NBFC REGISTRATION

NBFC Registration

NBFC is a non banking financial Corporation and as its name suggests it is a financial company performing identical functions as the bank, while it is not required to be registered under the banking act and do not have a banking license. NBFC is registered under the companies Act 2013 and in order to get the NBFC registration in India every entity is required to follow the provisions of companies Act 2013  and the RBI Act, 1934.The major functions performed by NBFC includes lending money, hire-purchase, leasing, insurance business deposits receipts, chit funds, stocks, and shares acquisition, etc. India is a vast country with second largest population in the world, thus it is not possible for the banking sector to reach each and every corner of the country, thus NBFC plays a vital role in providing financial assist to all the sections society.

What are the NBFC Registration Requirements?

Here is the list of documents required for the obtaining NBFC registration in India -

• A duly certified copy of certificate of incorporation of the company.
• Detailed report on the personals handling the management of the company.
• 21 digits alpha-numeric Corporate Identity Number of the corporation (CIN of the company).
• A copy of the PAN card.
• Duly Certified copies of the MOA (Memorandum of Association) and AOA (Articles of Association) of the corporation.
• Valid proofs comprising of the details of location or address of the Registered office.
• A proper  and complete list of all  the directors  signed by each one of them along with their CIBIL or the credit reports.
• A resolution is required to be passed confirming that ‘Fair Practices Code’ have been followed by the company and its copy if required to summitted.
• Further, a copy of the resolution affirming and declaring that the company that no NBFC is carried out presently or has never been carried out and will not carry out the same until RBI grants NBFC registration to that company.
• A proper certificate issued by the Statutory Auditor consisting of the details of the net owned funds by the corporation as on the date of the application and a declaration that the concerned corporation is not holding any public deposit and also do not accept it.
• Information dealing with the company’s future plan, normally for the next three years, together with the projection of the balance sheets, income statement, and cash flow statement.

NBFC Registration Procedure

1. To begin with, the first step in the procedure of  nbfc registration procedure is to obtain a registration under Companies Act, 2013 with the Ministry of Corporate Affairs (MCA).
2. In order to be eligible for registration as a NBFC, the company is required to have the minimum paid up capital of Rs 2 crores and the said capital should be in the form of Equity shares and not preference share capital.  Also, the banks are required to have minimum INR 2 cr deposit as fixed deposit in any bank and the same should be free from any kind of liens.
3. Further, an online form  through the official portal of the Reserve band of India known as COSMOS (Cluster of Systems of Metadata for Official Statistics) is required to be filed. Along with an online application, a physical copy of the same together with the required documents should be summitted at the regional office of RBI.
4. Once the application is successfully summitted, the applicant receives the CARN number. Further, the application summitted will then be scrutinized.
5. If the concerned official fond the documents and the application summitted to be in order the NBFC will be granted registration and  NBFC License will be issued within 90 days by the head office.
6. The status of the application made with the RBI can be checked anytime utilizing the acknowledgment number.

Cost for Obtaining NBFC Registration in India

At the outset, please note that the government fee for getting the NBFC registration in India is around 3.5 lakhs, along with the requirement of in total 2 cr Net Owned funds. Apart from the aforesaid, the corporation is also required to pay NBFC registration charges to professionals for their expert guidance regarding the NBFC registration process in India. At Regalguru, we offer best NBFC registration charges in market for the optimum quality of services in a time effective manner.

Why Should You Choose Us For Assisting You in NBFC Registration Procedure?

Due to its vast experience and expertise Regalguru has established itself as a renowned name in the field of NBFC registration services. If you wish to get your NBFC registered with no hassle and at the best prices, Regalguru is the ideal partner for you.