Section 8 Company

Section 8 Company

Section 8 Company is an organization which is registered as a Non-Profit Organization (NPO). NPO/Section 8 Company has its objective of promotion of arts, commerce, charity, education, protection of environment, science, social welfare, sports, research, religion etc. and intends to apply its profits, if any, or other income in promoting its objects. It functions exactly like a limited company including all the rights and obligations that are associated with such a company.

A Section 8 Company is similar to a Trust or Society; except, a section 8 Company is registered under the Central Government’s Ministry of Corporate Affairs. Trusts and Societies are registered under State Government regulations.

Compared to a trust or a society, a Section 8 Company has various advantages like improved members’ reach, better legal standing, credibility, transparency of donations received etc. The company registered under this section shall enjoy all the privileges and be subject to all the obligations of limited companies.

The major difference of section 8 and other limited companies are as follows:-

  • Formed with the object the of promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other matters.
  • The profit generated from the activities can be used only to meet administrative and other expenses incurred in the performance of activities mentioned in the Memorandum of Association i.e, dividend payment is prohibited.

SECTION 8 COMPANY (NGO) REGISTRATION FLOW

 Nurturelabz can incorporate a Section 8 company within 15-20 days, subject to the name availability and ROC processing time.

  • Digital Signature Certificate (DSC) is required for the proposed Directors of the Section 8 Company, which can be obtained within 2 to 3 days.
  • A minimum of one and a maximum of two proposed names must be submitted to the MCA. Subject to the availability, naming guidelines and MCA processing time, name approval can be obtained within 3 to 5 working days.
  • After the company’s name gets approved, the company needs to obtain license from central government by submitting 3 years’ projected financials along with the profile of the Directors and members.
  • Once the licence has been obtained, the Company can file the final E-forms for registration and approval.
  • Form INC-9 from all the directors and members and Form DIR-12 from all the directors.
  • PAN card, Address and Identity Proofs of the Directors and Members.
  • Profile of the promoters and projected financials.
  • The Registered Office is a must in India for running the business. At the time of incorporation, rent agreement, NOC and utility bill should be submitted as proofs for Registered Office Address.

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