NBFC REGISTRATION

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NBFC REGISTRATION






    What is NBFC Registration?

    NBFC Registration
    • A Non-Banking Financial Company or NBFC is a company registered under section 3 of the Companies Act, 2013.
    • The NBFC involves in the financial business by providing financial & Non-financial services to Business (small, medium & large), Individuals & Body corporates.
    • The NBFC engaged in the business of Advances, Leasing, Investment, Insurance sector, acquisition of Shares, Bonds, Debenture, Equity shares, Preference shares, any capital & money market instruments, Hire-purchase, chit funds business & other similar businesses.
    • The NBFC strictly controlled or managed by the RBI guidelines, Companies Act, 2013 & FEMA (Foreign Exchange Management Act) etc.
    • NBFC has principal business to raise money or funds from the public in the form of lump-sum Deposit through any arrangement or schemes and lend to business by charging higher marginal interest rate & its principal business.
    • NBFC is an alternative of formal banking system & provide financial services & Financial solution to untouched MSME sectors of India.
    • The NBFC involves is a financial institution involving in the financial sector related business except
    1. Agricultural Business;
    2. Industrial Business;
    3. Sale or Purchase of Goods except for securities;
    4. Avail or rendering of services except for securities;
    5. Development or sale or purchase of any immovable property.

    We EstellaConsultancy provides NBFC Registration & its annual compliance relating services in the whole of India

    Types of NBFC Registration

    The RBI divided the NBFCs on the basis of the following factors are :-

    Nature of Activity

    • Mortgage Company
    • Guarantee Company
    • Infrastructure Company
    • Investment Company
    • Systemically Important Company
    • Micro Finance Company

    Liabilities

    • Deposit Accepting
    • No Deposit Accepting (NBFC-ND)
    • Systemically Important (NBFC-NDSI)

    The company made application to the RBI in the following Categories of NBFCs are:-


    NBFC – ASSET FINANCE COMPANY (AFC)

    • The AFC is financial Institutions which involves in the principal business of finance or Aid or Support in Commercial or Business activity like Big machinery, automobiles, industrial use machines, infrastructure machines & earthmoving types of equipment.
    • The term “Principal Business” defines as the Income of Asset Finance company is a minimum 60% of its total assets through financing or supporting assets.

    NBFC – INVESTMENT COMPANY

    • The Investing company is a financial institution engaged in the Principal business of Acquisition of securities.
    • The term “Principal Business” defines as the Income of Investment Company is a minimum 60% of its total assets through Acquisition of securities.

    NBFC – LOAN COMPANY

    • The Loan Company is an Non-Banking Financial Company (not an Asset Finance Company) who provide the finance through advances or Loan or credit to any organisation for any activity.

    NBFC – INFRASTRUCTURE FINANCE COMPANY

    The Infrastructure Finance company is NBFC which fulfil the following conditions are:-

    • Infrastructure Loan minimum 75% of Total Assets;
    • NOF (Net Owned Funds) Rs. 300 Crores;
    • “A” Credit Rating &
    • 15% CRAR (Capital to Risk (Weighted) Assets Ratio).

    NDFC – SYSTEMICALLY IMPORTANT CORE INVESTMENT COMPANY

    The Systemically Important Core Investment Company is a NBFCs which engaged in the Business of Acquisition of securities, Investment in Bank Deposits, Money Market, loans & guarantee etc. & meet the following conditions are:-

    • Investment in group companies securities or debt or loan or advance or credit is Minimum 90% of its total assets;
    • Minimum 60% of its Total Assets Investment in the Equity shares (including Compulsorily convertible securities in equity shares within 10 years from the date of issue) of Group companies;
    • No trading in its investment in the securities of group companies except block or lump sum sale for disinvestment or dilution.
    • No financial activities carry on provided in Section 45(C) & 45(f) of the RBI Act, 1934;
    • Minimum Assets Rs. 100 Crores or more &
    • Accepting Public funds or money. 

