5 Key Requirements To get NBFC License in India

Here are some key aspects to consider before nbfc company registration in India. To get nbfc registration online you can get expert support from MUDS Management. 

1. Form a corporation with a minimum capital requirement

The initial need for NBFC company registration is to build a company. No other company is permitted to apply for an RBI NBFC license. Furthermore, the firm must be either a Private Limited Company or a Public Limited Company. A single person cannot apply for an RBI NBFC license. 

2. Invest the money into a fixed deposit and get a certificate

Following business formation, the next step is to put the full amount in a fixed deposit and acquire a no lien certificate from the bank. The deposit should be equivalent to the company's subscribed capital.

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3. Gather all of the essential documentation for an NBFC license, as outlined in the checklist

The next step is to correctly align all of the essential documentation for RBI registration. Before submitting the application online, it is suggested that you review the NBFCs prerequisite list and gather all of the necessary papers. The following are some of the papers that may be required:

• Copies of the Certificate of Registration that have been certified
• Certified duplicates of a portion of the MOA's primary item.
• Board Resolution Copies
• Copies of FD receipts and a certificate from the banking stating that there is no encumbrance on the property.
• Bankers work for Applicant Company and its subsidiaries.
• A quite powerful promotional profile that details their financial experience. One of the most important factors in obtaining an RBI licence is the promoter's history.

4. Submit an online application at cosmos.rbi.org.in.

Once you have all of the necessary documentation, the next step is to submit an online application to the RBI for NBFC registration. Because the application involves a lot of technical words, it is advised that you seek the assistance of a specialist. If you file the erroneous application, it will be denied right away.

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5. Send a physical copy to the Reserve Bank of India's regional office (RBI)

After filing the application online, the next step is to create a complete set of physical papers and send them to the Reserve Bank of India's regional office.

6. Check in with the RBI

The NBFC registration process typically takes 3 to 6 months, therefore it is critical to maintain your patience and follow up with the RBI to correct any anticipated mistakes or omissions.

If you follow the above provided steps then you will get your NBFC license hassle -free in India. As a result, it is suggested that you use our expert services to finish the NBFC registration process as smoothly as possible. nbfc registration online can be these days, all you need to do is contact us at muds.co.in to book consultation for free.