(NBFC) Non-Banking Financial Company

(NBFC) 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 :-

1. Credit and Loan faclities.
2. Assets Finance.
3. Shares Acquisition.
4. 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

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

The Three Has Been Combined To Be Called As NBFC – Investment And Credit Company (NBFC-ICC)

1. Infrastructure Finance Company (IFC)
2. Systematically Important Core Investment Company (CIC-ND-SI)
3. Infrastructure Debt Fund: Non-banking Financial Company (IDF-NBFC)
4. Non-Banking Financial Company- Micro Finance Institution (NBFC-MFI)
5. Non-Banking Financial Company – Factors (NBFC Factors)
6. Mortgage Guarantee Companies (MGC)
7. NBFC- Non-Operative Financial Holding Company (NOFHC)

One Must Have These To Form NBFC

1. Company registered nder Section 3 of the Companies Act, 2013.
2. 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…!!

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