    NBFC – INFRASTRUCTURE DEBT FUND

    • The Infrastructure Debt Fund is a Non-Banking finance company which engaged in the business of long term Infrastructure project debt financing.
    • This Infrastructure Debt Fund raised funds through issuing Bonds (Rupee or Dollar Denominated) for Minimum 5 years.
    • The Infrastructure Finance Companies can only sponsor the Infrastructure Debt Fund – NBFCs).

    NBFC – MICRO FINANCE INSTITUTION

    The Micro Finance Institution is a Non-Deposit accepting Non-banking Financial company who has minimum 85% qualifying assets of its total assets & fulfil the following condition are:-

      • A loan is given to the only person whose maximum rural household annual income of Rs. 100000/-;
      • The loan provided to a person whose Urban or Semi-urban household annual income not exceeding Rs. 160000/-;
      • Maximum Rs. 100000/- loan to a single person;
      • Extension of the loan without any security;
      • Minimum 24 Months tenure for the loan exceeding Rs. 15000/-;
      • No penalty on prepayment on loan amount;
      • Flexibility in loan instalments payment i.e. weekly or monthly;
      • Loan disbursement does not exceed ₹ 50,000 in the 1st cycle and ₹ 1,00,000 in subsequent cycles;
    • 75% of the total loans provided for income generation.

    NBFC – FACTORS

      • The Non-banking Financial company – Factors deals in the principal business of factoring (Discounting of cheque or recover bad debts) and this NBFCs did not accept any Deposit.
      • The Minimum 50% Income of total gross Income come from factoring Business.
    • The minimum 50% Financial assets out of total Assets derived from factoring Business.

    NBFC – MORTGAGE GUARANTEE COMPANIES

    • The Mortgage Guarantee Companies NBFCs  is a type of financial institution which derived a minimum 90% business turnover from the principal business of  Mortgage or guarantee;
    • At least 90% of total income comes from his principal business;
    • Minimum Rs. 100 Crores Net Owned fund.

    NBFC- NON-OPERATIVE FINANCIAL HOLDING COMPANY

      • The Promoter or Promoter groups were able to set up a new bank though wholly-owned Non-Operative Financial Holding Company NBFCs (Financial institution).
    • This NBFCs hold the bank & other financial sector companies governed or regulated by RBI or any other Financial regulators

    COMPLIANCE AFTER NBFC REGISTRATION

    S.no.

    Companies Act

    RBI Act

    1

    MBP-1 

    (Disclosure of Director Interest)

    NBS-1

    (Return of Deposit)

    2

    AOC-4 

    (Annual Accounts)

    NBS-2

    (Return on Prudential Norms)

    3

    MGT-7

    (Annual Return)

    NBS-3

    (return on Liquid Assets)

    4

    MGT-14

    (Intimation of any Special Resolution)

    NBS-4

    (Return of critical parameters)

    5

    Minutes

    (Preparation after Board & Shareholders meeting)

    NBS-6

    (Monthly return on Deposit Rs. 100cr. from capital Market)

    6

    Secretarial Audit

    NBS-7

    (Statement of capital funds &CRAR)

    7

    Statutory Audit

    ALM returns

    8

    GST Audit

    Branch return

    DIFFERENCE BETWEEN NBFC & BANK

    PARTICULAR

    NBFCs

    BANK

    ACT

    Companies Act, 2013

    Banking Regulation Act, 1949

    FDI

    (Foreign Direct Investment)

    100% Allowed

    74% allowed in Private Sector Bank

    Demand Deposit

    Not accepted

    Accepted

    License

    NBFCs License

    Bank License

    Settlement & Payment System

    No System

    An essential part of the Bank System

    NBFC Registration Package

    • Name Approval Certificate
    • DIN/DSC for 7 Members
    • MOA & AOA
    • PAN & TAN Registration certificate
    • Stamp duty payment challan
    • Support to open Bank Account
    • NBFC or Non-Banking Financial Company Registration certificate

    Why Choose NBFC or Non-Banking Financial Company?

