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Microfinance Exist at very small level than NBFC and also providing similar lending services as NBFC at smaller level. Enterslice provide complete procedure of Microfinance registration.\nhttps://enterslice.com/microfinance-company-registration

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microfinance company registration 1

Microfinance Company Registration

Enterslice.com

About Us

Enterslice is Award Winning Legal Technology Company that helps entrepreneurs start and manage their business in India. Whether you are starting a new business or already an established firm, Enterslice has out of the box tailor-made solutions for you. Enterslice Advisory is your partner to grow your venture to the next level. We help you define and execute key growth hacking strategies, deliver a great product/service launch experience, bring new products and services to the market, and secure VC funding. From strategy review of a Business and development to hands-on implementation, we help Entrepreneurs achieve long-term growth.

microfinance company registration 2

Microfinance Company Registration

Enterslice.com

What is an NBFC-MFI?

Micro Finance Institution (MFI) is a non-deposit taking NBFC (other Than a company licensed under section 8 of the Companies Act. 2013)

NBFC performs banking at small level as a bank does. MFI Exist at very small level than NBFC.

MFI stands for Micro Finance Institutions are providing similar lending services as NBFC to the poor and weak sections of the society who do not have access to regular banking facilities. MFI Provides small loan amount Rs. 10,000 to 20,000 to start a business.

India is world No.2 fastest growing economy with a large population. Government banks and private sector banks can not open their branch in every village. Though, Indian banks have increased their presence but still have limited reach in remote areas. Micro fiancé institutions (MFI) mainly working in villages / remote area to empower farmers and small business in villages.

NBFC is to be registered NBFC-MFI the minimum paid-up capital should be not less than Rs. 5 crores. If an NBFC-MFI registered in North-east region of the India the minimum paid capital requirement is only Rs. 2 Crore. NBFC-MFI has to maintain 85% as Qualifying assets all the time.

microfinance company registration 3

Microfinance Company Registration

Enterslice.com

Procedure for NBFC-MFI Registration

1. Company Registration

The first step is to form a new Public Limited Company under the Companies Act.

2. Minimum Net Owned Fund

NOF should be Rs. 500 Lac After the incorporation of a new Company in the form of Equity share capital. The Capital to be raised after incorporation of a company here should be Equity Share Capital and not Preference Share Capital.

3. The Opening of a Bank Account

The amount which is received post incorporation of the company shall be deposited in a bank account as Fixed Deposit and its must be free from all aliens.

4. Application to RBI

Application to RBI for Business Operations.

5. RBI

>RBI will conduct due diligence and will issue certificate of commencement of business.

microfinance company registration 4

Microfinance Company Registration

Enterslice.com

Documents Required

  • Certified copy of up-to-date Memorandum and Articles of Association of the Company.
  • Certified copy of up-to-date Memorandum and Articles of Association of the Company.
  • Banker's Report in a sealed envelope.
  • Auditors report about receipt of minimum net owned fund.
  • A certificate of Chartered Accountant regarding details of group/associate/subsidiary/holding companies along with details of investments in other NBFCs as shown in the Performa Balance Sheet.
microfinance company registration 5

Microfinance Company Registration

Enterslice.com

Why Enterslice?

100+

Services delivered by 100+ Qualified CA and CS

100%

Success Rate. Your Order Comes with Money Back Guarantee

Top 25 Consulting Firm in India - Consultants Review

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microfinance company registration 6

Microfinance Company Registration

Enterslice.com

Contact Us

India

Noida Branch

E 57 Sector 63 Noida U.P. 201301 Uttar Pradesh

Phone:-98106 88728

URL:-https://enterslice.com/microfinance-company-registration

microfinance company registration 7

Microfinance Company Registration

Enterslice.com

Thank You