Section-8 Company Registration
Section-8 Company Registration
Market Price : Rs. 12,000
Offer Price : Rs. 8,400
Discount : Rs. 3,600 (30%)
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What is a Section-8 Company ?
A Section 8 Company is a type of non-profit organization in India, regulated under the Companies Act, 2013. The primary objective of such a company is to promote fields like commerce, art, science, sports, education, research, social welfare, religion, charity, and environmental protection. Unlike other companies, a Section 8 Company does not aim to generate profits for distribution among its members. Instead, any income or profits are reinvested to further the objectives of the company
Salient Features of a Section-8 Company
Non-Profit Objective: Established for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, or any other useful objective.
No Profit Distribution: Profits are not distributed among members but reinvested in furthering the company's objectives.
Limited Liability: Members' liability is limited to their shareholding.
Exemptions and Benefits: Eligible for various tax exemptions and benefits from the government.
Separate Legal Entity: It has a distinct legal identity separate from its members.
No Minimum Capital Requirement: There is no minimum paid-up capital requirement.
Advantages of Section-8 Company
Limited Liability:Members and directors enjoy limited liability, meaning their personal assets are protected in case of any financial issues or legal actions against the company.
Separate Legal Entity:A Section 8 company has a distinct legal identity from its members, allowing it to own property, enter contracts, and sue or be sued in its own name.
Tax Benefits:Section 8 companies can avail various tax exemptions under the Income Tax Act. Donations made to such companies are also eligible for tax deductions under Section 80G of the Income Tax Act.
Credibility and Trust:Being registered under the Companies Act and regulated by the Ministry of Corporate Affairs (MCA), Section 8 companies often enjoy higher credibility and trust compared to other forms of non-profit entities like societies and trusts.
No Minimum Capital Requirement:Unlike other companies, there is no mandatory requirement for a minimum paid-up share capital for a Section 8 company, making it easier to start.
Exemption from Using 'Limited' or 'Private Limited': A Section 8 company can omit the use of the term ‘Limited’ or ‘Private Limited’ in its name, reflecting its non-profit nature.
Perpetual Succession: The company continues to exist even if there are changes in its membership, ensuring continuity of the non-profit activities.
Ease of Management: The structure of a Section 8 company allows for streamlined management and governance, with clear regulations and requirements under the Companies Act.
Funding Opportunities: Section 8 companies are eligible to receive donations, grants, and funding from various government and international agencies, NGOs, and corporate CSR activities.
Transferability of Ownership: Ownership in a Section 8 company can be transferred, which is beneficial for maintaining continuity and bringing in new members or directors.
Flexibility in Functioning: These companies have more operational flexibility compared to other non-profit structures, allowing them to engage in various activities to fulfill their objectives.
Procedure of Registration of Section-8 Company
Obtain Digital Signature Certificate (DSC): The proposed directors must obtain DSCs.
Obtain Director Identification Number (DIN): Apply for DIN for the proposed directors.
Name Approval: Submit an application for name approval through the Ministry of Corporate Affairs (MCA) portal.
Prepare Documents: Draft necessary documents such as Memorandum of Association (MOA) and Articles of Association (AOA) aligning with the non-profit objectives.
File Incorporation Form: Submit the incorporation form (SPICe form) along with required documents to the Registrar of Companies (ROC).
Obtain License: Apply for a license under Section 8 of the Companies Act, 2013, using Form INC-12.
Certificate of Incorporation: Upon approval, the ROC issues a Certificate of Incorporation along with a unique company identification number..
Documents Required for Registration of Section-8 Company
Identity Proof of Directors: PAN card, passport, driving license, or Aadhaar card.
Address Proof of Directors: Bank statement, electricity bill, or telephone bill.
Proof of Registered Office Address: Utility bill, rent agreement, or property ownership document along with a No Objection Certificate (NOC) from the owner.
Memorandum of Association (MOA) and Articles of Association (AOA).
Declaration by each subscriber to the MOA on Form INC-15.
Affidavit by the directors on Form INC-9.
Estimate of future annual income and expenditure for the next three years.
**Declaration by a professional certifying compliance with the requirements.
Corporate Verdict: Your Partner in Section-8 Company Registration
Corporate Verdict is a team of experienced professionals dedicated to assisting entrepreneurs in establishing Section-8 Companies effectively and affordably. We understand the complexities of the registration process and ensure a seamless experience for our clients. Our services include:
Expert Consultation: Providing detailed guidance on the feasibility and benefits of forming an Section-8 Company.
Documentation Assistance: Assisting in the preparation and filing of necessary documents.
Compliance Support: Ensuring your Section-8 Company meets all regulatory requirements.
Affordable Services: Offering cost-effective solutions without compromising on quality.
By choosing Corporate Verdict, you can rest assured that your Section-8 Company registration will be handled efficiently, allowing you to focus on growing your business.
For more information or to start the registration process, visit our website or contact our team today!
Have any Questions?
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