NBFC Company Registration
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A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of Loans and Advances, Acquisition of Shares/Stocks/Bonds/Debentures/Securities issued by Government or local authority or other Marketable Securities of a like Nature, Leasing, Hire-Purchase, Insurance Business, Chit Business.
NBFC does not include any institution whose principal business is that of Agriculture Activity, Industrial Activity, Purchase or Sale of any Goods (other than securities) or providing any Services and Sale/Purchase/Construction of Immovable Property.
Non-bank financial companies are the bridges between depositors or investors and borrowers, providing financial solutions to disrupted segments of society, making them a good or better alternative to the financial and banking sector.
1. Asset Finance Company (AFC)
2. Investment Company (IC)
3. Loan Company (LC)
4. Infrastructure Finance Company (IFC)
5. Systemically Important Core Investment Company (CIC-ND-SI)
6. Infrastructure Debt Fund(IDF-NBFC)
7. Micro Finance Institution (NBFC-MFI)
8. Factors (NBFC-Factors)
9. Mortgage Guarantee Companies (MGC)
10. NBFC-Non-Operative Financial Holding Company (NOFHC)
• COI (Certificate of Incorporation), MOA, AOA of the Company
• KYC Details, PAN/CIN of the Company, GST Number, Address Proof of the Company
• Company’s Financial Statement (duly audited) of last 3 years or from the Date of Incorporation
• Income tax Returns, Bank account details, Business Structure, Loan Structure
• Banker’s Report confirming that No Lien is remark on the Initial Fixed Deposit of Rs 2 crore
• Company’s Detailed action plan of next 5 years
• Board Resolution approving the formation of NBFC and Formulation of Fair Practice Code
• Id and Address Proof of Directors and Shareholders
• Net Worth Certificate, Credit Report and Business Profiles of Directors and Shareholders
• Educational Qualification Certificates, Experience Certificates of Directors
NBFCs must comply with regulations mandated by the Companies Act, which are less stringent than those that banks must comply with. This reduces the complexity of the lending process and makes it easier for borrowers to obtain loans.
When it comes to getting a loan, most prefer NBFCs over banks because the latter has strict regulations and requires more time to approve or sanction a loan. NBFCs ensure that the processing is faster and the required loan amount is disbursed within a few days.
Interest rates are one of the most important considerations when taking out any type of loan.Thus, borrowers find them quick and affordable because the NBFC has focused on this area over the last few decades, reducing interest rates to bank rates.
NBFCs are more profitable than private and public sector banks because of less investment and there are many rules and regulations to be followed in case of banks as compared to NBFCs.
Under NBFC, up to 100% FDI (Foreign Direct Investment) is an amazing advantage of NBFC registration. Non-Banking Financial Institutions are the largest domestic seed funding sponsors.
There is no minimum capital requirement for an OPC. The share capital of the OPC shall not be more than fifty lakh rupees or such higher amount as may be prescribed.
No, an OPC can have only one director who is also the sole member of the company.
Yes, an OPC can appoint a nominee, who will take over the position of the sole member in the event of his/her death or incapacity.
It typically takes around 15-20 working days to register an OPC, provided that all required documents and information are in order and there are no complications or objections.
Yes, An OPC can be converted into a Private Limited Company later on if it meets certain conditions. The conditions are if it has a paid-up capital of at least Rs. 50 Lakhs or has an average annual turnover of at least Rs. 2 Crores.
An OPC is required to get its accounts audited if its turnover or paid-up capital exceeds certain thresholds.
No, an NRI or Foreign National cannot be the member of OPC. Only Indian citizens and residents are eligible to incorporate an OPC.