Microfinance Company Registration

We have been particularly instrumental in providing Micro Finance Company to our valuable clients. Finance company can be registered via two option one is through NBFC and another through Section 8 company. Company registered under NBFC-MFI has to have the minimum net owned fund of 5 Crore, but for north-east India this amount is limited to 2 Crore only. We assure complete assistance with no extra or hidden charges and we process this registration within the promised time frame for our clients. Additionally, the depth of our offerings, affordable prices and customer satisfaction has made us the largest facilitator of Micro Finance Company registration services in India.

Documents Needed for Micro Finance Company Registration

For Directors/Shareholders

  • Aadhar Card
  • Passport Size Photo
  • Address Proof (Bank Statement, Mobile Bill, Landline Bill)
  • Copy of PAN Card

For Registered Office

  • Utility Bill (Gas bill, Electricity bill)
  • Ownership Proof (Electricity bill etc)
  • NOC(Download format)

Micro Finance Company Registration Procedure

RBI guidelines prescribed for NBFC companies must be complied during the registration process of Micro finance company. There is no need for RBI registration, minimum capital of Rs.5 crore and provisioning requirements.

  • The procedure starts with the filing for DSC, DIN and name approval. Maximum six names at a time can be filed.
  • The second step in the registration procedure is to apply for license from the government to carry out the social work in India. The e-form no.12, application and attachments must be submitted.
  • he incorporation must also be filed, together with attachments, like AOA, MOA and declarations.

Essential Requirements for Micro Finance Company

Micro Finance Institution (MFI) can be registered in two ways. It can be either forming a company and apply to RBI for approval, or register a section 8 company (earlier section 25 company) and then apply for central government licenses. The former way of micro finance company registering requires five crore net owned fund and strong profiles of promoters. The features of the latter registering procedure are as follows:

Maximum spending of Rs.50,000 for business purpose and Rs.125,000 for residential dwelling. No requirement of minimum net owned fund. Individuals involved can decide on their own. Approval from RBI is not required, as RBI has exempted Micro Finance Company from registration and several other conditions.

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