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Non-Banking Financial Corporation [NBFC] Company
Non-Banking Financial Company (NBFC) is a financial institution that does not have banking license but is allowed to offer financial products and services to customers. NBFC is primarily concerned with the business of loans and advances, acquisition of shares, finance leasing, hire-purchase, chit fund, etc. It is important to note that an NBFC is different from bank in ways like an NBFC cannot accept savings and current account deposits, cannot issue cheques drawn on itself and its depositors do not get a deposit insurance and credit guarantee coverage.
NBFCs are known to provide quick loans to the individuals as well as the corporates in contrast to the other banks which is the major reason for their popularity over the Traditional Banks. The NBFC Registration comes under the Companies Act, 2013 and the RBI Act 1934. In India, The Reserve Bank of India is the supreme regulator of the NBFCs.
ComplianceIndia can be your legal and professional partner in India to get you registered your NBFC Company quickly and cost-effectively.
Advantages of NBFC Company
NBFC can provide loans and credit facilities
NBFC can trade in money market instruments
They can do wealth management such as managing portfolios of stocks and shares
They can underwrite stock and shares and other obligations
NBFCs are the last resorts of borrowing; NBFCs are there where banks are not there.
NBFCs contribute largely to the economy by lending to infrastructure projects, which are very important to a developing country like India.
Eligibility to form a NBFC Company
i) Registration: It should be a company registered under Section 3 of the Companies Act, 2013 or Companies Act, 1956
ii) Net Owned Funds: It should have a minimum net owned fund of Rs. 2 crore. It must comprise of only equity paid-up share capital. Preference share capital is not to be included. The premium on shares & reserves, if any, shall be included. But it should not be a borrowed fund. Though, gifts from the spouse can be included in the NOF. The minimum NOF requirement differs for specialized NBFCs (NBFC-MFIs, NBFC Factors, and CICs)
iii) Directors Qualification: At least 1/3rd of the Directors must hold a minimum 10-year experience in finance. And he/she must be employed as a full-time Director.
iv) Unique Business Plan: A business plan must be detailed and ready for operations for the next 5-years.
v) Credit History: The CIBIL score of the “company, it’s Directors, and it’s members” must be good. They must not have any write-offs or default on the repayment of loans to an NBFC/ Bank.
vi) FDI Compliance: If any foreign investment is anticipated, the company should be in compliance.
How we Work?
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Packages
Consultation Charges
Nil
Complete assistance by Experts or Professionals indicating Process, Documents required, Benefits, Tax compliance, Legal Compliance, etc.
Start-up Plan
Rs. 2999/- only
- – Registration of your NBFC Company with MCA
- – Company MOA and AOA
- – Allotment of DIN of all Directors
- – PAN and TAN Registration
- – Expert advice from Experts/ Legal Professionals
Basic Plan
Rs. 9,999/- only
- – Registration of your NBFC Company with MCA
- – Company MOA and AOA
- – Allotment of DIN of all Directors
- – PAN and TAN Registration
- – GST Registration
- – Board Minutes of First year on Incorporation
- – Legal Drafting of consent letter and Appointment of First Auditor
- – Expert advice from Experts/ Legal Professionals
Advance Plan
Rs. 14,999/- only
- – Registration of your NBFC Company with MCA
- – Company MOA and AOA
- – Allotment of DIN of all Directors
- – PAN and TAN Registration
- – GST Registration
- – Current Account Opening in your nearest Branch
- – Board Minutes of First year on Incorporation
- – Legal Drafting of documents
- – Appointment of First Auditor
- – MCA Annual Filing of Form AOC-4/ AOC-4 XBRL and MGT-7
- – DIR-3 KYC filing
- – Expert advice from Experts/ Legal Professionals
Ultimate Plan
Rs. 29,999/- only
- – Registration of your NBFC Company with MCA
- – Trademark Application
- – Company MOA and AOA
- – Allotment of DIN of all Directors
- – PAN and TAN Registration
- – GST Registration
- – Current Account Opening in your nearest Branch
- – Board Minutes of First year on Incorporation
- – Legal Drafting of documents
- – Appointment of First Auditor
- – MCA Annual Filing of Form AOC-4/ AOC-4 XBRL and MGT-7
- – DIR-3 KYC filing
- – Income Tax Return filing of Company and its Directors
- – Financial Statements preparation
- – GST Return filing for 6 months
- – Expert advice from Experts/ Legal Professionals
Documents required for NBFC Company Registration
Comparison Between NBFC Company and Bank
Non-Banking Financial Corporation [NBFC] Company | Bank |
NBFC’s cannot deposit demand deposit | A Bank can deposit demand deposit |
NBFC’s cannot issue drawn a cheque in itself | A Bank can issue drawn a cheque in itself |
Deposits done with NBFCs are not insured by Deposit Insurance and Credit Guarantee Corporation. | Deposits done in Banks are insured by Deposit Insurance and Credit Guarantee Corporation |
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Procedure for Incorporating a NBFC Company
1. Incorporation as Company
2. Net owned capital fund
3. CIBIL record
4. Capital compliances and FEMA Rules
5. Submission of Detailed Application Form
6. Submission of Documents
7. Company Application Reference Number
8. Submit hard copy of all documents
9. RBI checks the application in detail
10. Generation of License
Frequently Asked Questions
1. What is Non-Banking Financial Company (NBFC)?
NBFC is a Non-Banking Financial Company which the principal business of which is:
– lending money or
– investing in shares/stocks/bonds/debentures or
– leasing hire purchase, or
– doing insurance business, chit business or
– Receiving deposits under any scheme or arrangement.
Note: NBFC is regulated by Reserve Bank of India.
OUR SERVICES
Private Limited Company Incorporation
₹2,999/-
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₹2,999/-
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₹2,999/-
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Get Started NowIndian Subsidiary Company Registration
₹9,999/-
Looking to Start a Subsidiary Co. in India? Contact us for complete solutions to your needs…
Get Started NowTrademark Registration
₹4,999/-
Complete Solutions for Trademark Registration, Opposition, Reply, Renewal etc…
Get Started NowGST Registration
₹999/-
Complete Solutions for GST Registration, Modification, Queries for all GST matters…
Get Started NowGST Return Filing
₹499/-
ST Return Filing Solutions, NIL GST Return Filing, GST LUT Filing, GST E-Way Bill, Reply to GST Notice…
Get Started NowAccounting and Tax Services
₹499/-
Complete Solutions for Tax, Payroll, TDS, Income Tax for Individual and Company etc…
Get Started NowPrivate Limited Annual Compliances
₹2,999/-
Solutions for all yearly and event based compliance requirements related to your Company and Directors...
Get Started NowOne Person Company Annual Compliances
₹2,999/-
Solutions for all yearly and event based compliance requirements related to your Company and Director...
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₹2,999/-
Solutions for all yearly and event based compliance requirements related to your LLP and Partners...
Get Started NowXBRL Conversion and Filing Services
₹5,000/-
Get your XBRL financials ready for filing with MCA, BSE, NSE etc...
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