- Obtain DSC and DIN
The First and the foremost step for all the Directors is to obtain DIN (Director Identification Number) and DSC (Digital Signature Certificate).
- Apply for a Name Approval
Now, in the second step, the shareholders or the Directors are required to apply for a name approval by suggesting three names to the MCA (Ministry of Corporate Affairs). Further, out of all the names suggested, the MCA will choose one name for the said company. Furthermore, it shall be taken into consideration that all the names suggested must be of unique character and not similar to an already existing company’s name. Moreover, according to rule 8 of the Companies Act, 2013, the approved name will remain valid only for a period of 20 days.
- Drafting of MOA and AOA
After completing the process of name approval, the directors need to submit the Application for registration in the form INC- 32, together with the Articles of Association (AOA) and Memorandum of Association (MOA), respectively. Further, it is significant to take into consideration that the documents must state the objective behind incorporating a Nidhi Company.
- Certificate of Incorporation
Usually, it takes about 15-25 days time to get the Certification of Incorporation. Further, this certificate acts as a piece of evidence or proof that the said Company has been incorporated. Furthermore, this certificate also mentions the company’s CIN (Company Identification Number).
- Opening of a Bank Account and Applying for TAN and PAN
In last, the directors need to apply for PAN (Permanent Account Number) and TAN (Tax Deduction Account Number). Further, shareholder or the members of the company is also required to get a bank account opened just by submitting the Certificate of Incorporation, and the copies MoA, AoA, along with the allotted PAN details to the bank.
