We offer NBFC registration services in Boring Road at affordable price and within a limited get older frame of 90 days. We have incorporated and are aiding various NBFCs in Bihar and Jharkhand, we not only settlement with registration or assimilation but we also have enough money after registration facilities at affordable prices that makes it easy for entities to Begin there accomplishment in a hassle free manner.
WHAT IS A NBFC?
Non Banking Financial Company is just bearing in mind bank, registered below Companies Act of India and having a true license issued by the Reserve Bank of India. NBFCs are effective in the concern of loans, advances, accepting deposits, insurance, asset direction and supplementary financial attributable as allowed by the Reserve bank of India.
RESTRICTIONS ON NBFCs.
A Non Banking Financial Company cannot assume following transactions as forbidden by the Reserve Bank of India:
- A NBFC cannot take demand deposits.
- NBFC cannot concern cheque in its own name
- Depositors of NBFCs are not covered by depositors Insurance.
WHEN DOES A COMPANY BECOMES LIABLE TO APPLY FOR NBFC LICENSE?
A company is required to get hold of license for RBI for NBFC registration single-handedly if its principal situation involves financial activities. In order to separate any ambiguity the departments has clarified that for a company financial bustle shall be considered as principal commotion if:
- Financial Assets contribute 50% or more of the total assets
- And allowance from financial assets contribute 50% or more of the total terrifying income.
This exam is popularly known as 50-50 exam for NBFC.
COMPANIES INVOLVED IN FINANCIAL ACTIVITIES BUT ARE NOT LIABLE TO TAKE LICENSE OF NBFC FROM RBI:
Some companies full of life in financial endeavors are not required to apply for or attain NBFC license form the Reserve Bank of India this is because of the fact that they are beast governed by other laws or enactments. Some of these companies are:
- NIDHI Company – Regulated by Companies Act, 2013
- Housing Finance Companies – Regulated by the National Housing Bank
- Mutual Funds – Regulated by Securities and Exchange Board of India
- Insurance Companies – Regulated by Insurance Regulatory and Development Authority of India (IRDA)
- Stock Broking – Regulated by Securities and Exchange Board of India
ELEGIBILITY CRITERIA FOR APPLYING FOR A NBFC LICENSE IN INDIA.
- The entity must be a company either Private Limited or Public Limited registered under Companies Act, 2013.
- Company if already committed in financial sector must have credited 50-50 test as prescribed for NBFCs
The company must have a minimum Net Owned Funds of Rs. 2 crores.