Can a Startup Apply for NBFC Registration in India?

[atulshukla]

Yes, a startup can apply for NBFC (Non-Banking Financial Company) registration in India, provided it meets the eligibility criteria laid down by the Reserve Bank of India (RBI).

Here’s what a startup needs to fulfill to apply for NBFC registration:

1. Company Structure
The startup must be registered as a Private Limited Company or a Public Limited Company under the Companies Act, 2013.

2. Minimum Net Owned Fund (NOF)
The company must have a minimum Net Owned Fund of ₹2 crore. For NBFCs involved in microfinance or certain special categories, the requirement may vary.

3. Business Plan & Activity
The startup must propose to engage in financial services such as lending, investment, leasing, etc.

A clear business model and robust financial projections are essential for RBI approval.

4. Clean Background of Directors
The directors and shareholders must have a clean credit and financial history and must not be involved in any financial fraud or irregularities.

5. RBI Compliance
The startup must be ready to comply with RBI regulations, including regular reporting, audits, and KYC/AML norms.

6. Documents Required
Certificate of Incorporation

Memorandum & Articles of Association

Board Resolution

Audited financials

KYC documents of directors/shareholders

Business plan and NOF proof

Final Note:
While startups can apply for NBFC registration, preparation is key. It's advisable to consult a legal or financial expert to ensure proper documentation and compliance with RBI guidelines.

Would you like a checklist or step-by-step guide on how a startup can apply for NBFC registration?

[xiniu]

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