NBFC, precisely known as Non Banking Financial Company, was started under the Act of Companies in 1956 under section 3. It is formally regulated by the Reserve Bank of India. It cannot accept demand deposits, cannot publish cheque drawn on itself and the instalments are published by deposit insurance and credit guarantee certificate. NBFC is of the following types:
- Assets finance company (AFC)
- Investment company (IC)
- Loan company ( LC)
- Infrastructure finance company (IFC)
The main requirement for NBFC company registration is that you should own a fund of rupees 200 lakhs. The procedure for registering NBFC is as follows:
- Choose a consultant that has an experience of 10-11 years in NBFC registration process.
- Check the consultant’s team and make sure he/she has a team of minimum 60 people including CAs, lawyers etc.
- Ask your consultant to give you 2-3 attributes who have registered NBFC in past.
- Once verification is done, sign a SLA (service level agreement) .
- Ask your consultant to register a private/public limited company.
- Then open a current account in any bank precisely a commercial bank.
- Your consultant now has to create a good business plan that includes all your objectives.
- Generate a fixed deposit of 2 crores so that your license can be issued. This may take around 90-120 days.
- Submit your COR application online.
- Once all this is done your NBFC is being successfully registered.
- Keep in mind all the mentioned points and make sure to reply and respond to RBI’s notifications as one mistake at any step may result in total rejection of your registration of NBFC in India further you may have to do everything again which obviously will be a very hard process.
For this registration process, a well-known company is required for helping with this registration process. The company required should have the below mentioned points or facilities to be up to the mark:
- Fast service- An organization needs to provide top notch services which means that the customers are satisfied with the functions provided.
- Cost effective price- Each one of us want the best of services at an affordable price. This is the place where we would like to input our hard earned money. Because of transparent levels of pricing customers are keener to invest here.
- Timely delivery- there would be no one who will trust a company that offers timely services. To build a good rapport with customers’ delivery on time is a pre requisite.
- Quality services guaranteed- a company gains reputation in a market place by the various types of services it provides. The company that guarantees desired levels of services gains the trust of customers.
- Professional oracles- A skilful and experienced team in place to guide consumers at each and every step. This enhances reputation levels among clients.
Since, NBFC registration is a need today and a company’s help is required for that. Trusting a good company can help do that.