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Online Finances

Setting up Micro-Finance Business

A Micro Finance Company (NBFC-MFI) must have a minimum net owned fund (NOF) of INR 5 Crore, after its incorporation as a public limited company holding equity share capital, (and not the preference share capital). For North-East India, this NOF has been kept at INR 2 Crore only. This amount is to be deposited in a freshly opened new bank account as a fixed deposit, free from all aliens.  Then, a proper application is to be made to the RBI through the prescribed form for NBFC-MFI, together with submitting the documents mentioned below. On receipt of the application and documents, RBI will examine those and will conduct due diligence, and thereafter, will issue the certificate of commencement of business as an MFC.

Document Required

In the registration process of the company, the following documents:

  • Duly certified copy of the Certificate of Incorporation and the Certificate of Commencement of Business of the concerned public limited company.

  • Certified copy of the extract of the main object clause given in the MOA which relates to financial businesses, along with the up to data MOA and AOA of the applicant company.

  • Board Resolution in favor of the registration of the applicant company as a micro-finance company, along with written declaration on behalf of the company that the applicant company shall follow all rules, regulations, and compliances directed by the RBI which are necessary for a micro-finance company of India.

  • Banker’s report related with the dealings made with the group/holding company/subsidiary/associate of the applicant company in forms of deposits, loans, fixed deposits, and NOF at the applicant company.

  • Auditor’s report in support of the minimum NOF of the applicant company. Details regarding the group/holding company/subsidiary/associate of the applicant company, and any investments of those in other NBFCs, as will be shown in the Performa Balance Sheet, will also be required from the auditor (s)

  • Certified copies of the highest educational and professional qualifications of all directors of the applicant company, including their experiences (if any) in the sector of Financial Services.

TO GET MORE ABOUT THE MICRO FINANCE COMPANY IN INDIA, OR RECEIVE OUR SWIFT AND EXPERT LEGAL SERVICES FOR SETTING UP A MICRO FINANCE COMPANY ANYWHERE IN ENTIRE INDIA, GET IN TOUCH WITH US.

Anita Mishra,

Co-Fonder and Director

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Director, Dewans Coffee

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