MICRO FINANCE COMPANY REGISTRATION

MICRO FINANCE COMPANY REGISTRATION

Micro Finance companies or institutions (MFI) are a type of NBFC (Non-Banking Financial Company) that provide financial services to needy or poor people and small business entrepreneurs who do not qualify for a standard bank loan. These financial services range from savings, loan and insurance. These institutions are required to be incorporated according to the Companies Act 2013 or 1956. They must also obtain the necessary permission or license from the governing body as well as have a minimum net worth as directed by the authority. The Reserve Bank of India has a definitive policy framework to determine the legitimacy of this sector.

How can Eaccountspro help you?

Without obtaining the prior approval of the Reserve Bank of India, no company or organization can carry the activities of Micro Finance Company. For Micro Finance Company registration, there are certain requirements, criteria, and guidelines issued by RBI. Our team at Eaccountspro can guide you through the entire procedure and steps necessary along with documentation to register your MFI Company in accordance with the rules set by RBI. Simply fill up our form, submit the documents, and we can initiate the job immediately.

Steps that are involved in the procedure for Micro Finance Company Registration:

1. Hindu undivided family
2. Individual
3. Association of persons
4. Company
5. Co-operative societies
6. Firms
7. Body of individuals

The role that Eaccountspro plays:

Eaccountspro specializes in offering credible income tax return filing service. The income tax return filing service that we offer at this company is highly preferred by our clients for the efficiency and ease as well as for the ability to meet the expectations and requirements of the clients completely. We offer income tax return service for both individuals and companies under the income tax act of India. Besides, we also help our clients to develop effective tax strategies, which help them to manage the latest laws of tax as per the legislation.

Here comes the list of income tax services that we offer to our clients:

  • The first step is to register your company either as Public Limited Company or a Private Limited Company according to Companies Act, 2013.
  • The next step requires raising authorized capital in the form of Equity Share Capital.
  • The amount received after incorporation of the company should be then deposited in a bank account as Fixed Deposit. A certificate of no lien has to be obtained from the bank after this which is necessary to attach with the application that has to be submitted with the RBI.
  • After obtaining all the certified copies such as copy of fixed deposit receipt, copy of certificate of incorporation, copy of an extract of the main object clause in MOA, Bankers certificate of no lien, and Bankers report, the next step is to submit all the documents with the RBI to seek permission of carrying business operations.
  • The next step requires filing an online application with the RBI for the registration, after filing which you will get a reference number.
  • Once filed, a hard copy of the application and all the necessary documents will be submitted with the regional office of the RBI.
  • The RBI will issue the certificate of commencement of business after conducting due diligence.