Section 8 Company
Simple Incorporation Process
With CAFilings excellent support at best price, Company Registration is a simple process. Required documents for incorporation are generated online.
What is Section 8 Company Registration?
There are three types of entities which can be formed, as organisations with an objective of not-for-profit or charitable purpose. A trust by execution and registration of a trust deed, a society under the Societies Registration Act, or a Section 8 company under The Companies Act, 2013 as an incorporated entity. Section 8 pertains for promoting commerce, art, science, social welfare, or any such other object', provided the profits, if any, or other income is applied for promoting only the objects of the company and no dividend is paid to its members. As section 8 Company are subject to the articles of association and the provisions / rules of companies act which have detailed provisions governing the functioning of a company, the procedure to register a Section 8 Company should be held by professionally managed organisations. A license is needed from the registrar to register a Section 8 Company, which is a stringent process.
- DSC of Director
- DIN of Director
- MOA of Company, AOA of Company
- Name Approval of Company
- Section 8 company license
- PAN & TAN Application for Company
- DSC & DIN of Director
- MOA & AOA of Company
- Name Approval of Company
- Section 8 company license
- PAN & TAN Application for Company
- One Year TDS filing
- DSC & DIN of Director
- MOA & AOA of Company
- Name Approval of Company
- Section 8 company license
- PAN & TAN Application for Company
- One Year TDS filing & Trademark Registration
Documents Required for Section 8 Company Registration
- ID proof for members
- Address Proof
- Passport size Photographs
- Copy of Rent agreement(If rented property)
- Electricity/ Water bill (Business Place)
- Copy of Property papers (If owned property)
- Landlord NOC
- Director’s Directorship details (in other Companies/LLPs, if any)
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Advantage of Section 8 Company
Ease of Formation
By complying with the prescribed formalities of the Companies Act, a Section 8 company can be formed by two persons only. For Section 8 Company there are many privileges and exemptions under Company Law. A Registered partnership firm in its own capacity, can become its member.
Separate Legal Entity
The most prominent quality of a Section 8 Company is that company and its members are completely distinctive. Company’s identity is distinct from that of its members, this is the biggest advantage of it. It is a separate person having its own rights & obligations.
Perpetual Succession
Perpetual succession means uninterrupted existence until it is legally dissolved. A Company being a separate legal person doesn’t matter how many members, directors and officers join or leave, company will continue to exist unaffected by the death or other departure of any person.
Limited Liability
Limited liability implies, the members are not held personally responsible for the liabilities of the company. Limited Liability means the status of being legally responsible only to a limited amount for debts of a company i.e only liable for unpaid shares of capital of the company held by them and not more than that. But for availing this benefit all the applicable laws must be complied with.
Greater Flexibility
A Section 8 company enjoys special exemptions and privileges under the company law, it is required to perform lesser legal formalities as compared to a public company.
Tax Benefits
A Section 8 company is in a better position than a public company to maintain business secrets as it is not required to publish its accounts or file several documents.
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Process of Section 8 Company Registration
1 to 2 Days
DIN & DSC
2 to 4 Days
Drafting MOA and AOA electronically in Spice MOA (INC-33) and Spice AOA (INC-34)
4 to 5 Days
Submission of Spice Form INC-32 along with link Form Spice MOA (INC-33) and Spice AOA (INC-34)
6 to 10 Days
Certificate Of Incorporation
