Microfinance Company Registration in Bangalore
Microfinance Company Registration in Bangalore- A microfinance company is an institution that offers a wide range of financial services to small entrepreneurs or businesses. The services include deposit, credit facilities, and insurance services. NABARD defines a microfinance company as a company that provides small amounts to rural, semi-urban, and urban areas to meet specific financial requirements. You may refer to the microfinance company registration in Bangalore to gain information regarding the procedure involved.
Only Non-Banking Finance companies can possess the status of microfinance companies with the approval of RBI. The person or the association of people can get registered for the microfinance copay if they have an objective of promoting art, commerce, sports, science, research, education, social welfare, charity, religion, and the protection of the environment. We are elaborating on the microfinance company registration in Banglore for your reference.
Table of Contents
ToggleOnline Method for Microfinance Company Registration in Bangalore
We shall share with you the requirements for registration of a Microfinance company in Bangalore. The Microfinance institution is a type of company that provides financial services may be credit, loans, insurance, and savings to small enterprises or small business entrepreneurs. They provide small financial support to the people who possess low income and reside in rural or semi-urban areas. Here are the steps to be followed for the registration of the microfinance company in Bangalore. You can follow such steps to register online.
- Apply for a Digital signature certificate(DSC) and Director Identification Number(DIN) for all these members and directors
- The name approval is applied by using Form INC-1
- Prepare MOA and AOA
- Compete the e-Form INC-32 with MOA, AOA, and other documents.
- You may apply for PAN and TAN registration
- Open the Bank Account
- File all the required documents with MCA
Offline Method for Microfinance Company Registration in Bangalore
Microfinance companies are eligible to provide loans up to 50,000 to rural areas and 1,25,000 to urban areas to small entrepreneurs, people, and enterprises with low-income groups. Microfinance companies provide support to rural development, employment, and income generation. Here is the offline method that can be followed for Microfinance company registration in Bangalore.
- Obtain DSC and DIN: You need to get the Digital Signature Certificate(DSC) and Director Identification Number(DIN)
- Name approval Application: You need to apply for company name approval
- Draft and File documents: You need to prepare and submit the Memorandum Of Association (MOA) and Articles of Association (AOA).
- Submit the required documents
- Receive a certificate of Incorporation from MCA
- Make sure that the company has sufficient capital
- Apply for a license digitally from RBI
- Apply to the RBI regional office
- Receive the RBI license: Get the RBI license issued
Documents required for Microfinance Company Registration in Bangalore
The Micro Finance company provides loans to agriculturists, small businesses, farmers, horticulturists, etc. without any demand for any collateral security or any marginal money., The copay can provide the loan by following the guidelines ie.. at the reasonable rates prescribed by the Reserve Bank of India and Central Government. Here are the documents you require if you are going to the microfinance company registration in Bangalore.
- Copy of PAN of all the Directors/ Promoters
- Application Form
- Directors/Promoters’ Identity Proof includes Voter ID/ Passport/ Aadhar card/ Driving license
- Photograph of all Promoters/ Directors
- Residecne Proof of Promoters/Directors(Bank Sattemnst/ Ration card/ Telephone Bill/ Aadhar Card/ Electricity Bill)
- Ownership Proof of Registered office or rental agreement for the same
- No Objection Certificate from Owner/ Directors/Promoters
- State’s Applicable stamp duty
- Copy of MOA and AOA
- Payment of Fees document
- Other Documents drafted by CS or CA
Connect with Prakasha & Co. for Microfinance Company Registration in Bangalore
The Microfiinace company registration will require the following of the legal procedure. Therefore you may engage with the team of Prakasha & Co. to get assistance regarding the procedure. We will provide you with consultation services in a cost-effective manner and will guide you throughout the procedure to help make the right decisions. The benefits of availing the services of Prakasha & Co. are as follows.
- Help in arranging all the required documents within time
- Their experience in the legal environment will help save you time and effort.
- Help in filling the form by availing the errors and mistakes
- Available for you to guide you 24*7 hours
- Will keep you updated on the Registration process
Contact Details
Address: 188/1, Sahakarnagar, Bangalore-92
Phone: +91 7019 827 351
Email: Prakashaandco@gmail.com
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