STEPS FOR REGISTRATION OF NIDHI COMPANY
STEP 1: Application for DSC (Digital Signature Certificate)
STEP 2: Application for DIN (Director Identification number)
STEP 3: Filing of Form INC-9
STEP 4: Filing of Form DIR-2
PREREQUISISTES FOR GETTING “NIDHI” STATUS
- The Nidhi Company registration should be done within 1 year and it should have at-least 200 members from the day of commencement.
- At least 10 lakhs rupees worth Net Owned Funds (Net owned funds=Equity share Capital +free reserves less accumulated loss less intangible assets).
- The Outstanding Deposits must be less than the Unencumbered term Deposits to at least about 10%.
- Ration of Owned Funds (net) to Deposits should less than 1:20.
- If all the above mentioned conditions are satisfied by the Nidhi Company then it should file a FORM NDH-1 along with the prescribed fees within 90 days from the end of the First FY after incorporation. This form shall be duly certified by a practicing CA/CS/CWA.
- An extension can be obtained by submitting FORM NDH-2 to the regional director within 30 of ending of the First FY.
- In case where the Nidhi Company dosen’t fulfil the compliances as stated above then it cannot accept any deposits and there will an imposition of Penalty.
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