NBFC – Peer to Peer (NBFC- P2P)

Non-Banking Peer to Peer is a sub section falls under NBFC, where NBFC-P2P works as a mediator to match right lender to right borrower who indeed, serves as a loan facilitator via online medium or otherwise. NBFC- P2P has similar functionality as NBFC who’s allowed to carry out banking features and actions such as business of finance leasing, acquisition of shares, loans and advances, hire-purchase, chit fund, etcetera.

Note: P2P mostly initialize using technology or e-platforms so along with finance knowledge technological is also necessary for at least one director.

I would like to discuss:

ELIGIBILITY CIRTERIA:

  1. A certificate of company incorporation.
  2. At least one of the directors should be from the same background.
  3. At least one of the directors should have technical as well as technological knowledge.
  4. Minimum Net Owned Funds of the Company should be Rs. 2 crore or more. 
  5. You must have certificate of registration under The Companies Act, 2013 or The Companies Act, 1956.
  6. CIBIL score of all the directors should be more than 700. 

Hey!! Hold on, here are some other service details from our menu. You can sneak into them; it might be helpful for you!

Company Registration  MSME Registration
NGO Registration GST Registration
Limited Liability Partnership Registration One Person Company Registration 

SCOPE OF ACTIVITIES IN NBFC-P2P

  1. NBFC-P2P cannot raise deposits as defined by or under Section 45I(bb) of the Act or the Companies Act, 2013;
  2. It acts as an intermediary who provide platforms via online or otherwise for participants involved in P2P lending;
  3. P2P or NBFC individually Shall not lend on its own;
  4. It can’t provide credit enhancement facility or credit guarantee;
  5. NBFC-P2P can’t deal with cross selling of any products other than loan specific insurance product;
  6. Doesn’t have authority to permit international flow of fund;
  7. NFC-P2P must ensure the legal requirement to the participants.
  8. P2P shall store and process all data relating to its activities and participants on hardware located within India.

BENEFITS OF P2P

DOCUMENTS REQUIRED:

Following documents are required for the registration process:

  1. A certificate of company incorporation.
  2. Details of bank account with minimum paid-up equity share capital of INR 2 Crore
  3. Evident document to confirm location of the company.
  4. Memorandum of Association (MoA) and Articles of Association (AoA) of company.
  5. A copy of PAN and CIN of the company.
  6. Signed profile of directors involved.
  7. Documents affiliated with the administration and management of the company.
  8. Duly audited financial accounts of the company for last three consecutive years.
  9. Board Resolution in favor of NBFC registration
  10. A documentary, briefly stating activities and work in action during the last three years.
  11. And other documents if required.

ENROLLMENT PROCESS THROUGH SMARTBIZGURU:

Firstly, we will need to coordinate for required documents and then start the below mentioned steps.

Following are some compliance laid down by RBI.

  • Submission of Income Tax Returns, 
  • ROC Returns, 
  • Statutory Audit, 
  • Tax Audit, 
  • And various NBS returns for Deposit accepting and non-deposit accepting companies are some of the most important statutory compliances.

Smartbizguru also helps in posting compliance of the Company like appointing a Auditor, Preparing Finance of the Company, Filing of GST Returns and Other Returns to Government Authority, Registrar of Company (ROC) Compliances, and Consultation on Digital Market solutions.

You’re just one step away from enjoying all of these services from the comfort of your home!

Ping us soon!

Message Us on WhatsApp