    • Limited Liability of Members.
    • Raise money through Share market.
    • Separate legal status in the eye of Law.
    • Invite FDI (Foreign Direct Investment)
    • No Minimum Capital requirement.
    • Ease of Transfer of shares.

    MINIMUM REQUIREMENT FOR NBFC REGISTRATION

    • Minimum 2 Members.
    • Minimum  2 Directors (1/3 of Total Director having 10 years experience in Finance & he will act as a whole-time director)
    • Net Owned Fund Rs. 2 Crores for Specified NBFC.
    • Net Worth Certificate.
    • Registered office.
    • All Directors have a DIN (Director Identification Number).
    • The NBFC Company has a legal Business Objective.

    DOCUMENTS FOR COMPANY REGISTRATION

    FOR DIRECTORS & MEMBERS

    1. Passport Size Photo.
    2. Identity Proof (Driving License or Passport or Voter ID).​
    3. Address Proof (Mobile Bill or Electricity bill or Bank Statement).
    4. PAN Card (Mandatory).
    5. KYC (Know Your Customer).
    6. CIBIL Report.
    7. Passport is mandatory for Foreign National or Non-Resident India (NRI).
    8. Aadhar Card.
    9. Mobile No.
    10. Email Id.
    11. Qualification.
    12. Occupation​.

    FOR NBFC

    1. Name of the Company.
    2. Business Objective (A company registration is done for only one objective).
    3. Authorized Share Capital.
    4. Paid Up Capital.
    5. Registered Office of the Company.
    6. Property Owned (Sale Deed or Electricity Bill) OR Property Rented ( Rent Agreement).

    STEPS FOR NBFC REGISTRATION

    1. COLLECTION OF DOCUMENTS

    1. We send you a checklist of documents required.
    2. Send us a scanned copy of all documents as per the checklist.
    3. We check the documents as per checklist
    4. All the documents attested & Notarized

    2. PREPARATION OF DIGITAL SIGNATURE CERTIFICATE (DSC)

    1. Fill the DSC application form along with an attested copy of PAN card, Identity proof, Address Proof, Mobile No., & Email id, etc.
    2. Filing of Application with the relevant authority of Digital signature.
    3. Authority send OTP (One time Password) on Registered Mobile no. & Email Address
    4. Record the 30 seconds video of the person for which DSC is to be registered.
    5. Download DSC (Digital Signature certificate) in E pass Token.

    3. APPLICATION FOR DIRECTOR IDENTIFICATION NUMBER (DIN)

    1. Preparation of Form DIR – 3 for DIN Number.
    2. Filing of Form DIR – 3 with ROCs (Registrar of Companies) along with requisite fees & Documents.
    3. Download the DIN Number of proposed Directors of the Company.

    4. APPLICATION FOR NAME APPROVAL

    1. The Company name suggested by the Proposed Director or members of the company.
    2. The name should be as companies act 2013 & relevant rules & regulations for Company name.
    3. The Proposed company name shall be Unique & contain word related to its business Activities, not related to any trademark.
    4. The name of the company is suggested by Directors or Members for company registration is checked by our professional teams.
    5. Preparation of Form RUN (Reserve Unique Name) & filing with relevant authority along with the fees of INR 1000.
    6. The name approved by the relevant authority after checking all legal provisions.
    7. The Unique Proposed company name is valid for 20 days.

    5. PREPARATION OF INCORPORATION DOCUMENTS

    1. Collection of All documents as per checklist for Company registration.
    2. All Documents are attested & Notarized.
    3. Check eligibility criteria for proposed Directors & Members.
    4. Preparation of Affidavit of proposed Directors & Members.
    5. Preparation of E – Memorandum of Association (MOA) SPICE form 33.
    6. Preparation of E – Articles of Association (AOA) SPICE form 34.
    7. The identity proof (Voter id / Driving License / Passport) & Address proof not older than 2 months (Bank statement / Mobile bill / Electricity bill / Telephone bill) shall be attested by proposed Directors & Members.

