NBFC Registration Service

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NBFC particularly stands for Non-banking Financial Company. It is a corporation registered under the 1956's Companies Act. 

It is involved in the business of loans, business related to insurance, hiring purchases, leasing, and acquisition of stocks, shares or bonds issued by the local authorities or some government officials. 

It also deals with other things like chit-funds and receiving deposits from the public.

Non-Banking Financial Companies (NBFCs) work under the Department of Non-Banking Supervision ( DNBS ) regulation. 

NBFC, which is registered under the 1956 Companies Act, is controlled by the Reserve Bank of India ( RBI ). 

In this era of the 21st century, non-banking financial companies/institutions ( NBFCs ) are continuously gaining recognition among common people due to their easy approach towards providing loans and advances. 

Their flexibility in services, customer-oriented schemes as well as punctuality in meeting the needs of credit for credit seekers have grown the popularity of the NBFCs to a much larger extent.

NBFC Registration Process,Non-Banking Financial Company

Prerequisites for the process of ( NBFC ) Registration :

1. The financial corporation for which you want to apply for ( NBFC ) must be registered in section 3 of the Companies Act of 2013, or it should be registered under the Companies Act of 1956.

2. The directors associated with the corporation must be highly qualified, and at least one-third of the directors should have 10 years of experience in the domain of finance.

3. The business plan for which you want to apply for ( NBFC ) must be properly proposed along with the strategy to operate for the next 5 years.

4. The company's Net-owned Fund ( NOF ) must be at least 2 crores, as RBI proposes.

5. The Directors of the company should qualify with the Fit and Proper criteria of the RBI. The Fit and Proper criteria include:

          a. Educational qualification research 

          b. Experience and skills in the mentioned field of expertise

          c. Integrity and proper track record are taken into account 

It is the most crucial point to be noted under the rules and regulations proposed by RBI for the application of ( NBFC ).

1. When a company becomes eligible to complete each and every prerequisite condition as mentioned above, then the company can apply for the registration of ( NBFC ).

2. With all the required documents, the application for ( NBFC ) is to be submitted online. A Company Application Reference Number ( CARN ) is generated upon successful application submission.

3. This application is made on the official COSMOS portal of the RBI.

4. After you obtain the Company Application Reference Number ( CARN ), a copy of all the physical documents will be sent to the RBI.

5. If the corporates in the RBI feel satisfied with the application and the documents, then you will be issued the Certificate of Registration ( COR ) for the NBFC Registration process.

Documents required for the registration of ( NBFC )

1. Latest net worth Certificates of the directors, shareholders and of people associated with the company

2. Updated KYC details, credit details and address proof of the directors, shareholders, managers, etcetera associated with the company 

3. Certified Copies of: -

      Certificate of Incorporation ( COI )

       Memorandum of Association ( MOA )

       Articles of Association ( AOA )

All these documents must be obtained from the REGIONAL Registrar of Company ( ROC )

1. Proper PAN and GST number of the company. These should be in support of the address proof.

2. The details of the company's bank account. The company's Net-owned Fund ( NOF ) must be at least 2 crores.

3. The company should keep in hand a detailed and structured plan for the next 5 years for the company describing all the details associated with the business domain. 

Types of NBFCs: -

The NBFCs are broadly classified into two categories: -

1. Based on Liabilities: -

          a. Deposit accepting NBFCs

          b. Non–deposit accepting NBFCs

          c. Systematically important

          d. Other non-deposit holding companies 

2. Based on Activities: -

          a. Infrastructure Finance Company ( IFC )

          b. Investment and credit company ( ICC )

          c. Systematically important Core investment company ( CIC )

          d. Non-operative Financial Holding Company ( NOFHC )

          e. Mortgage Guarantee Companies ( MGC )

          f. Microfinance companies ( MFIs )

          g. Infrastructure debt fund non-banking financial company ( IDF  –  NBFC )

How are the Non-banking Financial Companies (NBFCs' s ) different from regular banks?

1. Unlike banks, NBFC cannot issue checks drawn on itself. For this purpose, the people have to go for the banks that the government legally recognizes with a banking license ( either private or public ) 

2. Banks are legally recognized financial institutions, while NBFCs are a kind of business operated by individuals that provide some bank-like facilities, for example, working for loans and advances etcetera which works without an official banking license. The major role played by a Non banking financial company ( NBFC ) is to provide the public with facilities for loans and advancements. 

3. NBFCs cannot accept deposits on demand by the public. Some operation deposit accepting NBFCs are eligible to accept the deposits, but the non deposit accepting NBFCs are not eligible to do so.

NBFC DSA Registration: -

Anybody who works as a referral agent for an ( NBFC ) is called the company's direct selling agent ( DSA ). 

The ( DSA ) is responsible for bringing new customers or generating more and more leads for the ( NBFC ). 

When a client takes a loan with the help of the referral provided by the agent, then the ( DSA ) produces income for themselves beforehand. This is a good source of income.

