Micro Finance Company Registration
How can we help in getting registration?
- Guidance throughout the process of registration
- Collection of all essential documents
- Regular updates and quality service
- Team of well-versed professionals taking care of the complete process.
- Verifying all the documents
- Assurance of Registration within minimum time
- Registration of Company
- Raising of Capital
- Bank Account Opening
- Application for Registration
- Filing of online application with RBI
- Submission of hard copy
A Micro Finance Company, also known as Micro Finance Institution is a type of non-deposit taking NBFC, other than Section 8 company which primarily deals with low amounts of financing to such people who have low income and are mostly located in rural and semi-urban areas of India.
Some of the advantages of registering a Micro Finance Companies are as follows…
- Easy Finance to small business and traders
One of the primary objectives of Micro Finance Companies is to provide finance to small businesses and traders. Its main focus is to build a financial system for the poor and unemployed categories to provide them loans and other financial services to expand.
- Promotion of Socio-Economic Growth
Micro Finance Companies helps in promoting the factor of Socio-Economic Growth at the local level. It further empowers the poor to avail not just loans but every kind of financial service. It tries to eliminate the poverty level in India on a large scale.
- Better rate for repayment
Micro Finance Companies provide a better rate for overall loan repayment in comparison to the traditional banks which do not provide such a great rate.
- Provides different types of loans
Hence, Microfinance Institutions provide financial assistance such as savings, insurance, and loans to the needy group in the society and also to the small entrepreneur, who usually are not able to meet the criteria for the standard bank loan.
Types of Legal Structure for registration of Microfinance Company
Following are the different types of legal structure for the registration of Micro Finance Company
Section 8 company needs to be registered as per the Companies Act, 2013. The registration process is quite simple and no minimum capital is required.