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The timeframe for filing Annual Compliance for Nidhi Company is as given below:
Preparation of compliance documents
Filing forms (NDH-1, NDH-3, AOC-4, MGT-7) before the ROC
Filing of Annual Returns with ROC
Annual Compliance for Nidhi Company is a mandatory requirement under the Companies Act, 2013, to ensure smooth operations and avoid legal penalties. A Nidhi Company is a type of Non-Banking Financial Institution (NBFC) that does not require approval from the Reserve Bank of India. It is established under Section 406 of the Companies Act, 2013, with the primary objective of mutual benefit among its members. It accepts deposits from its members and provides them with loans for various purposes.
The compliance requirements for Nidhi Companies are outlined in the Nidhi Rules, 2014, and the Companies Act, 2013. Failing to meet these obligations can result in legal consequences. To ensure seamless Annual Compliance for Nidhi Company, businesses can rely on Corpfilings experts, who specialize in managing compliance efficiently.
The list of classifications of annual compliances of a Nidhi company are as follows-
Well, this is stage that every applicant for incorporating a Nidhi company must comply such as a minimum seven members is must, minimum paid up share capital must be Rs. 10 lakhs, etc.
The post incorporation compliances include general and annual compliances of a Nidhi company. This include that the number of members should increase to at least two hundred within one year of incorporation, Form NDH-1 (return of statutory compliance) needs to be file by a Nidhi company within ninety days from the close of the financial year along with fees. Overall, this is a annual compliance on first year on Nidhi company.
Event based compliances are those type of compliances that shall be followed whenever there is any change in the structure of the Nidhi company which is non-periodical such as change in the name of the company, change in the registered office address, transfer of shares etc.
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The list of benefits of Nidhi Company annual compliance is as follows:
Timely Nidhi Company Annual Compliance helps maintain its credibility and ensures compliance with the Companies Act, 2013, and Nidhi Rules. Meeting these requirements prevents legal penalties, avoids legal actions, and reduces the risk of company closure.
Annual compliance activities of a Nidhi Company, such as filing financial statements and updating regulatory records, help promote transparency and accountability. This, in turn, builds trust among members and stakeholders, contributing to a strong and positive reputation.
By adhering to Annual Compliance for Nidhi Company, businesses can avoid disruptions and ensure smooth operations. This not only maintains regulatory compliance but also contributes to the long-term stability and sustainability of the company.
Nidhi Company Annual Compliance provides a clear overview of the company's performance and financial status over a specific period.
Nidhi companies are not regulated under RBI (Reserve Bank of India); instead, they are regulated by the Ministry of Corporate Affairs (MCA).
Pre-incorporation compliances of Nidhi company is a vital compliance that every Nidhi company before obtaining a registration must fulfilled. Here given below are the list of pre-incorporation compliances of Nidhi company:
The Nidhi Company annual compliance as a part of post incorporation of the company also includes general compliance. Such general compliance is as given below:
The list of annual compliance for Nidhi Company is as mentioned below:
| Form No | Compliance | Due Date | Authority to be filed |
|---|---|---|---|
| Form NDH-1 (return of statutory compliance) | This form contains details of members, deposits, loans, and reserves for the financial year. Form GNL-2 is used to submit documents to the Registrar. | It is to be filed within ninety days from the end of the financial year, along with the prescribed fees | Registrar of Companies (ROC) |
| Form NDH-2 (Application for Extension of Time) | Filed if a Nidhi Company fails to meet the requirement of 200 members within one year of incorporation or does not maintain the net owned fund to deposit ratio of 1:20. | Must be filed within thirty days from the closure of the financial year along with the prescribed fees. | Regional Director |
| Form NDH-3 | This form is a half-yearly return. | Should be filed within thirty days from the conclusion of half a year. | Registrar of Companies (ROC) |
| Form NDH-4 | This form is to be filed for declaring a Nidhi Company. | Should be filed within one hundred twenty days of company incorporation | Central Government |
| Form AOC-4 | Used to file financial statements and supporting documents with the Registrar. | To be filed within thirty days of the annual general meeting | Registrar of Companies (ROC) |
| ITR-6 | This form is for Income Tax Return | Should be filed by 30th September | Income Tax Department |
| Form MGT-7 | Used for filing annual return | Should be filed within sixty days of the Annual General Meeting | Registrar of Companies (ROC) |
| DIR-3 KYC | Used for filing Director KYC | Should be filed by 30th September of each year | Registrar of Companies (ROC) |
| DPT-3 | Used for filing return of deposits | Should be filed by 30th June of each year | Registrar of Companies (ROC) |
| MBP-1 | Disclosure of Interest by the Director | To be filed in the first board meeting of each financial year | Registrar of Companies (ROC) |
| DIR-8 | Disclosure of non-disqualification by the director | To be filed in the first board meeting of each financial year | Registrar of Companies (ROC) |
| ADT-1 | Reappointment or casual vacancy of Auditor | To be filed within fifteen days from the AGM or EGM | Registrar of Companies (ROC) |
| IEPF-2 | Filing statements of unpaid and unclaimed amounts | To be filed within sixty days of the AGM or the due date of AGM, whichever is earlier | Registrar of Companies (ROC) |
| BEN-2 | Disclosure of Significant Beneficial Owner | Within thirty days from receipt of BEN-1 from the shareholder | Registrar of Companies (ROC) |
| MSME-1 | Pending payment to MSME vendors | Filed twice in a year: 30th April and 31st October | Registrar of Companies (ROC) |
The list of other annual compliance for Nidhi Company is as follows:
The list of consequences of non-compliance by the Nidhi company annual compliance are as follows:
Stay compliant effortlessly with Corpfilings' expert services for Nidhi Company Annual Compliance. Our professionals handle filings, documentation, and regulatory requirements with accuracy and efficiency.
The list of new compliance for Nidhi companies is as follows:
A Nidhi Company must comply with annual requirements, including increasing its membership to at least 200 within one year of incorporation. Additionally, it must maintain a minimum net owned fund of ₹20 lakhs, and the ratio of net owned funds to deposits should not exceed 1:20.
The key requirements for a Nidhi Company include having at least seven members at the time of incorporation, with a minimum of three directors. The company must be registered as a public company. Additionally, minors, corporate bodies, and trusts are not eligible to become members of a Nidhi Company.
Nidhi company is a type of non-banking financial company (NBFC) and they are primarily regulated by the Ministry of Corporate Affairs (MCA) and not directly by the RBI (Reserve Bank of India).
The checklist to register Nidhi Company in India is as follows:
The limitations of a Nidhi Company include restrictions on its business activities. It can only engage in lending and borrowing with its members, as per the Nidhi Company Loan Rules, 2014. Additionally, it cannot enter into partnerships for lending and borrowing activities, nor can it advertise or invite deposits from the public.
Nidhi company is a type of mutual benefit financial company regulated by the Ministry of Corporate Affairs (MCA) specially under the Section 406 of the Companies Act, 2013 and Nidhi Companies rules of 2014.
A Nidhi Company is a type of Non-Banking Financial Company (NBFC) that focuses on lending money and accepting deposits exclusively from its members. In contrast, a Chit Fund operates like a committee, where members contribute payments in instalments over a fixed period and receive a lump sum at different intervals.
The main objective of Nidhi company is to facilitate the acceptance of deposits and lending funds to their members thus overall encouraging or fostering a culture of thrift and savings within their communities.
Yes, Nidhi company is a type of NBFC (Non-Banking Financial Company).
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