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What is Section 8 Company?
A Section 8 Company is a form of business entity associated to a Non Profit organization. Unlike other business entities, the purpose of a Section 8 company is not to generate profit. But rather, the purpose of this business entity is to promote charitable causes that involve science, culture, education, religion etc. The profits earned by a NGO Company (Section 8 Company) are directed towards these purposes, not paid as dividends among its members. As a business entity, the Section 8 Company Registration is done under the Companies Act 2013
After Section 8 Company incorporation, its structure would feel similar to an NGO, a trust or a Society. However, unlike the Society Registration, the NGO Registration that is Section 8 Company formation is dictated by the Companies Act. Therefore, it is the MCA that is responsible for the formation of this type of company.
Why you should register a section 8 Company?There are several benefits associated in incorporating a section 8 company and they are as follows:
- There are several exemptions that the company Law.
- There is no minimum paid up capital required. Therefore, you can guess one of the benefits of section 8 company is that you can set it up even if you don’t have money.
- There is no requirement of a stamp duty.
- Under the income tax act, there are certain tax deductions given to a Section 8 company.
- A section 8 company has clear objectives that allow them to gather donations easily.
- It can be managed easily due to several privileges that it is given.
Eligibility Criteria for Nidhi Company Registration in India
The objective of the section 8 company should be to promote commerce, science, education, sports, religion, charity, social welfare and other altruistic causes
The profits earned by the section 8 company are to be used in the promotion of the mentioned causes
Profits of a section 8 company aren’t to be shared as dividend among the directors.
Documents Required for Section 8 Company Registration in IndiaFollowing are the documents required for company incorporation for each director/ shareholder For Directors/Shareholders
Copy of PAN Card
Identity Proof (Voter Card, Passport, Driving Licence)
Address Proof (Bank Statement, Mobile bill, Telephone bill, Electricity Bill)
Passport Size PhotoFor Registered Office
Ownership Proof (Electricity Bill, Gas bill, Electricity Bill, Mobile Bill)
NOC (Download Format)
Our Assistance in Section 8 Company Registration in India?We, at Registrationwala provide end to end solutions for Section 8 company registration in India. Our services include:
Company name research
Obtaining DSC and DIN
MOA and AOA drafting
Following up with the Ministry of Corporate Affairs
If you want to help people and work for the betterment of society, you should choose Section 8 company registration. The process of its formation is not easy. However, through Registration, it can be made easy. Our company registration experts make prospect of Section 8 company incorporation easy for you. Contact our experts and we shall begin.
How “Dp Accounting & Taxation Services” will help you to get Section 8 Company?
DP Accounting & Taxation Services help you to get alll required Licences & Certificates in Ahmedabad ,Gujarat.Our Expert Team will always touch with you for your better improvement & Guidelines. Our Fees for registration of Section 8 company.
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