Microfinance Company Registration in India

✔ Company Name Reservation

✔ DIN for 2 Directors

✔ Digital Signature for 2 Directors

✔ MOA & AOA

✔ PAN & TAN

✔ Share Certificates

✔ Includes Government Fees

✔ Includes Professional Fees

✔ NO HIDDEN FEES.

✔ Guidance to open local Bank Account

*Price valid only for Karnataka. Inclusive of all fees and taxes.

FREE Call with Expert Chartered Accountant

Microfinance Company Registration in India

✔ Company Name Reservation

✔ DIN for 2 Directors

✔ Digital Signature for 2 Directors

✔ MOA & AOA

✔ PAN & TAN

✔ Share Certificates

✔ Guidance to open local Bank Account

✔ MSME Registration

✔ Includes Government Fees

✔ Includes Professional Fees

✔ NO HIDDEN FEES.

*Price valid only for Karnataka. Inclusive of all fees and taxes.

FREE Call with Expert Chartered Accountant

Microfinance Company Registration in India

Are you looking for Microfinance Company Registration or Non Banking Financial Company (NBFC)? You are in the right place then, Finance bazaar leading company which registers all types of companies in PAN India. Microfinance is also known as microcredit, is a type of banking service that is provided to low-income individuals or unemployed or groups who otherwise would have no other access to financial services.

What is a Micro Finance Company?

It is a type of Non-Banking Financial Company which is in a business of micro (small) credit to a special type of borrowers. It is also known as Micro Finance Institution (MFI). A company is said to be in the business of Microfinance if it holds at least 85% of the Micros in the nature of qualifying Micros.

Qualifying Micros are described as follows:

  • Borrower’s income in the rural area should not exceed Rs.1 lakh and Rs.1.60 lakh in case of Semi-urban areas.
  • Loan amount should not go above Rs.50,000 in the first cycle and Rs.100,000 in subsequent cycles.
  • Total indebtedness of the borrower does not go above Rs.100,000/-.
  • Loan to be extended without collateral.
  • Loan to be extended without collateral.

Micro Finance is a very popular type of business in the semi-rural and rural areas. Let us see how we can progress on to register for Micro Finance Company.

Essential Note: No company other than registered with Reserve Bank of India can do the business of Micro Finance Company. Even the Nidhi Companies are not allowed to do so.

Process 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.

The license of Reserve Bank of India (RBI) is so important that waiting for months is a real worth. Let us understand the process in brief:

#Step 1: Register a Company:

First step is to register the Microfinance Company (MFI) in India. It could be a private limited company or a public limited company. Once you have registered a corporation, then we can continue for next step. Further, a company could be registered with Rs.1 lakh capital.

#Step 2: Authorised and Paid up Capital to two Crores:

The next step is to increase the share capital both authorized and Paid up to Two Crores Rupees. This is because to register an NBFC in India, the minimum net value required is Rs.2 crore.

#Step 3: Deposit Rupees Two Crore in Fixed Deposit and obtain Certificate:

Once the capital amount is raised, the next step is to deposit the sum of Rs.2 crore in Fixed Deposit and obtain a certificate of no lien from the bank. This shall be attached with the application when filed with the Reserve Bank of India (RBI).

#Step 4: Get all the certified Copies and complete the requirement checklist for RBI registration:

After you are done with step 3, the next step is to complete the requirement list for RBI registration. The prerequisite for Microfinance Company Registration is as follows:

  • Certified Copies of Certificate of Registration
  • Certified copies of an extract of only the main clause in the MOA relating to the financial business.
  • Copy of Board resolution
  • A replica of Fixed deposit receipt & bankers certificate of lien indicating balances in support of Net Owned Funds (NOF).
  • Bankers Report for Applicant Company, group companies.

#Step 5: Fill online application:

The next step is to fill the net online application for NBFC registration as a Micro Finance Company (AFC). After the online application is filed, the company gets a Company Application Reference Number.

#Step 6: Submit the Hard Copy to the Regional Office of Reserve Bank of India (RBI) office:

After the application is filed, attach hard copy of the application along with all the necessary documents are to be sent to the regional office of the Reserve Bank of India.

Total charge for Microfinance Company Registration

The total fee for NBFC registration is around Rs. 5 lakh to 6 Lakh, in which Rs. 5 to 5.5 lakh is the professional fees and rest is the government and RBI fees.

Is Professional Fees is too high?

No, the work under registering an NBFC is far more complex and time-consuming and hence, professional fees of Rs.5 lakh plus taxes* honourable.

Documents required initially starting the Business

If you are ready to register a Private Limited Company for NBFC registration, then you shall need at least two persons to start with. The minimum credentials required for registration are as follows:

  • Copy of PAN CARD
  • Identity Proof (Driving License, Passport, Aadhaar Card, Voter ID) - any one
  • Address Proof (Mobile Bill, Bank Statement, electricity bill) –anyone
  • Passport Size photo

We require the following documents for registered office registration:

  • Rent agreement or ownership documents
  • Electricity bill
  • A photocopy of No Objection Certificate (NOC) from the owner.

If you are willing to proceed for Microfinance Company Registration, we have a team of expert and chartered accountant who will help you to get your company registered. We register many companies like One Person Company, Public Limited, Private Limited etc, for any assistance you can contact us on 9555686868 or mail us on hello@financebazaar.com.

