Starting a Micro Finance Company in Chennai is made easier by connecting with Shoplegal. India has seen a surge in micro finance industries, especially since the Reserve Bank of India (RBI) and the Central Government introduced financial inclusion programs.

Micro finance plays a pivotal role in aiding individuals who lack access to traditional banking systems. Shoplegal's professional assistance simplifies complex registration processes, ensuring swift incorporation licensing.

This type of financial service greatly benefits small start-ups and home-based businesses. Many times, these entities face challenges in securing support from established banks due to stringent requirements and documentation. Micro finance steps in, offering funding typically below Rs. 50,000, catering to their needs.

In India, most financial operations are sanctioned to Non-Banking Finance Companies (NBFCs). However, certain business structures enjoy exemptions granted by the RBI, allowing them to engage in limited finance activities. Shoplegal's expertise streamlines the process, making micro finance business setup hassle-free.

The two types of Business which can run micro finance institutions (MFI) is:

• Production, Non-banking finance company (duly registered with RBI)
• Section 8 Company