    6. PREPARATION OF SPICE FORM 32

    1. The details fill in SPICE FORM 32 of the proposed NBFC Registration company, Directors, Members & other important Information.
    2. Attachment of E- MOA, E – AOA, Identity proof, Address proof, proposed Company registered office documents.
    3. Scrutiny of the application form by the team of our professional
    4. Attach the DSC (Digital Signature Certificate) of Practising professional & authorized person for proposed company registration (Normally Director).

    7. APPLICATION FOR PAN & TAN

    1. Application of PAN no. & TAN no. along with details like Area code of registered office, Rent agreement, etc insert in SPICE form 32.
    2. The relevant authority shall issue the company PAN card. & TAN certificate along with the company registration certificate.

    8. FILING OF NBFC REGISTRATION DOCUMENTS

    1. After checking all details & scrutiny done by professional of SPICE form 32.
    2. The Filing of E- Form with ROCs along with Government fees.
    3. We also pay stamp duty as per state of registration on E – MOA & E – AOA along with SPICE form 32.
    4. After filing the Company registration form, the SRN (Service request Number) is generated to check the further status of the application.
    5. Our professional follow up with relevant authority for Company registration.

    9. GET NBFC REGISTRATION CERTIFICATE

    1. The ROCs check all details of company registration.
    2. The CIN (Company Identification Number) is issued by the ROCs along with a Certificate of Company registration.
    3. The CIN is consists of 16 digits combination of alphabets & Numbers.

    10. PREPARATION OF SHARE CERTIFICATES

    1. After company registration, we prepared Share certificates of Company Shareholders.
    2. A share certificate is signed by 2 Authorised signatory of the company and 1 by practicing professional.

    APPLICATION TO RBI FOR APPROVAL (EXCEPT SECTION 8 COMPANY)

    1. After registration of the Company we applied for the RBI Approval;
    2. The Company Net Owned Funds is Minimum 2 crores;
    3. Preparation of Net worth certificate & RBI approval application;
    4. Submission with RBI along with Directors & Members KYC.
    5. The RBI take around 20 days for LIcense of NBFC Registration.

    11. DELIVER INCORPORATION KIT

    The incorporation kit of the company contains the following Documents are:-

    1. Name approval certificate.
    2. DIN of Directors.
    3. DSC of Directors & Members.
    4. MOA (Memorandum of Association).
    5. AOA (Articles of Association).
    6. A hard copy of SPICE form 32.
    7. A hard copy of attachment of SPICE form 32.
    8. Copy of PAN card.
    9. Copy of TAN Certificate.
    10. Original Certificate of NBFC registration.
    11. NBFC License.
    12. Hard copy RBI Application.
    13. Original Share certificates.

    FAQ

    RELATED TO LLP REGISTRATION

    We need a minimum of 2 directors & maximum 15 directors.

    Yes, Director & member can be the same person but the Director of the company is always a Natural person.

    Yes, Individual or organization can become a member of the company.

    No, The fees recovered by our organization is inclusive of all professional. government & Other charges. we will provide you invoice with a proper bifurcation of charges paid at the time of company registration.

    As on date company registration is a 100% online process. The directors or members are not required to visit any government department for company registration.

    Yes, The Estellaconsultancy provides all service to its customers from name application to Company bank account opening.

    Normally, Estellaconsultancy register your NBFCs company with 30 working days from receipt of all documents for company registration.

    No, there is no education qualification is required to become Director or member of the company but the person can do a contract (major) to become director of the company.

    No, if a person wants to become a sole member of the company then he required to form OPC (One person Company).

    Yes, NRIs/Foreign Nationals can become a Director in NBFC or Non Banking Financial Company but they all have DIN (Director Identification Number) and not disqualified under section 164 of companies act 2013.

    Yes, NRIs/Foreign Nationals can become a Member of the NBFC or Non Banking Financial Company.

    Yes, It compulsorily to have registered office for company registration.

    Yes, a Working person can form a NBFC or Non Banking Financial Company and become its member & Director.

    Yes, Company invites Foreign Direct Investment (FDI) in the NBFC or Non Banking Financial Company by foreign nationals but required to inform RBI for such transaction.

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