Private Limited Registration

Fast Company Registration in Bengaluru

Finance Bazaar offers the fastest private limited company registration in Bengaluru and Karnataka. We take only approximately 10 days to register your company.
Private Limited Registration

Cheapest Registration Company Karnataka

We offer you the cheapest private limited registration service across Karnataka because we know that you are starting up with you own hard earned savings.

Private Limited Registration

Experienced Professional Handles Registration

At Finance Bazaar, we work only with experienced Chartered Accountants & Company Secretaries to handle your registration.
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Status Update Company Registration

Unlike other online service providers, we update you on Whatsapp regarding your registration as soon as there is any change.

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100% Online Registration Service

Fully online service so that you can start and complete the process without running around from the comfort of your home or office.
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COMPANY REGISTRATION BENGALURU PACKAGES

Always know what you’ll pay.

PACKAGE 1
PVT LTD REGISTRATION
+
MSME REGISTRATION
Package Details

✔ Includes All Government Fees

✔ Includes Professional Fees

✔ Company Name Reservation

✔ DIN for 2 Directors

✔ Digital Signature for 2 Directors

✔ MOA & AOA

✔ PAN & TAN

✔ Share Certificates

✔ Guidance Open Bank Account

✔ MSME Registration

✔ NO HIDDEN FEES.

Rs.8000/- Flat

No hidden Charges. No Extra Charges.
PACKAGE 2
PVT LTD REGISTRATION
+
MSME REGISTRATION
+
GST REGISTRATION
Package Details

✔ Includes All Government Fees

✔ Includes Professional Fees

✔ Company Name Reservation

✔ DIN for 2 Directors

✔ Digital Signature for 2 Directors

✔ MOA & AOA

✔ PAN & TAN

✔ Share Certificates

✔ Guidance Open Bank Account

✔ MSME Registration

✔ GST Registration

✔ NO HIDDEN FEES.

Rs.9000/- Flat

No hidden Charges. No Extra Charges.
PACKAGE 3
PVT LTD REGISTRATION
+
MSME REGISTRATION
+
GST REGISTRATION
+
TRADEMARK REGISTRATION
Package Details

✔ Includes All Government Fees

✔ Includes Professional Fees

✔ Company Name Reservation

✔ DIN for 2 Directors

✔ Digital Signature for 2 Directors

✔ MOA & AOA

✔ PAN & TAN

✔ Share Certificates

✔ Guidance Open Bank Account

✔ MSME Registration

✔ GST Registration

✔ Trademark Registration

✔ NO HIDDEN FEES.

Rs.15500/- Flat

No hidden Charges. No Extra Charges.

DOCUMENTS REQUIRED FOR PRIVATE LIMITED COMPANY REGISTRATION IN BENGALURU

Only the below mentioned documents are required for private limited company registration. Nothing more. Nothing less.

PAN CARD (compulsory)

Your PAN Card is compulsory for becoming a Director in a private limited company. If you don’t have one, then apply before starting the private limited registration process.

Aadhar Card (Not Compulsory)

While Aadhaar Card is not compulsory for new private limited registration, it is good to have one. We need Aadhar number linked to your mobile number so that we can generate your Digital Signature (DSC) in minutes.

Any 1 Identity Proof

For each Director, you need to share any one identity proof in their name which can be Passport or Voter Card or Driving License or any other ID proof for private limited registration.

Any 1 Address Proof

For each Director, you need to share any one address proof in their name which can be either Bank Statement or Gas bill or Water bill or Electricity bill or Telephone bill. Address proof should not be more than 2 months old.  Aadhaar is not a valid address proof. (Note – bank passbook is not valid)

Proposed Office Address Proof

The most important document is Address Proof for proposed office address which can be Electricity Bill, Water Bill, Gas bill, Telephone bill or any other utility bill. This bill can be in anyone’s name. This bill needs to be less than 2 months old. The electricity bill can also be of home address or in father name.

Points to Remember

Total 7 documents are required for private limited registration:
  1. Director 1 PAN Card
  2. Director 2 PAN CArd
  3. Director 1 Aadhaar card or Any Identity proof
  4. Director 2 Aadhaar card or Any Identity proof
  5. Director 1 Address proof
  6. Director 2 Address proof
  7. Office utility bill (electricity bill)

Why we are different

Finance Bazaar offers services from startup registration and management to insurance and loans. We offer the cheapest and fastest professional services in Gurgaon, Delhi, Mumbai, Bangalore, Pune, Hyderabad, Telangana, Assam, Jaipur, Jodhpur, Chennai, Kerala, Kolkata, Vadodara, Ahmedabad, Noida, Faridabad, Ghaziabad, Greater Noida, Baddi, Rudrapur,  Punjab, Uttarakhand, Haridwar, Madhya Pradesh and many other cities across India. Our charges for company formation in India is among the cheapest and most affordable. We deliver what we promise. Always.

From Our Clients

Our clients give their honest and genuine testimonials and feedback

“I had an excellent experience during the whole registration process and never faced any problems. Finance Bazaar team is awesome.”

Harmeet Singh

founder, Infinibux Investments

“Most important of all I found their customer support team very friendly and supportive. They answered all my questions and never lost patience. Thanks for getting the job done.”

Jaspreet Kaur, Punjab

Promoter, Consulting Firm

“All other online servie providers quoted very high fees for company registration. Over here I found the best deal and got my startup registered within 12 days.”

Chandrima Barman

founder, Windberry Innovations

“Want to be an entrepreneur? Well, you have come to the right place buddy. These guys know their job and will help you get started quickly. No hassles, no worries.”

Surya Kumar Chatterjee

Director, Novosun Unibiz

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