Are you in search of someone who could help you register a NBFC? Then, here are We, EAdvisors to help you. Pay the minimum required amount as per the requirement and the remaining you can pay later after successful completion of NBFC Registration.
What you get?
- Company Registration
- Full time support
- Drafting of application
- Providing assistance
- Regular follow-up
- Commitment to work
NBFC Registration in India
Get NBFC registered with EAdvisors professionals
Provide your exact requirement to the expert provided to you for registration process.
Discussion with Expert
EAdvisors expert will contact you to discuss about registration process, documents required and resolve your queries.
Drafting of Application
Drafting of different applications and documents are done by the experts for proper filing with the department concerned.
Issuance of Certificate
Concerned authorisation will issue certificate of incorporation for NBFC when all the compliances are in order.
NBFC (Non-Banking Financial Company) is somewhat similar to Banks. These companies are demanded to follow the rules and regulations of RBI i.e. Reserve Bank of India as stated in Chapter III B of The RBI Act, 1934. Just like Banks, NBFCs also deal in financial activities such as secured & unsecured loans, marketplace lending, investments or information service provider etc.
“To raise capital from the public depositors and investors and further lend to the borrowers” is the principal business activity of a Non-Banking Financial Company.
You must be having some doubt regarding the difference between banks and NBFCs. Then, let me guide you about the main differences between these two similar terms. Sounded similarly but, defined differently.
The main difference exists between two is, NBFC are not allowed to issue self-drawn cheques and the demand drafts. Whereas, the banks can freely do so and they are allowed.
Another difference is that, Banks are allowed to take part in the country’s payment mechanism while NBFC cannot do so.
Furthermore, NBFCs are not required to maintain the reserve ratios, but banks are mandatorily required to maintain reserve ratios.
Therefore, NBFCs are companies not holding banking license but are allowed by the RBI to conduct financial services. On the other hand, banks are the government authorised financial institutions providing all types of financial services to the people in public.
So, I hope now everything is crystal clear. So, continuing reading to gain knowledge of NBFC Registration.
Non-Banking Financial Company i.e. (NBFC) is a company that is required to be registered under the Companies Act 1956. However, the approval for rending financial services is granted by the RBI i.e. the Reserve Bank of India.
Non-Banking Financial Company (NBFCs) are classified into two steams. One is on the basis of liabilities and the other is on the basis of activities. Let us get into detail of both the streams.
First, types of NBFCs differentiated on the basis of liabilities. Deposits taking NBFCs and non-deposits taking NBFCs. The non-deposit taking NBFCs are further classified into-
- Systematically important NBFCs
Second stream is on the basis of activities. NBFCs differentiated on the basis of activities are:-
- Investment and Credit Company
- Mortgage Guarantee Company
- Infrastructure Finance Company
- Non-Operative Financial Holding Company (NOFHC)
- Micro Finance Company
- NBFCs Factors (
- Infrastructure debt fund NBFC (facilitates the flow of long-term debt into infrastructure projects)
- NBFC Account Aggregator (provide financial information and maintain the record in a set form)
- NBFCs P2P
HFCs (Housing Finance Companies having principal business of financing acquisition or construction of houses)
The essential and basic documents that are required for NBFC Registration are as followed:-
- Certified copy of Certificate of Incorporation (COI), MOA & AOA from the office of Regional registrar of companies
- Updated KYC along with income proof of Directors and Shareholders
- Obtain latest net worth certificate of Directors, Shareholders, and Company
- Banker report showing no issue on the primary fixed deposit of Rs 2 Crore
- Proof of educational or professional qualification of the directors
- Up-to-date credit reports of directors and shareholders
- Minimum one Director’s profile with more than 10 years of experience in the financial services sector
- Detail action plan about the fair practice code, loan products, risk assessment policy and credit
- Need to mention structure of organizations and decision-making procedure for approval or rejection of a loan application
- Information technology policy
To convert or to incorporate a NBFC, there are some of the conditions which must be followed in order to get NBFC Registration done. The conditions are: –
- To begin with, the financial institution must be established as a private or public limited company under the Companies Act 1956/2013
- In addition, there must be minimum of 1/3 of the Directors having an experience of 10 years in finance and be designated as full time Director
- Furthermore, the company wishing to register as a NBFC must have a pre-decided detailed business plan of future 5 years.
- It is necessary to have a net owned fund of Rs. 2 Crores of the company
- The CIBIL score of the company including the existing directors and members should be in good position having no default in paying loans
- The object clause of the MOA of the company as specified must be satisfied with the detailed business plan constructed
- The company must be registered under Section 3 of the Companies Act 1956
Where the business entity does not have a certificate of registration, fine of not less than 1 Lakh rupees shall but charged which can be extended up to Rs. 5 Lakh or twice the amount and imprisonment for a term of which shall not be less than one year but can be extended to 5 years.
