Section 8 Company Registration
A Section 8 company registration refers to the process of registering a non-profit organization under Section 8 of the Companies Act, 2013 in India. This type of company is formed for promoting art, science, commerce, education, religion, social welfare, sports, charity, and other similar objectives. Section 8 companies are exempted from paying dividend to its members and profits are used for promoting its objectives. They can receive foreign donations and have tax benefits.
Easy Process and Documentation
- Memorandum of Association (MOA) and Articles of Association (AOA)
- PAN card of all directors
- Address proof of all directors (Aadhaar card, passport, driving license, voter ID)
- photographs of all directors
- Proof of registered office address (rent agreement or electricity bill)
- NOC from the landlord
- Board resolution for incorporation
- Declaration by the directors
- Form DIR-2 for appointment of directors
- Form INC-9 for declaration of no interest
- Form INC-10 for the identification number of the company (CIN)
Process, Service Charges, Time duration
- When you send us your paperwork, our experienced staff will review your paperwork with local government officials to determine the service’s cost, feasibility, and completion date. After a quote has been given, it remains fixed. Location affects project duration and cost. Send us your documents and specific requirements to get a price and turnaround estimate.
- On an average Procurement takes four to six weeks.
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WHAT IS REGISTRATION UNDER SECTION 8 OF A COMPANY?
Section 8 of the Companies Act 2013 lets a company sign up if it wants to support commerce, art, science, sports, education, research, social welfare, religion, charity, environmental protection, or any other similar goal.Section 8 companies are this type of business.
Companies that are formed under Section 8 will be seen as limited companies, even though their names won’t say “limited.”
HOW TO REGISTER A COMPANY UNDER SECTION 8
Get the MCA-issued DSC(Digital Signature Certificate) and DIN(Director Identification Number DIR 3 form) for the company’s directors by filling out a straightforward form on LegalDocs.
Approval of Name of the company(Form no. INC 1): Prior to approval of the name of the company, a company name must be reserved with the MCA so that no one else can use it and it doesn’t match with existing companies which will be handled by us.
Before a company can be incorporated in India under section 8, its owners are required to get a licence in the form of the INC 12, 13, or 15 forms. LegalDocs is able to assist you with obtaining the licencing with as little fuss as possible.
After the above-mentioned steps, the company is registered, or “incorporated,” by filling out form number INC 7,8,10,9,22,DIR 12,2 at MCA and submitting papers to the registrar of companies.
DOCUMENTS REQUIRED FOR COMPANY REGISTRATION UNDER SECTION 8?
The purposes of the Producer Company in India, as defined by the Companies Act of 1956, shall include all or any of the following: –
Identity documents of Directors (Aadhaar Card, PAN Card, etc.)
Address Verification for Directors (Passport, Driver’s Licence, Aadhar, Bank Statement or Electric Bill).
Certificate of Digital Signature, if any
Director Identification Number
Memorandum of Association
Articles of Association
CURRENT ACCOUNT OPENING
A current account is a variety of deposit account that aids professionals and businesspeople in conducting their operations. Online Current Accounts offer a number of advantages to businesspeople, including:
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An online current account reduces the inconvenience and enables the user to complete banking transactions at any time and from any location.
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COMPANIES ACT 2013 ELIGIBILITY FOR SECTION 8 COMPANY
The businesses act of 1956 says that the Producer Company in India has to do one or more of the following:
- A business must actively promote commerce, art, science, sports, education,
- research, social welfare, religion, charity, protecting the environment, etc.
- A company intends to use its profits, if any, and other income to advance its mission.
- A company plans to use any gains or other money it makes to reach its goals.
- A company plans to stop giving dividends to its shareholders
- A company that is established under this section can’t change its memorandum or articles without the Central Government’s permission.
- A company that is formed under this section can only change into another kind of company if it meets the conditions set by the act.
REQUIRED DOCUMENTS FOR PRODUCER COMPANY REGISTRATION
- Director’s identity proof (PAN Card, Aadhar Card
- Address verification
- Photographs of directors in passport size
- copy of the rental agreement
- If you have any property documentation, bring them with you.
THE BENEFITS OF SECTION 8 COMPANY REGULATION
- Registration under Companies operate with the registrar of companies to create a legal entity.
- Government laws for managing the company’s profits and losses make the company trustworthy.
- The company is administered by the board of directors through the MoA and AoA, not by other authorities.
- Section 8 Company Tax Advantages: Because it is a non-profit organisation, it is free from some income tax requirements. They also get a slew of other tax breaks and breaks. They are entitled to advantages under Section 80G of the Income Tax Act of 1961. They must also pay less stamp duty than other organisations.
- Sec 8 companies in India can be registered with names that include words like Association, Foundation, Society, Council, Club, Charities, Institute, Academy, Organisation, and Federation.
- To apply for a TAN, PAN, and a bank account
WHO NEEDS THE PRODUCT?
If a corporation fails to meet the conditions of this act, the central government has the authority to cancel the licence provided under this act. Furthermore, if the company’s business are conducted fraudulently, in a manner that is contrary to the company’s objectives, or in a manner that is harmful to the public interest, the licence can be cancelled by the central government.
If the licence is withdrawn, if the central government believes it is in the public interest, or if it is merged with another company established under this section, the firm being combined must be given a reasonable opportunity to be heard.
If any assets remain after clearing the firm’s debts and liabilities, they may be transferred to another business created under this section with comparable objectives.
If a company fails to comply with any of the requirements set out in this section, the company shall be punishable with a fine of not less than ten lakh rupees but not less than one crore rupees, and the directors and every officer of the company who is in default shall be punishable with imprisonment for a term not less than three years or with a fine of not less than ten lakh rupees.