In this article we will discuss about NBFC registration procedure and what are the minimum requirements for the same.
Minimum Requirements For NBFC Registration
The first step for NBFC registration is to register a Private Limited or Public Limited Company under the Companies Act 2013.After the successful completion of the company formulation the next step towards
NBFC registration is to open a bank account and make a fixed deposit of 2 Crore rupees.
NBFC Registration Procedure
For registration the aspiring company should apply online and submit a physical copy of the same with all prescribed documents from nbfc registered with rbi.
Following steps are required to be followed in NBFC Registration Procedure:
STEP 1: The application may be submitted online through RBI’s website by visiting the company registration option and there by downloading the form and after filling it in appropriately can be uploaded through the same window.
STEP 2: A Company Application Reference Number for the COR application filled online shall be provided to the applying company. A hard copy of the filled application form with the COR and prescribed documents has to be submitted to the concerned regional office of NBFC-COR Division.
STEP 3:The Designated Officer after verifying the background of founder and shareholder profile and sources of fund diligently and beyond all reasonable doubts of the COR Committee within 90-120 days may issue the Certificate of Registration.
The applicant Company can then check the status of application over the same online portal using the same application number.Certificate of Registration is essential as prescribed in the RBI Act for the functioning of NBFC.
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