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Non-banking financial Company

NBFCs are registered under Companies Act 2013. NBFC is engaged in financial services not having a banking License. NBFC is required for businesses which are dealing in :-

  • Credit and Loan faclities.
  • Assets Finance.
  • Shares Acquisition.
  • Insurance.
  • Peer Lending.
Note:- Register NBFC with TAXLEGIT..!!

Types of NBFCs in India

Classified of NBFC on the basis of Deposits
  • Deposit-taking NBFC.
  • Non-Deposit accepting NBFC.
Classified of NBFC based on the activities
  • Asset Finance Company (AFC).
  • Investment Company (IC).
  • Loan Company (LC).

Mandatory documents for getting an NBFC license in India

  • Updated KYC of all the directors and shareholders;
  • MOA (Memorandum of Association) and AOA (Articles of Association) duly certified by Directors;
  • Company’s Certificate of Incorporation;
  • Credit report of shareholders and directors of the company;
  • Bank report with no lien remark on an (Fixed Deposit) of Rs. 2 crores;
  • An Net-owned Fund certificate;
  • Action plan of the NBFC along with the structure;
  • Financial statements;
  • Financial statements;

The Three has been combined to be called as NBFC - Investment and Credit Company (NBFC-ICC).

  • Infrastructure Finance Company (IFC)
  • Systematically Important Core Investment Company (CIC-ND-SI)
  • Infrastructure Debt Fund: Non-banking Financial Company (IDF-NBFC)
  • Non-Banking Financial Company- Micro Finance Institution (NBFC-MFI)
  • Non-Banking Financial Company – Factors (NBFC Factors)
  • Mortgage Guarantee Companies (MGC)
  • NBFC- Non-Operative Financial Holding Company (NOFHC)

One Must Have These to Form NBFC

  • Company registered under Section 3 of the Companies Act, 2013.
  • Company registered under Section 3 of the Companies Act, 2013.

The Process :-

  • Step-1: Registration of a Company
  • Step-2 Business Plan and Documentation
  • Step-3: Submit the application on COSMOS
  • Step 4: Send the documents to the RBI in physical
  • Step 5: Track the status of the application

In reality, RBI issues the license in 3-6 months or even more, but, TAXLEGIT will help you get the license in just 120 days…!!