Non Banking Financial Company

Company

A Company is the most acknowledged and accepted form of Business Structure worldwide. Not only it attracts investors but also encourages the entrepreneurs to represent their business in a form which is common and familiar to all. Further, it provides other benefits too such as that of having a perpetual succession and limited liability. Since a company has a separate legal identity from that of its promoters, it is capable of holding funds and properties and to sue and be sued in its own name. It is also eligible to borrow funds in different forms such as loans, debentures, etc.

Non Banking Financial Company

Brief Idea :

A company which has financial assets of more than 50% of its total assets and derives more than 50% of its gross income from such assets is termed as a Non-Banking Financial Companies(NBFC) and regulated by the Reserve Bank of India. It is registered under the Companies Act, 2013 and is engaged in the business of loans and advances, acquisition of shares/stock/bonds/debentures/securities issued by government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business, but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property.

Minimum Requirements :

  • Directors- 2
  • Members- 2
  • Financial Assets- More than 50% of Total Assets
  • Financial Income- More than 50% of Total Income
  • Net Owned Fund- Rupees 200 Lakhs only

Documents :

  • PAN Card of all Directors and Members (Self attested)
  • Identity Proof of all Directors and Members - Aadhar Card or DL or Voter ID or Passport (Self attested)
  • 1 Passport size photo of all Directors and Members
  • Address Proof of all Directors and Members- Bank Statement/ Electricity Bill/ Telephone Bill/ Mobile Bill (Self attested and not older than 2 months)
  • Proof of Office address (Conveyance/ Lease Deed/ Rent Agreement along with rent receipts/ Tax paid Receipt/ NOC)
  • Copy of Government issued Utility Bill of Office address (Not older than 2 months)
  • Other documents required for RBI registration are available here.

Time :

30 to 45 working days subject to ROC processing time

Procedure :

  • Name Reservation
  • Preparation of Digital Signature Certificate
  • Application for Director Identification Number (DIN)
  • Application for Incorporation
  • Application for License to Reserve Bank of India
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