Therefore, it is necessary to adhere to all the rules and regulation stated by RBI i.e. Reserve Bank of India.
- All the NBFCs are eligible to accept or renew the public deposits for the minimum duration of 12 months and maximum duration of 60 months. However, accepting deposits that are repayable on demand are not allowed.
- Necessary and mandatory disclosures are required to be made regarding the company when filing the application form issued by the company soliciting deposits.
- The Reserve Bank of India (RBI) has set a ceiling of interest rate which is 12.5 per cent per annum. That means NBFCs are not allowed to offer interest rate higher than the ceiling interest rate.
- NBFCs cannot provide gifts/incentives or any additional benefit to the depositor
- NBFCs must have a minimum investment grade credit rating
- Depositors with NBFCs are not insured
- Repayment of deposits by NBFCs is not guaranteed by RBI
Step by Step Registration Process
Collection of documents
The first step includes collecting necessary documents from the client who wish to get NBFC Registration done.
Incorporation of Company
The second step is to incorporate a company in accordance with the provision of the Companies Act, 2013. For NBFC Registration, it is important to make an arrangement of Rs. 2 Cr. for the minimum capital requirement.
Creating a Fixed Deposit (FD)
Creating a fixed deposit with any Nationalised Bank is the third step under the NBFC Registration process.
Submission with RBI
The FD Receipt and some other necessary documents are submitted with RBI in the fourth step of NBFC Registration.
Filing NBFC Registration Application
The fifth yet the important step includes filing of application form on the online portal. For future reference, Application Reference Number (ARN) shall be noted down.
Grant of NBFC License
After proper verification and checking, the authorization shall grant the NBFC License to the company.
Full Time Support
We at EAdvisors want client satisfaction first and that’s why we provide full time support to our valuable customers.
Drafting of Application
NBFC Registration package includes drafting of NBFC registration application as well.
To help our clients in every step, we are there to help and that too without any additional charges.
Regular follow up
From starting with the process to the end of the process, we will be informing you the status for your convenience.
Commitment to work
What we say, we prove it. Therefore, we provide quality services to our precious clients.
What you get in this package?
We are offering you ultimate package of registration of
EAdvisors Nidhi Company Registration package provides you with full time support, drafting of application, providing assistance, regular follow up, commitment to work.
Quality Efficient Services
We at EAdvisors are here with our professional services and experts to serve you. We have successfully satisfied our clients with their requirements since a long time and will continue it all time. EAdvisors has 99 % of customer retention ratio.
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To provide constant support to our customers, we are available on WhatsApp as well as on Email. For consulting us directly you may call or WhatsApp us at: +91 991 0000 833 To resolve your complicated query, contact us through Email Id :email@example.com
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Dedicated Professional guidance
Professional experts of company registration are here at your service to assist you in incorporating companies. For making it hassle free procedure we will be assisting you a professional who will be there throughout your company registration. Your work is our duty and in the hands of our experts.
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Our work is to provide with best of services and that too with transparency. We aim to make clients that goes long with us and stay satisfied with our variety of services. No hidden charges exist and everything will be informed to you well in advance.
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With guaranteed 10-12 days registration, we provide our clients with issuance of Certificate by ROC. Considering one day when documents will be received by us from our clients, then other two days for name approval procedure that is considered by ROC and another day for filing application for Incorporation of Company. On 10th day as we commit, will provide you with certificate of incorporation,
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We have achieved alot in past years and aiming to increase it in future as well and that became possible because of our motto to keep our clients information secure with us. Stay confident while dealing with EAdvisors, your every single information will stay private with us. Explore Landing
EAdvisors offers you various benefits
No Hidden Fees
EAdvisors is a well-known company, popular for its quality work and therefore no hidden or extra is charged by our clients.
Fast and Easy
By just sharing your documents with us on WhatsApp or email, you will get your dream company ready within 10 days only.
You will be given a Unique Order No. for you to track the status of company registration process. We offer this unique tracking method to given them a sense satisfaction that their work is our utmost priority.
Once the registration process gets started and payment is also made, it is our duty and responsibility to keep your payment secure and in return registering your company.
Use Local Currency
Being a company established in India, we will be accepting the payment in Indian Currency through any of the online mode of transfer.
Intelligent Working method
As the world is also getting advance within time, we have also established online way of accepting documents and creating your company.
Frequent Asked Questions
NBFC stands for Non-Banking Financial Company, that deals in financial services without holding any of the required banking license. NBFC are such companies which are given the authority to be involved in financial activities under Section 45-IA of the RBI Act.
Yes, a NBFC must be registered under the Companies Act 2013 or should already be incorporated a s a private limited or public limited company to be eligible to become a NBFC.
Approximately of Rs. 3,50,000 is charged as a government fees for registering a NBFC having minimum net owned fund of Rs. 2 crores.
EAdvisors has served many business houses and individuals from India as well from outside India. Why don’t you try our services and become part of best online business consultancy portal?
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