The following process is required for Micro-Finance Company Registration (MFI-NBFC)

• Company Registration

  First and foremost the Microfinance Company has to register as a company under the provisions of the Companies Act, 2013. For this SPICe + Form has to be utilized. When the company is initially registered, the type of business structure which is utilized for this form of organization would either be a private limited company or a public limited company. The capital authorized for the entity can be Rs. 1, 25,000/-.

• SPICe Plus Service

  Usually the above service would be easily carried out by the applicant as the whole process of registration is online. This service would provide name reservation, DIN, Mandatory Issue of the PAN, TAN, EPFO, ESIC and other forms of registration which is required. The following compliances have to be carried out after the above process:

  • If the company is started as a new entity, then the name has to be reserved.

  • All the other compliances related to EPFO, GST, Income Tax, PAN, TAN, Bank Account and professional tax registration (If Required) has to be carried out in compliance with the required law.

• Application in SPICe Plus

  The applicant has to click on SPICE plus under the respective MCA services. The applicant would be redirected to another page to apply for a new application. If the company already exists then existing application has to be clicked on. Then the applicant has to check the correct category of the company. Under this the sub-category of the company must also be check on. All the activities which are carried out by the company have to be mentioned. Hence if an applicant going for a particular process of microfinance company registration has to specify the industrial activities.

• Check For Name

  If the name of the company for Microfinance Company Registration is present, then the applicant has to click on auto check to fulfil the requirements related to name of the company. All the other information related to the name of the company must be submitted. Both part A and part B must be submitted. The following details have to be submitted along with the above:

  • Name of the company

  • Location of registered office of the company

  • Activities which are carried out by the company

  • PAN , TAN and other forms of registrations have to be carried out

  • It would be useful to carry out a pre-scrutiny check for the above process related to registration

  • All the particulars in Part B of the PDF has to be downloaded. The digital signature certificates of the directors must be affixed to the forms. All the requisite forms must be downloaded which include the AGILE-PRO, SPICe+MOA and SPICe+AOA, URC-1 and INC-9. These forms must be linked and uploaded online. A request number would be generated after this. The applicant has to provide payment then the information present in the forms would be processed.

• Capital Raising

  In the next step for Microfinance company registration, the company has to raise about Rs 5 Crore or 2 Crore as per the requirements.

• Opening a Bank Account

  In the next step the applicant would open a bank account. A certificate related to no lien created would be required for the above process. An application would be presented to the RBI for this form of certificate.

• Microfinance Company Registration- Apply to RBI

  All the certified copies of the microfinance company have to be provided to the RBI. The following documents or certified copies have to be submitted to the RBI:

  • Incorporation Certificate- Copies

  • Memorandum of Association and Articles of Association

  • Copy of the FD (Fixed Deposit Receipt)

  • Certificate from Bankers Related to No Liens on the Net Owned Fund.

• Application

  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’.

• Submission of Hard Copy

  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.

Process for Registering a Section 8 Company in India

• Prepare DSC and file Name Approval

  The very first step for Section 8 company registration is to prepare DSC. Apply for Digital Signature Certificate (DSC) as soon as possible. Section 8 companies should contain words like Foundation, Society, Association, Council, Club, charities, Academy, organization, Federation, Institute, Chamber of Commerce, Development and many more.

• Filing of Section 8 Incorporation Forms on MCA Portal

  After getting approval from the regional director, we will proceed to file the section 8 company registration application with the requisite documents before ROC. Once all clarifications are provided to ROC, the ROC shall issue a Certificate of Incorporation along with a Company Identification Number (CIN). This would be carried out as per the requirements under SPICE plus (Spice +).

• MOA and AOA file submission

  Once you get the License, you need to draft the Memorandum of Association (MOA) and Article of Association (AOA) to file section 8 company registration applications.

• PAN, TAN and Bank Account

  You must have your PAN, TAN and bank account ready while going for Section- 8 Company registration in India.