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Challenges faced in NBFC Registration
Description: There are certain challenges that entrepreneurs face in the NBFC business starting from NBFC registration to NBFC Operation, a few of which are as follows:
Extensive CompliancesThe compliances for the NFBC registration and operation is quite an extensive list which becomes a challenge in smooth sailing. The compliance part often experiences exhaustion in the Company which further slows down operations.
Complex documentationThe documentation process for the NBFC Registration is a multi-faceted process that asks for delicate attention and effort. Any fault in the documentation might make the registration process a bit challenging, and can also lead to non-compliance penalties.
Fervent Taxation regimeThe taxation system is quite fervent and complex when it comes to NBFC which becomes a challenge as the missing Taxes lead to Income Tax notices and therefore penalties. Therefore, professional services are required at many stages which are quite expensive.
Lack of FlexibilityThe NBFC is governed by rigid statutes which bring little or no space for flexibility whether it be in terms of taxes, compliances, etc. Therefore, the NBFC faces a series of challenges in terms of operation in comparison to other businesses.
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