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Now You Can Get Microfinance Company Registration Procedure Like a Professional

Microfinance one of the world most powerful new solutions to poverty and this company is a kind of NBFC that cannot have acceptance to get deposits. A Microfinance Company provides financial services such as loans, savings, and insurance to needy people of the society and small business entrepreneur who will not be able to qualify for a standard bank loan.

Microfinance Company Registration

A Microfinance company is usually called Micro Credit Organization which deals in common loan and it less than Rs. 50000 to different small companies, households that have no access to banking channels or not eligible to get loans. Small businesses and house women don’t get loans from the banks due to lack of proper facilities and documentation, here it should be handled the problem Microfinanace Company Registration Online in India.

Microfinance Company Registration Procedure :-

  • Company Registration — The first step in MFI registration is to incorporate a company either as Private Limited Company or Public Limited Company according to Companies Act, 2013.
  • Raise Capital — The next step is to raise authorized and paid up share capital up to Rs. 5 Crore or Rs. 2 Crore as the case may be. It should be raised in the form of equity Share Capital and not Preference Share Capital.
  • Opening Bank Account — After registration of the company, the amount obtained shall be deposited in a bank account in the form of Fixed Deposit. After this, a certificate of no lien shall be acquired from the bank.
  • Application for Microfinance Company Registration with RBI
  • File Online Application
  • Submission of Hard Copy
  • And other Necessary Documents for MFI Registration

Documents Needed for Registration of Micro Finance Company

FOR SHARE HOLDERS OR DIRECTORS :-

  • Photocopy of PAN card
  • Photocopy of Aadhar card
  • Passport Size Photo
  • Address Proof such as mobile bill, bank statement, telephone bill
FOR REGISTERD OFFICE :
  • Proof of ownership like electricity bill and others
  • Utility bill such as electricity bill and gas bill
  • NOC

The above information of microfinance company registration process in india and get benefits is to give low income people an opportunity to become self-sufficient by providing a means of saving money, borrowing money and insurance. And it is very helpful for common people to get financial help and other hand businessman of the microfinance develop the business as much as possible.

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