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The organization which is registered under companies act 2013 or 1956 and which facilitate financing activity such as loan, savings, and insurance to the needy people or to those who are incapable of getting a loan from banks and other financial institutions due to lack of proper facilities and documentations. We can say that these companies are a cluster of banking services to help meet the financial requirements of low-income people.
MFI is eligible to provide the loan or give credit up to 50,000 in the rural area and 1.25 lakh in the urban area to small businesses or to low-income people.
Non- Banking Finance Company (duly registered with RBI) and Section 8 company (no registration from RBI is required for this) are the two most ideal forms of business which can run as Micro Finance Institutions (MFIs)
Pre-requisite and process of registration of MFI as NBFC (a company registered with RBI):
➲ Minimum net owned fund of 2 crores.
➲ Company should be registered under companies act 2013
➲ Obtain a certificate after making a fixed deposit in the named company
➲ Get all the certified copy and complete the other RBI formalities.
➲ File online application
➲ Submit the application to RBI physically
Pre-requisite and process of registration of MFI through section 8 companies:
➲ Company should be registered under companies act 2013, under section 8.
➲ Minimum two individuals who will act as the director of the company
➲ No net owned fund is required
➲ No RBI approval is required (The Reserve Bank of India through its master circular RBI/2015-16/15 DNBR (PD) CC.No.052/03.10.119/2015-16 Dated July 01 2015 has exempted all Sec 25 Companies engaged in microfinance activities.)
➲ Certificate of incorporation
➲ Certified copy of MOA stating financial activity as its main objective and AOA of company.
➲ PAN and ID proof of directors/promoters
➲ Address proof for the registered office of companies.
➲ Audit report of the company (if the company is already existing)
➲ Bankers report
➲ Other documents as perform of the company getting registered.
Call or WhatsApp us on +91-99991-39391 for free consultation from our team of experts. You can also email us on reach@corpzo.com.
We share the detailed and reasonable estimated costs, documents and prerequisites for the complete process before starting the process to ensure transparency.
Our team warrants hassle free documentation. We collect the necessary documents and share the relevant drafts to ensure a timely filing and delivery.
Upon collecting the necessary documents and information, we waste no time in preparation and filing of your application. development on your application is brought to your attention.
On successful completion of the case we share all the relevant documents electronically and physically along with an assurance to pay you back if something is wrong.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that all businesses accepting, processing, storing or transmitting credit card information maintain a safe environment.
Read MoreA company which has the object of cultivating the habit of thrift & savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Govt.
Read MoreRegistration of NBFC's may be cancelled by the RBI for not conducting business in the manner specified in the respective statutes or due to any non-compliance. However, in certain circumstances, it is possible to apply for the revival of the NBFC whose li
Read MoreA Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 of India, the main operations of NBFC include loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance or chit-fund, but they do not inclu
Read MoreAn authorized company that is authorized to purchased foreign exchange from non-residents visiting India & residents & to sell foreign exchange for private & business travel purposes only is Known as Full fledged money changer (FFMC).
Read MorePayment services operated under financial regulation and performed from or via mobile is known as Mobile payment wallet. Mobile payment wallet also referred to as mobile money, mobile money transfer and mobile wallet.
Read MoreAn asset Reconstruction Company is a Company engaged in the business of buying bad loan from bank. These are specialized financial institutions that buys the bad loan, Non Performing Assets (NPAs) from banks & financial institution so that to clean up the
Read MoreThe firms incorporated under the Companies Act 2013 as the public or private limited company having objective of financial activity are known as NBFC or Non-Banking Financial Companies.
Read MoreAn autonomous group of people belonging to the same class willingly comes together to strive to be common economic, social and cultural objectives and criteria through a business that is jointly owned and democratically controlled by such citizens.
Read MoreAn Altenative Investment Fund is a privately pooled investment vehicle that collects funds from investors and invest these funds in accordance with a defined investment policy for the benefits of its investors is known as Alternative Investment funds.
Read MoreA Collective Investment Scheme (CIS), is an investment scheme in which several individuals come together to pool their money to invest in a particular asset(s) with the motive to share the returns derived from the said investment in accordance with the ag
Read MoreThe SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) also apply to AIFs in the IFSC. The "SEBI" published Operating Guidelines for Alternative Investment Funds in International Financial Services Centres on November 26, 2018 "
Read MoreAn establishment in form of trust or institutions that records and maintains a complete record of transactions of investors for the benefit or convenience of mutual funds houses or listed entities are called as share transfer agents.
Read MoreMerchant banker is a company and is combination of consultancy and banking services. Activities of merchant banker in India are regulated by SEBI (merchant banker) rule 1992.
Read MoreService providers through which e-commerce merchants can process their payment transactions are known as a payment aggregator, they are also known as merchant aggregator.
Read MoreA service providing entities which plays role of intermediate between banks and websites facilitating the communication of transaction information are known as payment gateway.
Read MoreOrganization which is registered under companies act 2013 or 1956 and which facilitate financing activity such as loan, savings, and insurance to the needy people or to those who are incapable of getting loan from banks and other financial institutions d
Read MoreAn Infrastructure Investment Trust (InvIT) is a collective investment scheme, similar to a mutual fund, that allows individual and institutional investors to invest directly in infrastructure projects in exchange for a small percentage of the income as a
Read MoreBespoke advisory focused on mission critical legal, financial and business aspects.
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