MICRO FINANCE COMPANY REGISTRATION

Register your Micro Finance Company and provide loan facility to Small businesses


No RBI Approval required for Registration 

RS. 49999/-

Registration process take 25 Working Days

MICRO FINANCE COMPANY REGISTRATION






Micro Finance Company Registraation

  • The Micro Finance company registration done for providing loans or advances or credit to Micro & Small enterprises whether in the organised or unorganised sector. 
  • Micro finance company is credit system provide loan or advances to enterprise who are not eligible to get any credit from the formal banking system in India. 
  • They can provide loans or credit less than Rs. 50000 for Business enterprises or Individual in a rural area and up to Rs. 125000 for Business enterprises or Individual in an urban area. 
  • The Micro finance company registration can be done as private Limited Company or Public Limited Company with Rs. 5 crs. Net-worth requirement & RBI Approval.
  • Micro Finance company register as Section 8 company then there is no requirement of Net-worth & RBI approval. The company cannot distribute his profit as a dividend to its shareholders.
  • The Micro Finance Company having the feature of separate legal entity in the eye of the law, Raise or borrow funds or capital or money from its members in form share capital & from the company through public issue, ease in transfer of the company shares without any problem, Limited liability of its members or shareholders up to the value of shares subscribed & also invite money through FDI (Foreign Direct Investment). 
  • If Micro Finance Company do any default in the payment of any creditors then creditors have right to file suit against the company for recovery of his dues & sell the assets of the company but there is no personal liability of members towards the payment of any dues. 

Micro Finance Company Registration Package

  • Name Approval Certificate
  • DIN/DSC for 2 Members
  • MOA & AOA
  • PAN & TAN Registration certificate
  • Stamp duty payment challan
  • CIN Certificate

Mandatory Requirement For Micro Finance Company Registration

  • Minimum 2 Members.
  • Minimum  2 Directors.
  • Rs. 5 Crores. Net-worth (Register as Private or Public Limited Company)
  • Registered office for Micro Finance Company.
  • Maximum Rs. 125000 Credit limit per person.
  • All Directors have a DIN (Director Identification Number).
  • The Micro Finance Company has a legal Business Objective.

Why Choose Micro Finance Company or Advantages of Micro Finance Company

  • Provide Loans or credit.
  • No Net-worth (Register as Section 8 Company).
  • No RBI approval (Register as Section 8 Company).
  • Limited Liability of Members.
  • Separate legal status in the eye of Law.
  • Invite FDI (Foreign Direct Investment)
  • No Minimum Capital requirement.
  • Ease of Transfer of shares.
  • Charge Interest Up t0 26%.

Micro Finance Company Registration Procedure In Short​

Provide Documents as per our checklist

Registration of DSC

Application for DIN

Approval Unique Name

Congratulation Company is Register

TYPE OF MICROFINANCE COMPANY REGISTRATION

Act

Company Act, 2013

Society Registration Act, 1860

Indian Trust Act, 1882

Cooperative Societies Act, 2002

Entity

Private company

Public Company

Section 8 company

Society

Trust

Cooperative Society

Net-Worth

Rs. 5 Crores

Rs. 5 Crores

No Requirement

No Requirement

No Requirement

No Requirement

RBI Approval

Yes

Yes

No

No

No

No

Tips For Micro Finance Company Registration Name Selection

UNIQUE

The name of the proposed company shall be unique and related to its business activities (eg. Reliance petroleum ltd (petroleum is the business activity of reliance company).

SIMPLE & SHORT

The name shall be simple to pronounce or easy to learn and also short (eg. Tata Consultancy Ltd).

LEGAL NAME

The proposed company name shall not be illegal & also have legal business objectives (eg. ISIS limited (it's illegal because ISIS is terrorist organization).

NO OFFENSIVE NAME

The name shall not create any religious, culture, community violence & not offensive (eg. Pakistan terrorist group Ltd. (the name is offensive & against the law).

NOT SIMILAR TO EXISTING COMPANY NAME

The name of the company shall not be matched & related to the name of an existing company & also not related to Trademark already registered.

DOCUMENTS FOR MICRO FINANCE COMPANY REGISTRATION

FOR DIRECTORS & MEMBERS

  1. Passport Size Photo.
  2. Identity Proof (Driving License or Passport or Voter ID).​
  3. Address Proof (Mobile Bill or Electricity bill or Bank Statement).
  4. PAN Card (Mandatory).
  5. Passport is mandatory for Foreign National or Non-Resident India (NRI).
  6. Aadhar Card.
  7. Mobile No.
  8. Email Id.
  9. Qualification.
  10. Occupation​.

FOR COMPANY

  1. Name of the Company.
  2. Business Objective (A company registration is done for only one objective).
  3. Authorized Share Capital.
  4. Paid Up Capital.
  5. Registered Office of the Company.
  6. Property Owned (Sale Deed or Electricity Bill) OR Property Rented ( Rent Agreement).

STEPS FOR MICRO FINANCE COMPANY REGISTRATION (SECTION 8)

1. COLLECTION OF DOCUMENTS

  • We send you a checklist of documents required.
  • Send us a scanned copy of all documents as per the checklist.
  • We check the documents as per checklist
  • All the documents attested & Notarized

 

2. PREPARATION OF DIGITAL SIGNATURE CERTIFICATE (DSC)

  • Fill the DSC application form along with an attested copy of PAN card, Identity proof, Address Proof, Mobile No., & Email id, etc.
  • Filing of Application with the relevant authority of Digital signature.
  • Authority send OTP (One time Password) on Registered Mobile no. & Email Address
  • Record the 30 seconds video of the person for which DSC is to be registered.
  • Download DSC (Digital Signature certificate) in E pass Token.

