.'
Funds received by shareholders are circulated among Nidhi members and offer potential tax benefits. The company must ensure a membership of at least 200 within a year. Around 80% of Nidhi Companies are based in Tamil Nadu.
Earnlogic offers affordable and excellent services in online Nidhi company registration in Chennai, making the process efficient and cost-effective.
Documents Required For Nidhi Company Registration in Chennai
Required documents for Nidhi company registration process include:
- PAN card copies of directors
- Passport-sized photos of each director
- Aadhar card or Voter ID proof
- Copy of rental agreement
- Utility bills (water or electricity)
- Copy of property papers
- NOC from the landlord for the registered office.
Advantages of Nidhi Company Registration in Chennai
- No minimum share capital needed
- Simple ownership transfer
- Higher tax benefits compared to other companies
- Zero stamp duty
- Accessibility to donations and loans
- Simple management
- Reduced compliance obligations.