Section-8 Company Registration

Section-8 Company Registration

Market Price : Rs. 16,000

Offer Price : Rs. 11,200

Discount : Rs. 4,800 (30%)

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What is a Section-8 Company?

A Section 8 Company is an Indian type of non-profit company governed by the Companies Act, 2013. The main purpose of such a company is to encourage areas such as commerce, art, science, sports, education, research, social welfare, religion, charity, and the protection of the environment. Unlike other types of companies, a Section 8 Company does not look to make profits for sharing among members. Rather, any profits or income are retained and invested with the goal of advancing the purpose 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 is an independent legal entity that is different from its members.

No Minimum Capital Requirement: There is no minimum amount of paid-up capital.

Benefits of Section-8 Company

Limited Liability: Members and directors have limited liability, i.e., their personal property is safe in case of any financial problems or lawsuits against the company.

Separate Legal Entity: Section 8 company is a separate legal entity from its members and can own properties, sign contracts, sue, and be sued in its name.

Tax Benefits: Section 8 companies enjoy several tax exemptions under the Income Tax Act. Contributions to these companies are tax-deductible under Section 80G of the Income Tax Act.

Credibility and Trust: Since registered under the Companies Act and overseen by the Ministry of Corporate Affairs (MCA), Section 8 companies tend to be more credible and trusted than other types of non-profit organizations such as societies and trusts.

No Minimum Capital Requirement: In contrast to other companies, there is no requirement of minimum paid-up share capital for a Section 8 company, hence it becomes simple to commence.

Exemption from the use of 'Limited' or 'Private Limited': A Section 8 company may exclude the use of the word 'Limited' or 'Private Limited' in its name, indicative of its non-profit character.

Perpetual Succession: The company will survive even in the event of a change in its membership, providing continuity of the non-profit activities.

Ease of Management: The organization of a Section 8 company facilitates easy management and governance, with well-defined rules and regulations under the Companies Act.

Funding Opportunities: Section 8 companies can receive donations, grants, and funding from government and international agencies, NGOs, and corporate CSR initiatives.

Transferability of Ownership: There is transferability of ownership in a Section 8 company, which is advantageous in ensuring continuity and introducing new members or directors.

Flexibility in Functioning: Such companies enjoy greater operating flexibility than other non-profit structures and can participate in diverse activities to achieve their purposes.

Procedure of Section-8 Company Registration

Get Digital Signature Certificate (DSC): The suggested directors need to get DSCs.

Get Director Identification Number (DIN): Apply for DIN for the suggested directors.

Name Approval: File an application for name approval via the Ministry of Corporate Affairs (MCA) portal.

Prepare Documents: Prepare necessary documents like Memorandum of Association (MOA) and Articles of Association (AOA) in accordance with the non-profit aims.

File Incorporation Form: File the incorporation form (SPICe form) and supporting documents with the Registrar of Companies (ROC).

Get License: Make an application for license under Section 8 of Companies Act, 2013 in Form INC-12.

Certificate of Incorporation: On being approved, ROC issues a Certificate of Incorporation and a special company identification number.

Documents Needed 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 document of property ownership along with a No Objection Certificate (NOC) issued by 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.

Projection of future annual income and expenses for the next three years.

**Certification by a professional confirming compliance with the conditions.

Corporate Verdict: Your Partner in Section-8 Company Registration

Corporate Verdict is a group of experienced professionals specializing in helping entrepreneurs register Section-8 Companies with ease and at low costs. We know how complex the process of registration can be and make sure that our clients have a smooth experience. Our services cover:

Expert Advisory: Giving minute explanations regarding feasibility and advantages of establishing a Section-8 Company.

Paperwork Support: Supporting the preparation and submission of required documents.

Compliance Assistance: Making sure your Section-8 Company is in compliance with all regulations.

Affordable Services: Delivering budget-friendly services without sacrificing quality.

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