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(MULTI STATE COOPERATIVE SOCIRTY REGISTRATION + NIDHI COMPANY + MICROFINANCE COMPANY) Registration - An Overview

MULTI-STATE COOPERATIVE SOCIETIES

CIRCUMSTANCES FOR MANDATORY REGISTRATION

Registration of cooperative societies is not mandatory under the MSCS Act. Registration is required only under the following circumstances:

  • When there is a need to hold property and enter into contracts in the name of the society
  • When there is a need to initiate and defend suits and other legal proceedings in the name of the society
  • When the members of the cooperative society are residing in more than one state
  • When there is a need to advance loans exceeding five thousand rupees to the members of the society without sanction from the registrar
  • When there is a need to advance loan to another cooperative society after obtaining permission from the registrar
  • When there is a need to obtain loans from banks by pledging property in its name
  • When the members of the cooperative society who are residing in a particular state exceeds fifty
  • When another cooperative society is proposed to be enrolled as a member of a cooperative society

CONDITIONS FOR REGISTRATION

  • The cooperative society should serve the interests of the public in more than one state
  • The bye-laws of the cooperative society should lay down the process of bringing about social and economic upliftment of the members
  • The cooperative society should have at least fifty members for each of the states for which registration is requested
  • The bye-laws of the cooperative society should not be in contravention of the provisions of the MSCS Act
  • The cooperative society should pursue the goal of mutual help and cooperation among the members as the primary justification for its existence

PROCEDURE FOR REGISTRATION

  • The list of members classified state-wise, along with the name, address and date of birth of each member (The registration will be allowed if there are at least fifty members for every state.)
  • Copies of Aadhar Card and PAN Card for all members, attested by the promoter of the society
  • The list of states in which the society is currently conducting operations and the states in which the cooperative society plans to conduct its operations in the future (For the first two years from the date of registration, the society is allowed to conduct operations in two states only.)
  • Certified copies of the resolution passed by the society for the appointment of the promoter
  • A certificate from the bank should be obtained stating the specified particulars. The certificate should be obtained from each nationalised bank in which the applicant has an account. The particulars are the following:
    o The account balance of the applicant as on the date of application
    o The solvency position of the applicant as on the date of application
    o Whether the applicant has availed of any overdraft facility (ODF) with the bank during the past three financial years (FYs)
    o In case an ODF was availed, the number of occasions during the preceding three FYs when the ODF has crossed the permissible limit
    o In case there were instances of violation of the permissible ODF limit, the amount and reasons for the violations
  • Audited Financial Statements for the preceding three FYs (The requirement will be waived in case the cooperative society has not completed three years of existence.)
  • A statement explaining the steps taken by the cooperative society to ensure democratic participation in the decisions taken by the cooperative society
  • Four copies of the bye-laws attested by the promoter of the cooperative society

NIDHI COMPANY

Documents Required for NIDHI COMPANY Registration

  1. Proof of the registered place of business (Ownership documents/ rent or lease agreement)
  2. No Objection Certificate (signed by the owner/ landlord)
  3. Identity proofs
  4. Address proofs of the members
  5. Photos of the members
  6. PAN card copies of the members
  7. Digital Signature (DSC)
  8. Director Identification Number (DIN) of the directors
  9. Memorandum of Association of the company (MoA)
  10. Articles of Association of the company (AoA)

REFGISTRATION PROCESS

Contrary to what you might think, registering a Nidhi Company is a simple 3-Step process and can be done completely online. We’ve laid it out below.

  1. Name Reservation – We help you reserve your name with MCA.
  2. DSC and DINs – We help you get 1 DSC and 3 DINs.
  3. Documents and approval – We help you at every stage of the documentation process and in getting in-principle approval from the RBI.

BENEFITS OF NIDHI COMPANY

  1. Simple Formation of Nidhi Company -The formation of the Nidhi Company is very easy process.
  2. Capital required for registration -The capital requirement for the registration of Nidhi company is very less compared to other types of finance company.
  3. Limited RBI Regulations -Nidhi Company though it is a finance company and falls under the category of NBFC, does not require approval of RBI.
  4. No outsider intervention -The Nidhi Companies are formed, managed and provides benefits only to their members.
  5. Benefits to the members -Nidhi Company works with the objective of increasing savings of its members.
  6. Exemptions and privileges under the Companies Act,2013-Accordingly certain provisions of the Companies Act,2013 shall not apply to the Nidhi Company and Nidhi would be exempted from certain provisions of the same.

WHY WOULD YOU PREFER TGA

A company that cares about its employees. A company’s core values might include honesty, self-improvement or communication and also have special way to deal with clients and solve the problem.

MICRO FINANCE COMPANY

DOCUMENTS REQUIRED

 1) Pan card
2) Proof of identity
3) Company name
4) Office address proof
5) Bank statements

REGISTRATION PROCESS

  1. The client has to provide at least two names out of which one name will be approved by MCA
  2. The second process is to apply and approve the digital signature of all 2 members in Section 8 micro finance company.
  3. Our experts will file the complete document with drafted copies of the MOA and AOA of the company. If there is no objection the certificate of incorporation will be issued by the MCA.
  4. The work is done.

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