finance business
This query is : Resolved
BHARAT N DUDANI
(Querist)
22 March 2009
Mine is a family owned private limited company with a share capital of Rs Fifteen Lakhs
We want to start the business of giving loans on interest basis against security of movable and immovable properties.
Do we have to obtain any licence for from any authority and do we have to inform ROC or RBI of starting the above business
We want to start the business of giving loans on interest basis against security of movable and immovable properties.
Do we have to obtain any licence for from any authority and do we have to inform ROC or RBI of starting the above business
CA. B.SRINIVASULU
(Expert)
22 March 2009
Step 1 : Please check the memorandum of association wherein your object clause says that you can do finance business or can give loans on movable or immovable properties.
Step 2 : If your object clause allows then you have to apply for Non Banking finance Company licence under RBI.
Step 3 : Based on certain conditions the RBI will allot nbfc licence.
Step 4 : After you get the licence you can commence business and copy of the letter has to be sent to ROC.
Just like that you cannot start a finance business in case of private or public limited companies.
Step 2 : If your object clause allows then you have to apply for Non Banking finance Company licence under RBI.
Step 3 : Based on certain conditions the RBI will allot nbfc licence.
Step 4 : After you get the licence you can commence business and copy of the letter has to be sent to ROC.
Just like that you cannot start a finance business in case of private or public limited companies.
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