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Microfinance Company Registration

  • Micro-Finance Companies may be registered as Section 8 Companies subject to RBI approval for microfinance activities in India. We advise and assist in setting up the Micro Finance Company anywhere in India.

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Overview Checklist FBO Document Required StepWise Process Penalty How Registration done? FAQ Pricing Plan

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What is a Micro Finance company?

A Microfinance institution is an organization that offers a range of financial services to low income businesses, including credit facilities, deposit, and insurance services. NABARD defines a micro finance institution as “provision of thrift, credit, and other financial services and products of very small amounts to the low income businesses in rural, semi-urban and urban areas in order to meet their specific financial needs.” Only Non-banking Finance Companies can be set up as Micro Finance Companies, with the prior approval of the Reserve Bank of India.

Checklist to set up a Microfinance Company Registration

A microfinance company can be incorporated as a public or private limited company, for getting established either as an NBFC in India. Therefore, before beginning the process of its formation, the members must ensure that the necessary prerequisite conditions have been fulfilled. We have provided an elaborate list of all such conditions below, for your precise understanding.

  1. At least two members for Private Limited and 7 for Public Limited company
  2. At least 2 directors for Pvt Ltd and Section 8, while 3 for Public Limited company
  3. FBO engages in manufacturing or processing
  4. At least one resident director
  5. A unique and valid name
  6. Certain amount of capital

Documents Required for Section 8 Micro Finance Company Registration

Documentation is the most significant aspect of filling the application for MFI registration in India. To set up an MFI as an NBFC, a prior approval of the RBI is needed, for which the following documents must be filed with the prescribed application:

List of Documents For MFI Registration as NBFC
  • Memorandum of Association and Articles of Association
  • Certificate of Incorporation of the company
  • Certified True Copy of Board resolution
  • Auditor’s Certificate on Net Owned Fund
  • Banker’s Certificate of No Lien on Fixed Deposit
  • Banker’s report about the company
  • CIBIL Credit Report of the directors
  • CA Certifed Net worth certificate of the directors
  • Education Proof of the Director
  • Directors Professional Qualification Proof
  • Educational Qualification
  • Photo, Identity & Address Proof of Directors
  • Income Proof of the director
  • Organization Structure Plan

FSSAI Registration Process in India

  1. Step-1 : Eligibility Check

    The process starts with the eligibility check of the applicant FBO. In this, the experts at setindiabiz will discuss the nature of the proposed business plan in detail and help you find your eligibility as per your proposed requirements.

  2. Step-2 : Documentation & Drafting

    Once it is determined that you need food registration. The Setindiabiz team will provide you with a list of documents. Based on the requirement setindiabiz team will help you with draft documents for the necessary signature.

  3. Step-3 : Online Application Filing

    The online filing will be made by filing Form-A at the online portal of FoSCoS. In this course, we will interact with you for OTP.

  4. Step-4 : Payment of Government Fee

    Once the application is filled and the documents are uploaded in the document section, the payment of the registration fee is made, and a reference number is generated. It is a temporary number to track the status of the application.

  5. Step-5 : Track status of FSSAI Application

    The applicant can track the status of the application online. Usually, licencing authorities grant registration within seven days of the application filing, but if they opine for inspection of premises, it will delay the grant of Food registration. On inspection, registering authority may raise the clarification in the application requiring modification, addition or deletion in the application.

  6. Step-6 : Reply to Clarification

    The reply to clarification must be filed within 30 days from the date when raising clarification. If not, this will lead to refusal of the application, and a new application needs to be filed. There is no process of refunding the fee. The Setindiabiz team will coordinate with you at the time of such clarification to resolve the same.

Frequently Asked Questions

It is basic food registration required by a petty food manufacturer. No food business operator can start its food business without seeking registration if its business falls in the category of registration. It has a validity period and must be renewed before its expiry to continue the said food business. The validity of registration varies from one year to five years as per the choice of FBO.

A petty food manufacturer requires FSSAI Registration. A petty food manufacturer includes:
1. Any FBO who sells or distributes food products manufactured by him or
2. All FBO having annual turnover is less than 12 lacs, and the production capacity does not exceed the limit mentioned below:
3. Dairy Units-Procurement or handling and collection of milk is up to 500 litres of milk per day
4. Slaughter Houses-Slaughtering capacity is two large animals or ten small animals or 50 poultry Birds per day or less
5. Any other FBO does not exceed 100 kg/ litre per day

Every petty food manufacturer requires registration. Petty food operator means any business operator who
1. Manufactures and sells any article of food himself or distributes food including in any religious or social gathering. For example, petty Retailers, hawkers, itinerant vendors, or temporary stall holders do not include caterers.
2. All the other food business operators whose annual turnover is Rs 12 lacs or less provided they are not engaged in processing and manufacturing food.
3. Food business operator engaged in manufacturing and processing of the food and the production capacity is as under:

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