Nidhi Company Annual Filing

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Overview Advantages Registration Process Required documents

Nidhi Company Annual Filing

A Nidhi Company is a company registered under the Companies Act, 2013 to develop Cultivating the habit of thrift and savings amongst its members only. It is also considered as an NBFC & has been exempted from provisions of RBI Act, 1935.

Like all other business structures registered under the companies act, 2013, a Nidhi company is also required to fulfill certain compliances which are as below:

• File form NDH-1 within 90 days from the close of the first financial year after its incorporation and where applicable, the second financial year.
• File form NDH-2 in case of non-compliance with the following:
  1. 1. To ensure 200 members in a financial year.
  2. 2. To maintain the Net owned funds to deposit ratio of 1:20.
• File form NDH-3 (half-yearly return) at the end of 30th September and 31st March every time.
• Form AOC-4: Filing of Financial Statements
• Form MGT-7: Annual Return

In case of non-compliance beyond the second financial year, Nidhi Company shall not accept any further deposits from the commencement of the second financial year till it complies with the provisions contained in rule 5 sub-rule (1) of Nidhi Company Rules 2014, besides being liable for penal consequences as provided in the Act.

Advantages of Nidhi Company Annual Filing

CREDIBILITY & TRANSPARENCY Proper compliance is the obligation of every company. This regular compliance helps the company in raising its credibility. In government tenders, loans, etc., the authority or banks, etc. consider the regular compliance as criteria for ensuring the credibility & transparency of an organization.
ACTIVE STATUS As stated earlier, regular default in annual compliances results in striking down of name of the company by the registrar. So, annual compliance helps in marinating active status.
CLIENT ASSURANCE clients that the company is regularly reviewing its operation. So, they can trust the company regarding their operations.
CORRECTNESS OF DATA Annual compliance by the companies ensures that the data collected for annual compliance is correct.
AVOIDING PENALTIES Many times small businesses end up with heavy penalties as they do not comply with annual compliances. So, regular annual compliances result in avoiding heavy penalties.

Procedure of Nidhi Company Annual Filing

Documents required

1. Memorandum of Association

2. Articles of Association

3. DSC & DIN of Directors

4. Incorporation Certificate

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