Non Banking Finance Company (NBFC)

Non-Banking Finance Company (NBFC) falls under the Companies Act, 1956 and it can be registered under the Companies Act, 2013 or the Companies Act, 1956 which provides a stage where you are allowed to perform banking duties such as offering financial products services to customers without asking for a banking license.  NBFC deals with the business of finance leasing, acquisition of shares, loans and advances, hire-purchase, chit fund, etcetera.  Unlike banks, NBFC is restricted to accept savings and current account deposits, cannot issue cheques drawn on itself and its depositors are not allowed for any deposit insurance and credit guarantee coverage.

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Eligibility criteria for NBFC are:

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

Good News for you guys! SmartBizGuru is an expert who won’t just guide you through the registration process but make it happen for you. Here are some other services from our menu.

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

BENEFITS:

  1. Easy registration process unlike bank.
  2. Funding private education.
  3. Support investment in property.
  4. Provide loans and credit facility.
  5. NBFC can trade in money market instruments.
  6. NBFC can underwrite stock, shares and other obligations.
  7. NBFC functions in speed as compare to banks.
  8. Combination of partnership and database which helps in minimizing risk and also helps in increasing penetration of financial inclusion.
  9. NBFC has its own benefits by choosing digitization and technological advancement.

SCOPE ACQUIRED THROUGH SMARTBIZGURU:

  • Preparation of Application and the entire set of annexure as desired to be annexed as per RBI specification.
  • Filing the application with RBI
  • Reply to the resubmissions
  • Liasoning with the RBI up to the stage of Receipt of License with the RBI.

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!

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