NBFC company

The certificate of commencement of business has to be obtained within six months of incorporation.

As regards, the NBFC registration, the company has to apply before starting the business as an NBFC.

Originally posted by : Rasesh
	The certificate of commencement of business has to be obtained within six months of incorporation. As regards, the NBFC registration, the company has to apply before starting the business as an NBFC.

Dear Rasesh,

Can u provide the reference of section of the Companies Act under which it is required to obtain Certificate to Commence Business within 6months of Incorporation??

Thanks

Pursuant to section 45-IA of RBI Act, 1934

NBFC have to make an application for registration with RBI and shall not commence or carry on business of a non-banking financial institution without obtaining registration from RBI and maintaining Net Owned Fund (NOF).

NOF requirement for NBFC registered:

Before 21/04/1999   = Rs.25 Lakhs

After 21/04/1999    = Rs.200 Lakhs