REGISTRATION BUSINESS AS SECTION 8 COMPANY

Section 8 company is been referred by a company when it is registered as an (NPO) non-profit organization or the (NGO) non-governmental organizational and also when it has the when it has reason and motive of encouraging arts, commerce, education, charity, protection of environment, sports, science, research, social welfare, religion, environment protection or other comparable or alike objectives and section 8 company is also use its profit and other income for promoting these objects and their another income which is used for under the section  (1a, 1b, 1c)  of the companies act, 2013.

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FEATURES AND BENEFITS OF REGISTRATION OF SECTION 8 COMPANY

1. PRIVILEGES:

Since these companies possess charitable objectives, the Companies Act 2013 has accorded several benefits and exemptions to them.

2. CREDIBILITY

Section 8 Companies has more credibility as compared to NGOs, societies, and trusts because they are recognized by the Central Government’s license.

3. GOVERNMENT LICENSE:

Such companies can function only if they have obtained license from the Central Government.

4. NO REQUIREMENT OF MINIMUM SHARE CAPITAL:

Section 8 companies, unlike all other companies, do not require a prescribed minimum paid-up share capital.

5. LIMITED LIABILITY:

The Liability of members of Section 8 Company is limited to the extent of unpaid amount on shares held by them. Their liabilities cannot be unlimited in any case.

6. CHARITABLE OBJECTIVES:

Section 8 companies do not aim to make profits. Their objectives are purely charitable in nature. They aim to further causes like science, culture, research, sports, religion, etc.

MINIMUM REQUIREMENTS TO REGISTER SECTION 8 COMPANIES

The proposed name of the company should be unique one and should not be similar or resemble with an existing company or LLP or Registered Trademark or Trademark applied for.

2. CAPITAL REQUIREMENT:

There is no requirement of minimum Paid up capital to register a Section 8 Company. Investment can be made as per requirements of business.

3. MINIMUM TWO OR SEVEN PERSONS

A Section 8 Company shall be basically private or Public Company, So if it is registered as Private Company then it can be registered by at least 2 persons and if it is registered as Public Company then it can be registered by at least 7 persons.

4. MAIN OBJECTS OF THE COMPANY:

To describe business activities of the company, main objects of the company must be specified before formation of company.

DOCUMENTS REQUIRED TO REGISTER SECTION 8 COMPANIES

·         Photograph of All Directors and Shareholders

·         Self attested Copy of Address Proof viz. Bank Statement/Electricity Bill/Mobile Bill/Telephone Bill, any one

·         Self attested Copy of Pan Card of All Directors and Shareholders

·         Rent Agreement/Ownership Documents and Utility Bill of the Registered Office of the Company

·         Self attested copy of Aadhar Card/Voter ID/DL/Passport, Any one of All Directors and Shareholders

E-mail ID/Mobile No/Place of Birth/Educational Qualification/Duration of Stay etc