NBFC REGISTRATION
The process of NBFC (Non-Banking Financial Company) registration in India involves several steps and we at Corp Regis combine our legal expertise, regulatory knowledge, and experience in NBFC registrations to provide you with a streamlined and efficient process. Our goal is to simplify the complexities involved and guide you through every step, ensuring a smooth and successful NBFC registration experience.Here's a general outline of the NBFC registration process:
Register as a Private Limited or Public Limited Company: The company must be registered under the Companies Act 2013 or be an existing registered company under the Companies Act 1956, classified as either a Private Limited or a Public Limited Company.
Meet Minimum Net Owned Funds Requirement: The company should have a minimum net owned fund of Rs. 2 Crore.
Finance Experience of Directors: At least one-third of the Directors must possess finance experience.
Clean CIBIL Records: The company's CIBIL records should be clean, indicating a satisfactory credit history.
Prepare a Detailed Business Plan: A comprehensive business plan for the next five years should be prepared, outlining the company's objectives and projected financials.
Comply with Capital and FEMA Requirements: The company must comply with the prescribed capital compliances and regulations under the Foreign Exchange Management Act (FEMA).
Fill and Submit Online Application: Once all the above conditions are met, the company should fill and submit an online application on the Reserve Bank of India's (RBI) website. The application should be accompanied by the required documents.
Generate CARN Number: Upon submission, a Company Application Reference Number (CARN) will be generated.
Send Hard Copy to RBI Regional Branch: A hard copy of the application, along with supporting documents, must be sent to the regional branch of the RBI.
Scrutiny and License Issuance: After proper scrutiny of the application, the RBI will grant the NBFC license to the company, allowing it to operate as an NBFC.