As per the Companies Act, 2013, Section 8 Company refers to a corporation that incentivises arts, sciences, sports, education, environment preservation, social welfare, charity, or other similar objectives.
The ultimate objection of
registering Section 8 Company is to incentivize non-profit goals such as trade,
arts, commerce, education, charity, environment protection, sports research,
social welfare, etc. Also, there is no compulsion of securing minimum paid-up capital to
set up such a company. To register a Section 8 entity, at least two directors are required.
Following documents are required for Section 8 Company
registration:
Section 8 company registration in India is a class by itself. It is a non-profit organisation engaged in social work for the welfare of society and the country.
Section 8 company registration procedure is as follows-
The very first step for Section 8 company registration is to prepare DSC. Apply for Digital Signature Certificate (DSC) as soon as possible.
Section 8 companies should contain words like Foundation, Society, Association, Council, Club, charities, Academy, organisation, Federation, Institute, Chamber of Commerce, Development and many more.
After Name approval, we will apply for a Section 8 company registration license from the Regional director.
The regional director will review the objectives plans and will grant a permit for Section 8 Company registration. RD usually takes 15 days to issue a license to operate as a section 8 company.
After getting approval from the regional director, we will proceed to file the section 8 company registration application with the requisite documents before ROC.
Once all clarifications are provided to ROC, the ROC shall issue a Certificate of Incorporation along with a Company Identification Number (CIN).
Once you get the License, you need to draft the Memorandum of Association (MoA) and Article of Association (AoA) to file section 8 company registration applications.
The company's Object will be detailed in the MoA and the rules, and the by-laws will be mentioned in the AoA.
You must have your PAN, TAN and bank account ready while going for Section- 8 Company registration in India.
Created & Posted by Pooja
Income Tax Expert at TAXAJ
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