nidhi company registration fees
All You Need to Know About Nidhi Company Registration Fees in India
Introduction
The concept of Nidhi companies, also known as mutual benefit societies, has gained significant popularity in India over the years. Nidhi companies are non-banking financial institutions (NBFCs) that operate on the principle of mutual benefits among its members. These organizations provide a platform for individuals to pool their financial resources and assist each other in meeting their socio-economic needs. If you are considering starting a Nidhi company in India, it is essential to understand the associated registration fees and the process involved. This article aims to provide a comprehensive guide to Nidhi company registration fees in India.
Eligibility Criteria
Before diving into the registration fees, it is important to understand the eligibility criteria for starting a Nidhi company in India. According to the Companies Act, 2013, the following conditions must be met:
1. Minimum members: A Nidhi company must have a minimum of 200 members within one year of incorporation.
2. Capital requirement: The minimum capital requirement for a Nidhi company is Rs. 10 lakhs.
3. Name: The name of the company should end with Nidhi Limited.
4. Objective: The primary objective of a Nidhi company should be cultivating the habit of thrift and savings among its members.
Registration Process
The registration process for a Nidhi company involves several steps, and each step incurs specific fees. Let’s dive into each of them:
1. Digital Signature Certificate (DSC): Obtaining a DSC for all the proposed directors is the first step in the registration process. The approximate cost of obtaining a DSC ranges from Rs. 500 to Rs. 3000 per director, depending on the service provider.
2. Director Identification Number (DIN): Each director of the Nidhi company must obtain a DIN. The application for DIN can be filed online with the Ministry of Corporate Affairs (MCA) by paying a fee of Rs. 500 per DIN.
3. Name Approval: After obtaining the DSC and DIN, it is essential to secure the company’s name approval. The fee for reserving a name for a Nidhi company is Rs. 1,000. It is advisable to propose multiple names to secure higher chances of approval.
4. Incorporation Fee: The incorporation fee is based on the authorized share capital of the Nidhi company. The fee structure is as follows:
– Up to Rs. 1 lakh: Rs. 2,000
– Above Rs. 1 lakh up to Rs. 5 lakhs: Rs. 5,000
– Above Rs. 5 lakhs up to Rs. 10 lakhs: Rs. 10,000
Annual Compliance Fees
Apart from the registration fees, Nidhi companies are required to comply with annual filing obligations. These obligations involve certain costs, such as:
1. Financial Statement Filing: Nidhi companies must file their financial statements and annual returns with the Registrar of Companies (ROC) within 60 days and 30 days, respectively, from the conclusion of the financial year. The approximate cost for such filing ranges from Rs. 3,000 to Rs. 5,000.
2. Audit Fees: Conducting an annual audit is mandatory for Nidhi companies. The audit fee depends on the level and complexity of the company’s operations and financial transactions. It can range between Rs. 5,000 to Rs. 20,000.
3. Statutory Compliance: Nidhi companies must comply with various regulatory filings throughout the year. These include filing of income tax returns, TDS returns, GST returns (if applicable), and other regulatory requirements. The approximate cost for annual statutory compliance can vary based on the company’s operations and requirements.
Conclusion
Starting a Nidhi company in India can be a rewarding venture for those looking to promote the culture of savings and mutual financial assistance. However, it is crucial to understand the registration fees associated with the process. From obtaining DSC and DIN to the incorporation fee and annual compliance fees, each step incurs a specific cost.
While the article provides an overview of the registration fees for a Nidhi company, it is advisable to consult a professional or Company Secretary for accurate and up-to-date information regarding the current fees and process. Nidhi companies play a significant role in empowering individuals and fostering a sense of financial security within Indian society.,
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nidhi company registration fees
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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