Dear Members,
We group of 5-6 investors wants to start a personal loan finance company. The business will be like finance for Automobile and Gold. We will use our fund as a capital. We are not going for any deposits from the general public.
Please let me know if there are any licencing we have to do? and what are the laws and regulations we have to follow?
Do we have to register with RBI? if so then what are the conditions we should compile.
Awaiting for your response.
Regards,
Ravikumar
You need to register with RBI as Non Banking Finance Company (NBFC), Finance co. need to register with RBi whether or not they are accepting or not accepting the deposit.
Starting a new business is not rocket science if one keeps the basic legal requirements in mind. The present article lists down the main legal formalities required to start a Company form of business.
While there are certain processes that are common to any form of business organization, each one of the above has certain peculiar requirements. This article analyzes the requirements for starting a Company. These may vary from State to State and may change from time to time.
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