In past few years, the NBFCs have become the prime source of raising fund. It is considered as one of the fast-growing business in India. The services of an NBFC is similar to that of the banks say banking services like accepting deposits, giving cash advances, intermediation, leasing, hire purchase and much more. A NBFC registration is done under very stringent rules and regulations of the RBI Act. It is nowadays recognized as an important segment of Indian economy.
Definitely, patients to let your business breathe and grow
NBFC registration is considered to be a rapidly growing business vertical nowadays. It is primarily categorized into Asset finance companies, Loan Companies, and investment companies. A company which is registered under the Companies Act 2013 and engaged in such a business can apply to be a NBFC registration to RBI. However, it is a must condition that all financial transactions in business should be more than 50% of its own capital in any year. The so desirous company must have a total capital of Rs. 2 Crore. The NBFC willing to register itself shall submit the prescribed application form along with the all necessary documents to the Reserve Bank of India. A NBFC registration is required to meet all the conditions mentioned in the Section 45-IA of the RBI Act of 1934 only after which NBFC registration certificate is granted to the applicant company.
In India there are a lot of banks, however, certain areas are still untouched, and no banking facilities are available there, this consequently has resulted into the enhanced demand for availing loans from NBFC and ultimately more number of NBFC registration. NBFC incorporation has taken a boom in past few years.
Non-Banking Financial Companies (NBFCs) has managed to attract considerable stake of the business market in banking and banking-related services. NBFCs are engaged in the business similar to a bank but do not cover everything that a bank is indulged into.
NBFC can raise funds from the public, directly or indirectly, and can freely lend them to ultimate spenders.
A NBFC is required to hold deposit fro Minimum 12 months (1 year), and the maximum period it can hold for is of 60 months (5 years). A NBFC provides the loan to Small-big wholesalers, retail traders and such self-employed persons etc.
Now that you have 2 crores, you know which financial activity you want to dig in, follow the following steps to establish your NBFC:
The documents to be attached are enlisted along with the form itself when downloaded from the site. The documents vary basis the type of financial activity you are engaged into NBFC Registration.
Board resolution to be attached along with the application for NBFC Registration should be drafted including the following:
The roadmap for having financial assets in the factoring business to have at least 50% of its total assets and their incomes derived from factoring business.
We encompass India’s best expert team specifically dedicated for NBFC registration and are engaged in providing the end to end solution for NBFC registration.
Just tell us a little bit about your business and you'll have the incorporation certificate in 20 working days. It's that simple. In addition to yours, we'll be handling around 400 requests this month.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.
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