3. APPLICATION FOR DIRECTOR IDENTIFICATION NUMBER (DIN)

  • Preparation of Form DIR – 3 for DIN Number.
  • Filing of Form DIR – 3 with ROCs (Registrar of Companies) along with requisite fees & Documents.
  • Download the DIN Number of proposed Directors of the Company.

4. APPLICATION FOR NAME APPROVAL

  • The Company name suggested by the Proposed Director or members of the company.
  • The name should be as companies act 2013 & relevant rules & regulations for Company name.
  • The Proposed company name shall be Unique & contain word related to its business Activities, not related to any trademark.
  • The name of the company is suggested by Directors or Members for company registration is checked by our professional teams.
  • Preparation of Form RUN (Reserve Unique Name) & filing with relevant authority along with the fees of INR 1000.
  • The name approved by the relevant authority after checking all legal provisions.
  • The Unique Proposed company name is valid for 20 days.

5. PREPARATION OF INCORPORATION DOCUMENTS

  • Collection of All documents as per checklist for Company registration.
  • All Documents are attested & Notarized.
  • Check eligibility criteria for proposed Directors & Members.
  • Preparation of Affidavit of proposed Directors & Members.
  • Preparation of E – Memorandum of Association (MOA) SPICE form 33.
  • Preparation of E – Articles of Association (AOA) SPICE form 34.
  • The identity proof (Voter id / Driving License / Passport) & Address proof not older than 2 months (Bank statement / Mobile bill / Electricity bill / Telephone bill) shall be attested by proposed Directors & Members.

PREPARATION OF SPICE FORM 32 & APPROVAL OF RD

  • The details fill in SPICE FORM 32 of the proposed company, Directors, Members & other important Information.
  • Attachment of E- MOA, E – AOA, Identity proof, Address proof, proposed Company registered office documents.
  • Scrutiny of the application form by the team of our professional.
  • The following list of documents required to attach with Spice – 32 are:-
  1. E- Memorandum of Association (MOA) (Spice Form 33);
  2. E- Articles of Association (AOA) (Spice Form 34);
  3. Declaration by PCS/PCA/PCWA for proper drafting of MOA & AOA Form in INC-14;
  4. Declaration of Applicant in Form INC-15;
  5. Identity & Address proof of all Directors & Subscribers of the proposed company;
  6. Grounds of an application for Micro Finance Company or NGO registration;
  7. Preparation of Projected Balance sheet for 3 years.
  • Attach the DSC (Digital Signature Certificate) of Practising professional & authorized person for proposed company registration (Normally Director).

7. APPLICATION FOR PAN & TAN

  • Application of PAN no. & TAN no. along with details like Area code of registered office, Rent agreement, etc insert in SPICE form 32.
  • The relevant authority shall issue the company PAN card. & TAN certificate along with the company registration certificate.

8. FILING OF INCORPORATION DOCUMENTS

  • After checking all details & scrutiny done by professional of SPICE form 32.
  • The Filing of E- Form with ROCs along with Government fees.
  • We also pay stamp duty as per state of registration on E – MOA & E – AOA along with SPICE form 32.
  • After filing the Company registration form, the SRN (Service request Number) is generated to check the further status of the application.
  • Our professional follow up with relevant authority for Company registration.

9. GET LLP CERTIFICATE

  • The ROCs check all details of company registration.
  • The CIN (Company Identification Number) is issued by the ROCs along with a Certificate of Company registration.
  • The CIN is consists of 16 digits combination of alphabets & Numbers.

10. PREPARATION OF SHARE CERTIFICATES

  • After company registration, we prepared Share certificates of Company Shareholders.
  • A share certificate is signed by 2 Authorised signatory of the company and 1 by practicing professional.

11. DELIVER INCORPORATION KIT

The incorporation kit of the company contains the following Documents are:-

  • Name approval certificate.
  • DIN of Directors.
  • DSC of Directors & Members.
  • MOA (Memorandum of Association).
  • AOA (Articles of Association).
  • A hard copy of SPICE form 32.
  • A hard copy of attachment of SPICE form 32.
  • Copy of PAN card.
  • Copy of TAN Certificate.
  • Original Certificate of Company registration.
  • Original Share certificates.

FAQ

FAQs RELATED TO MICRO FINANCE COMPANY REGISTRATION

We need a minimum of 2 directors & maximum 15 directors.

Yes, Director & member can be the same person but the Director of the Micro Finance company is always a Natural person.

 

Yes, Individual or organization can become a member of the Micro Finance company.

No, The fees recovered by our organization is inclusive of all professional. government & Other charges. we will provide you invoice with a proper bifurcation of charges paid at the time of Micro Finance company registration.

As on date company registration is a 100% online process. The directors or members are not required to visit any government department for company registration.

Yes, The Estellaconsultancy provides all service to its customers from name application Micro Finance to Company bank account opening.

Normally, Estellaconsultancy register your company with 12 working days from receipt of all documents for company registration.

No, there is no education qualification is required to become Director or member of the company but the person can do a contract (major) to become director of the company.

No, As per the Companies Act, 2013 the Micro Finance Company register as Private Limited Company or Public Limited Company or Section 8 Company only.

Yes, NRIs/Foreign Nationals can become a Director in Micro Finance Company but they all have DIN (Director Identification Number) and not disqualified under section 164 of companies act 2013.

 

Yes, NRIs/Foreign Nationals can become a Member of the Micro Finance Company.

Yes, It compulsorily to have registered office for Micro Finance company registration.

Yes, a Working person can form a Micro Finance company and become its member & Director.

Yes, Company invites Foreign Direct Investment (FDI) in the Micro Finance Company by foreign nationals but required to inform RBI for such transaction.