Nidhi Company Registration in Bihar involves a well-structured process to create a financial institution that encourages thrift and savings among its members. To begin, you'll need a minimum of 7 individuals who will act as shareholders. Ensure that all directors obtain Director Identification Numbers (DIN) and Digital Signature Certificates (DSCs) for electronic document signing.
Once you've assembled your team, selecting a unique name for your Nidhi Company is the next step. Verify its availability with the Ministry of Corporate Affairs (MCA), and upon approval, this name remains valid for 20 days. During this period, draft the Memorandum of Association (MOA) and Articles of Association (AOA) outlining your company's objectives and operational guidelines. Subsequently, file these documents with the Registrar of Companies (ROC).
To meet regulatory requirements, your Nidhi Company must maintain a minimum paid-up equity share capital of Rs.20 lakhs and establish a registered office within Bihar. When forming a board of directors, appoint at least three members, with at least one-third being women directors. Compliance with the Nidhi Company Rules, 2014, is paramount, with the primary goal of cultivating thrift and savings habits among your members. Following successful scrutiny of your documents and adherence to regulations, the ROC will issue a Certificate of Incorporation, allowing you to commence operations within one year. Regularly filing annual returns and financial statements ensures continued compliance. Nidhi Companies focus on accepting deposits from members and providing loans to members, with restrictions on engaging in other business activities. For Nidhi Bank Registration Process Bihar Seeking professional guidance or legal counsel is advisable for a smooth registration process, and it's crucial to stay updated with the latest guidelines from the relevant authorities when embarking on Nidhi Company registration in Bihar.