The ( NBFCs ) predominantly work for financial matters related to loans as well as advances.

A Direct selling agent ( DSA ) particularly works as a bridge between the common people and the non profit financial companies / institutions (NBFCs' s ). 

Eligibility for NBFC DSA Registration: -

1. The person must be a citizen of India, and they should have attained the age of 18 years.

2. Should have excellent communication skills in order to convince people and help generate more and more leads

3. Should have proven knowledge of the background of finance

4. Should be able to work with the crowd and deal with public crowds

Documents Required for NBFC DSA Registration: -

1. Proof of educational qualifications 

2. Address details, aadhaar card, PAN card

3. Banking details 

Procedure for the Registration of ( NBFC ) DSA: -

This procedure can differ for different NBFCs as they have the authority to impose their own rules and regulations for their franchise. 

However, the common steps for the registration involved are: -

1. Filling an online or offline application for the post of DSA for the NBFC you want

2. Submit the required documents for the post

3. Wait for the process of verification 

4. Passing an interview round if you qualify 

5. If the NBFC wants to hire you, then you can complete the formalities and join in due time.

Advantages of being a ( DSA ): -

1. Benefits for your own self 

a. It does not require any particular set of degrees, and your skills can help you become a DSA.

b. You have chances to earn additional income easily through more and more referrals. 

c. You will have flexible working hours and satisfactory life.

2. Benefits to the ( NBFC ): -

a. The DSA helps the NBFCs in promoting their financial schemes to a large mass of people.

b. They handle a lot of responsibilities like pre-requisitions and verification for the NBFCs.

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Why ESPECIA?

ESPECIA is a one-stop solution for all your finance-related matters, be it documentation, verification or about getting new licenses and certifications to let your business reach unimaginable heights in this era of competition. 

ESPECIA provides a wide range of services for non banking organizations such as NBFCs. ESPECIA can assist you with the registration process for NBFC with the help of highly qualified professionals with expertise in the finance domain. 

In order to start the process of registration, you have to contact us and provide us with the required documents. 

The journey ahead for your registration will be on our shoulders hereafter. 

Contact – accounts@especia.co.in 

We can also help with the NBFC registration process for DSA. It would surely help young talented people to showcase their capabilities in front of the world. In the 21st century, people who are interested in a career in finance are also invited to contact us for further assistance.

NBFC particularly stands for Non banking Financial Company. It is a corporation registered under the 1956's Companies Act. It is involved in the business of loans, business related to insurance, hiring purchases, leasing, and acquisition of stocks, shares or bonds issued by the local authorities or some government officials. It also deals with other things like chit-funds and receiving deposits. The Non Banking Financial Companies (NBFCs) work under the Department of Non Banking Supervision ( DNBS ) regulation. NBFC, which is registered under the 1956 Companies Act, is controlled by the Reserve Bank of India ( RBI ).

The procedure for registration of NBFC is long procedure. Overall it can take up to 90 to 180 days to obtain an NBFC License.

There is a long procedure linked with obtaining the NBFC License. Just contact ESPECIA, and provide us with all the required documents, and we will continue with the procedure to get an NBFC licence.

Contact – accounts@especia.co.in 

Latest net worth Certificates of the directors, shareholders and the people associated with the company, Updated KYC details, credit details and address proof of the directors, shareholders, managers, etcetera associated with the company, Certified Copies of: - Certificate of Incorporation ( COI ), Memorandum of Association ( MOA ), Articles of Association ( AOA ), All these documents must be obtained from the REGIONAL Registrar of Company ( ROC ), Proper PAN and GST number of the company. These should support the address proof, The details of the company's bank account. The Net owned Fund ( NOF ) of the company must be at least 2 crores, and The company should keep in hand a detailed and structured plan for the next 5 years for the company describing all the details associated with the business domain.

The minimum net owned fund ( NOF ) for a company to be eligible to apply for an ( NBFC ) licence is 2 crores.

The difference between banks and the ( NBFCs ) are: -

  • Unlike banks, NBFC cannot issue the checks drawn on itself 
  • Banks are legally recognized financial institutions, while NBFCs are a kind of business operated by individuals that provide some bank-like facilities, for example, working for loans and advances etcetera which works without an official banking license.
  • NBFCs cannot accept deposits on demand.

The NBFCs are registered under the Companies Act 1956 / 2013.

A deposit-taking NBFC is a type of NBFC that can take public deposits as normal banks do. On the other hand, a non-deposit-taking NBFC is a type of NBFC which is only allowed to offer loans to the public, and it cannot accept any deposits from the people.

Yes, being a DSA for any Non banking financial company can be proven profitable to an individual. It is a low investment as well as a low-risk business. A Direct selling agent ( DSA ) can earn a lot by bringing more and more referrals for the NBFC. The amount earned by these is calculated as an additional income for the DSA. If you have good communication skills and are good at public speaking and convincing people, this business is profitable for you.

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