If you wish to register as mfi then you need to register as private limited or limited company as mfi micro finance institution in practical. Microfinance business through section 8 company.
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The section below give enlightening information about the registration procedure for starting a micro finance company anywhere in entire india including the documents required for this purpose.
How to register micro finance company in india. Once you apply for an indian company registration come up with a business plan and get the ball rolling. If you are interested to start a micro finance business then you might start with section 8 company. Procedure to register the micro finance company mfi in india the procedure to register a micro finance company is complex as it involves the license from the reserve bank of india rbi and since rbi is involved in this process the whole process could take months to complete.
Raising authorised and paid up capital to 2 crores. Bankers report related to dealing made with the company. Now is a perfect time to start your own finance company.
Initially the company can be registered with the capital of rs100000. Microfinance generally termed as micro credit can be registered under section 8 of companies act. This section gives concise information regarding what is micro finance company to help our site visitors of india and abroad.
Micro finance section 8 company in india. Micro finance is a source of financial services for entrepreneurs and small businesses it is a type of non banking financial company nbfc which is in a business of micro credit finance to individuals and small business. The first step in mfi microfinance institution registration is to register a company either as private limited company or public limited company as per companies act 2013.
The main objective of this company to provide loan facility to poor peoples who are living in rural areas. Please tell me registration procedure for it. This is perhaps the cheapest way to register a micro finance company in india.
Indian finance companies allow for greater flexibility and innovation compared to the traditional banking system. Procedure for microfinance company registration in india. The company can be registered as a private limited company or a public limited company.
Procedure to register the micro finance company mfi nbfc register a company. 19 january 2012 i want to start a micro finance company. Learn more about the micro finance registration as an nbfc company.
The first step is to register the micro finance company mfi as a company. Certified true copy of board resolution in supporting the registration of the company as a micro finance company along with a declaration that the company will comply with prescribed rules regulation and compliances directed by reserve bank of india for a micro finance company.