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Section 8 company registration

Section 8 company is most appropriate for non-profit/NGO related objectives such as promotion of commerce, art, science, sports, education, research, social, welfare, religion, charity, protection of the environment, etc.. The process of registration of section 8 company is just like normal company registration in India with an additional requirement of a license from the central government under section 8 of the Companies Act, 2013.

Minimum Requirement for Section-8 Company registration:

 A minimum number of two Directors who are adults

 One of the Directors of a section 8 company has to be an Indian Citizen and Indian Resident.

 The other director(s) can be a Foreign National.

 It is also required to have two shareholders of a company

 The shareholders can be natural persons or an artificial legal entity.

  Mandatory to have charitable object.

Advantages of Section-8 Company Registration

Separate Legal Entity

A Section 8 company is an entity having separate legal identity and it may own property on its own name and can sue and be sued through its own name.

No Minimum Capital Requirement

No minimum capital limit is prescribed for a Section 8 Company in India. And the capital can always be altered at any stage as per the growth requirements of the company. This implies that it can be formed without any share capital. The funds necessary for carrying the business operations can be brought, later, in the form of donations and/or subscriptions from members and the general public.

Suffix in Name

Section 8 Company is not required to suffix “Public Limited or Private Limited”, next to it’s legal name. It can be registered with names such as “Association, Society, Council, Club, Charities, Foundation, Academy, Institute, Organisation, and Federation”.

Tax Advantages:

For Section 8 Companies in India, many tax advantages are present and provided.

Exemption to the donors:

Those donating to a Section 8 Company are eligible for tax exemptions under section 12A and 80G of the Income Tax Act.

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all Legal Compliance & Business Needs.

Documents required to register a Section-8 Company

Documents from Promoters and Directors

Identity Proof

 Permanent Account Number (PAN) Card

 Aadhaar Card / Passport / Driving License / Voter Identity Card

Address Proof

 Telephone Bill / Mobile Bill/ Electricity Bill / Water Bill/ Bank Statement /Bank Passbook with latest transaction

*(Any one of the Document not older than 2 months)

Passport size Photographs

Notes:

 All the Copies of documents must be Self-Attested by the applicant

 Telephone Bill / Mobile Bill/Electricity Bill / Bank Account Statement must be in the name of applicant and should not be older than 2 months

 In case of NRI or Foreign National, documents of director (s) must be apostilled

Registered Office – Address

 No-Objection letter from the Owner of Address to use the address of the registered office of the Company

 Address Proof – In the name of the Owner:
Electricity Bill, Telephone Bill (Fixed Line Only), Gas Bill or Water Bill (Not older than 2 months);- To be signed by the of the Owner of Premises.

 Rent Agreement (if rented)

Steps for registration of a Company:

Preliminary Requirements

 Select a suitable package.

 Provide basic details & documents required for Incorporation.

 Make Payment through Secured Payment Gateway

Registration

 Application for DSC.

 Application for Name approval

 Drafting of documents (MOA, AOA, DIR-2, Declaraions, Projections, etc)

Registered on MCA*

 Issuance of COI, Section-8 License, PAN, TAN by MCA

*Company will be registered within 15-25 working days subject to the MCA processing and approval.

Process for registration of Company:

Day 1-3:

 Provide basic details & documents required for registration.

 Application for DSCs.

 Name approval application through Spice part A.

Day 4-6:

 Drafting of Documents

Day 7:

 Filing company registration application

Day 8-15:

 MCA processing time

 Issuance of PAN, TAN, COI, Section-8 License