Panomics Legal Mentors Company
Panomics Legal Mentors Company is ideal for entrepreneurs to encourage savings among its members.
In these companies are incorporated under section 406 of Companies Act, 2013 and are a mutual benefit organization formed to encourage savings among its members. In this company is an NBFC (Non-Banking Financial Company) but with the advantage that no license is required from RBI for its operations. The scope of operations of a Nidhi company is that its members and the company cannot have dealings with anyone who is not its member. This company is registered as a Public Limited company and is used to take deposits from its members and provide loans to them. It is important that this company gathers 200 members within one year of incorporation, and in case it is unable to do so, it must apply for permission for time limit extension.
Panomics Legal Mentors is the best business and legal services platform in Nidhi Company registration in India, offering a variety of company registration services like Private Limited Company registration, Limited Liability Partnership, One Person Company, Public Limited Company registration, Section 8 Company registration, Producer Company registration, and Indian Subsidiary registration and FSSAI registration.
Panomics Legal Mentors will help you to register a Panomics Legal Mentors from the comfort of your home, offering you services that are very technical and as per individual needs.
Get a free consultation for Panomics Legal Mentors registration with Our Top Rated Experts with simple Registration.
Advantages of Panomics Legal Mentors Company
- Separate Legal Entity — This company is a distinct entity from its directors and a separate juristic person as per Companies Act, 2013. This provides the company with many rights such as opening a bank account under its name, obtain licenses, hire employees, and enter into contracts and so on.
- Perpetual Existence — This company continues to exist till it is legally dissolved by its directors. Death or departure of its directors for any reason has no effect on the company’s existence and the company continues to an exit even when there is a change in ownership.
- Property Ownership — This company is a juristic person; it can own and sell the property under its name. As long as the company is a running concern, the property owned under the company name cannot be claimed by any of the members.
- Lower Borrowing rates – The rates of a loan offered by this company is at lower rates compared to what is offered by the banks. This makes a Nidhi company an attractive proposition for its constituent members to borrow funds.
- Encourages savings – The purpose of incorporation of this company is to encourage savings amongst its constituent members, thus enabling members to lend and borrow money amongst each other in times of need in an effective manner.
- Lesser complications – Since the lending and borrowing of funds in this company is only to its members, the process is less complicated compared to what is followed for borrowing from banks.
Documents required for registration
For each Director/shareholder
- Copy of PAN card
Identity Proof:
- Passport; or
- Aadhar card; or
- Voter ID; or
- Driving license
- Passport size photographs
Address Proof:
- Copy of Telephone/Mobile or Electricity bill; or
- Bank Account Statement (Less than 2 months old)
For Registered Office; Company Address Proof:
- Telephone/Mobile/Electricity/Gas bill (Less than 2 months old); AND
- In case of rented premises a notarized copy of Rent Agreement with a No-Objection Certificate (NOC) for conducting business;
- In the case of self-owned premises registered title document
Others:
- MOA and AOA
Minimum Requirements
Pre-Incorporation
- A minimum of 7 shareholders
- A minimum of 3 directors
- A minimum of Rs. 10 lacs as initial capital
- DIN (Director Identification Number) for ALL company directors
Post-Incorporation
- A minimum of 200 shareholders (within 1 year)
- Net owned funds : Deposits = 1:20
- Unencumbered deposits >= 10% of outstanding deposits
- Net owned funds >= 10 lacs
Registration Process
Panomics Legal Mentors will help you to register a Panomics Legal Mentors Company from the comfort of your home, offering you services that are very technical and as per individual needs.
Get a free consultation for Panomics Legal Mentors Company registration with Our Top Rated Experts with simple Registration.