Microfinance Company Registration | Benefits | Procedure - Complete information in Hindi- Enterslice

Описание: The Microfinance Company is the financial institution that gives small-scale financial services in the form of loans, credit, or savings to low-income group individuals. These companies provide credit facilities to SME (small and medium enterprise) and other forms of organisations which find it hard and difficult to secure loan facilities from large financial institutions and banks.

A #microfinanceCcompanyRegistration can happen in the following two ways:

1. Non-Banking Finance Companies (#NBFC) duly registered with #RBI
2. Section 8 companies (companies formed under Section 8 of the Companies Act 2013)

Benefits of Microfinance Company Registration

• helps in promoting self-sufficiency and business start-ups
• No minimum capital of 5 Cr
• No RBI approval in case the registration is done under section 8 company act
• The easiest way to start a finance business
• It can charge up to a 26% rate of interest
• Promoting socio-economic growth

A microfinance company registration can happen in the following two ways:

Non-Banking Finance Companies (NBFC) duly registered with RBI
Section 8 companies (companies formed under Section 8 of the Companies Act 2013)

Microfinance Company Registration Procedure through Section 8 Company

• First step is name search and availability check
• Apply for #DSC digital signature certificate for directors and shareholders
• Fill the spice+ form with #MCA
• The company must draft the #MOA and #AOA and file it along with necessary documents.
• File all relevant documents:. The primary basic documents required for registering a company under both the models are:
• PAN Card copy of all directors/promoters
• - Documents for identity proof
• - Documents for address proof
• - Photograph of all directors/promoters
• - Proof of ownership of registered office or rental agreement for the same
• - NOC from the owner
• - Applicable stamp duty as mandated by the state
• - Any other documents as required
• Obtain the Certificate of incorporation
• Open a bank account
• Once the company is incorporated you can start your business as a microfinance

Microfinance Company Registration as an NBFC
• The company should be registered under companies Act
• Name search and Availability check
• DSC digital signature certificate for promoters
• The applicant has to click on SPICE+ form with MCA
• Obtain the Certificate of incorporation
• Open a bank account
• Collects documents to file with RBI

1. COI, MOA, AOA
2. Copy of FD receipt
3. Banker’s Report
4. Board resolution of carrying MFI activities
5. Auditor’s report
6. Business plan
7. KYC of directors and shareholders
8. Director’s profile
9. Registered office proof
10. Net worth certificate
• In the next step, the applicant has to make an online registration with the RBI for Microfinance company registration. With this the applicant would receive a ‘Company Application Reference Number’.
• After this process, the applicant has to submit hard copies with the respective regional office of the RBI. The RBI would carry out scrutiny and respective due diligence to confirm with the requirements. And issue COR

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