As per the Companies Act, 2013, Section 8 Company refers to a corporation that aims to incentivize 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. To register a Section 8 entity, at least two directors are required. Also, there is no compulsion of securing minimum paid-up capital to set up such a company.
The incorporation process of Section 8 Company
Following Is The Detailed Process Of Incorporation For Section 8 Companies In India;
Step 1: Secure DSC from the MCA authorized agencies
DSC, i.e. Digital Signature Certificate, serves as a digital tool for signing various e-forms and scanned copies of documents. It is primarily used by the authorized signatory of the company, such as the Director, partners, managing directors, etc. In this case, the proposed directors of the section 8 companies are required to secure the DSC for signing key documentations.
The next step is to visit the MCA portal and create an account on the same. After that, the applicant is required to select the Spice+ form option from the Service section located on the top menu of the home page. This would lead the applicant to a brief e-form which entails the two vital parts, A and part B.
Part A helps the applicant to register the proposed company name, and PART B offers the given services:
Upload the mandatory documents as mentioned above and make your way to the payment section to submit the standard fees. Once done, tap on the submit button to wrap up the application submission formalities.
Created & Posted By Aashima
Accounts Executive at TAXAJ
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