In India, a non–profit organization, which is often known as NGO, can be registered as a Company under Section 8 of the Companies Act, 2013 and it can also be registered as a Trust and a Society Section 8 Company format of an NGO is the most popular form of NGO in India. It is easy to get it registered, run, or manage a Section 8 Company compared to a Trust and a Society. This article will tell us about the minimum requirements that are necessary for the formation of section 8 company.
According to Section 8 of the
Companies Act, 2013, a Section 8 Company can be established for the
‘promotion of commerce, social welfare, religion, charity, art, science,
sports, education, research, protection of environment or any such other
similar object’, provided it ‘intends to apply its profits, if any, or the
other income in promoting its objects’ and it also ‘intends to prohibit the
payment of any of the dividend to its members.
In India, a Section 8 Company is, however, regulated by the Indian Companies Act, 2013 (and the amendments thereof) and the rules & regulations that are made thereunder, and the Ministry of Corporate Affairs administers it, Government of India through the Offices of Registrar of Companies (‘RoC’) in each of the states of India. The Company Incorporation rules, the requirements, process, and procedures vary more or less depending mainly on the type of the company to be incorporated.
Created & Posted by (Ramesh Kumar Gupta)
Senior Accounts Manager at TAXAJ
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