Nidhi Company is a company registered under Companies Act and notified as a Nidhi company by Central Government under Section 620A of Companies Act, 1956. It is a non-banking finance company doing the business of lending and borrowing with its members or shareholders.They are created mainly for cultivating the habit of thrift and savings amongst its members.
It is very easy to register this type of business as very few documents are needed. The required documents include:
Registration of Nidhi Company takes the shortest time and can be completed within a min. of 7-10 working days. Despite registration taking the shortest time possible, this solely depends on government procedures and approvals during the time of your registration.
The Government’s registration fee starts at Rs.1900 while professional fees start at Rs.15000 and the variance would depend based on the type of business, number of employees and location of the business and even the requirements to be met while registering your particular business.
Rajesh M & Company is a Hyderabad-based chartered accountants’ firm providing auditing, accounting, taxation and other financial services.
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