Services

Micro Finance Company

As evident from the name “Micro Finance”, Micro Finance Company is a form of an entity which provides small Finance services to the businesses and Individuals denied for Loan from the Banks and Financial Institutions. Microfinance offer loans and credit line to the businesses and households from an amount as low as less than 50,000 INR to maximum 1,25,000 INR for dwelling houses . This concept is popular in Urban areas basically as the limit of maximum loan offering is 1,25,000 . They Provide loan at an inexpensive rates as directed by RBI without creating any charge on property.

Two Kind of Microfinance is incorporated in India as of now

As approved by RBI.
Section 8 without the approval of RBI.

Micro Finance Company Package Includes

Name Approval of Proposed Company
DIN and DSC of 2 Proposed Directors
Certificate of Incorporation (COI)
Bank Account opening Kit
License to act as an NGO (Section 8)
MOA & AOA
Relationship Manager (RM)
Government Challen & Fees
ESIC Registration
EPFO Registration

Requirements for Registration

At least 2 shareholders and Directors who can be the same person.
One of the Directors must be resident in India.
Director Identification number (DIN) of all the Directors and shareholders are required.
Digital Signature certificate (DSCs) of all the Directors and shareholders are required.

Note: Company planning to incorporate in any specific Government regulated sectors are required to take Prior Approval of the Department before Registering the Company.

Process of Registering Micro Finance Company

Filing for Name Approval

After the submission of documents to the Legalite, we apply 2 names to the Ministry of Corporate Affairs vide www.mca.gov.in on behalf of our clients along with the requisite fees. Name Approval Generally takes 24-48 Hours Excluding Holidays.

Application of DIN and DSC

The application of Director Identification number and Digital Signature is made as soon as the name is approved by MCA. The above application and completion generally takes 24-48 hours.

Framing of MOA and AOA and Submission

The MOA and AOA is drafted through the expert (CA/CS) as per the requirement of the Client, since the MOA contains the Object of the Company / Purpose for which the company is registered, Client’s involvement is required for accomplishment of the same. After the Drafting the application is finally made to the Department along with the attached DSCs of Subscribers/Directors and Professional (CA/CS/CMA)

Issuance of COI, E-Pan, E-Tan, ESIC and EPFO Registration

If the Department is satisfied with the Documents submitted and is of view that the Information given are in order and Documents are in order, it issues the Certificate of Incorporation Followed by E-Pan, E-Tan, ESIC and EPFO Registration.

DOCUMENTS REQUIRED

For Directors / Shareholders

Passport Size Coloured photograph.
Aadhaar Card and Pan Card (Self Attested).
Email Id and Mobile number.
Telephone / Gas Bill/Electricity bill/ Bank Statement (Not exceeding 60 Days).
Passport/ Voter ID, Driving License.

For Registered office Proof.

Proof of Premise: Electricity Bill/Telephone Bill/water Bill.
No objection Certificate (NOC) From Owner of Premise.

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Services

Micro Finance Company