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About Section 8 Company
What is a Section 8 Company?
A Section 8 Company is a legal entity set up for non-profit activities, such as education, social welfare, sports, charity, and more. The purpose of registering a Section 8 Company is to promote these non-profitable goals. These companies utilize their profits solely to achieve their mission and do not distribute dividends to shareholders. A minimum of two directors is required to form such a company, and there is no requirement for a minimum paid-up capital.
At OnEasy, we offer end-to-end services for registering Section 8 companies in India. Our team of experts ensures a smooth and professional process to help you establish a Section 8 company swiftly and efficiently.
Contact us today to take advantage of our specialized services for registering your Section 8 Company.
Key Points About Section 8 Companies
In India, Non-Governmental Organizations (NGOs) can either be registered under the Registrar of Societies or as a non-profit entity under Section 8 of the Companies Act, 2013.
- Profits generated by Section 8 Companies cannot be used for purposes other than their stated charitable objectives.
- Section 8 Companies must comply with the provisions of the Companies Act 2013, including maintaining books of accounts, filing returns with the Registrar of Companies (ROCs), and adhering to the GST and IT Act.
- Changes to key documents like the Articles of Association (AOA) or Memorandum of Association (MOA) require government approval.
Advantages of Incorporating as a Section 8 Company
Registering as a Section 8 Company offers many advantages, including:
- Tax Exemption: Companies registered under Section 12AA of the Income Tax Act are eligible for a 100% tax exemption as their profits are utilized for charitable purposes.
- No Minimum Capital Requirement: Section 8 Companies are not required to maintain a minimum capital and can adjust their capital based on their needs.
- Separate Legal Entity: A Section 8 Company is recognized as a separate legal entity with perpetual existence.
- Increased Credibility: Due to the strict compliance requirements, Section 8 Companies hold higher credibility compared to NGOs or trusts.
- No Title Requirement: Section 8 Companies are not obligated to add “Section 8” or “Ltd.” to their name.
Incorporation Process of a Section 8 Company
The process of registering a Section 8 Company involves several steps:
- Reserve the Company Name: The proposed company name is reserved with the Ministry of Corporate Affairs (MCA).
- File the Incorporation Application: After the name is approved, the incorporation application is filed along with the MOA and AOA.
- Obtain License: A license for the Section 8 Company is obtained from the MCA.
- Obtain Certificate of Incorporation: The final step involves obtaining the Certificate of Incorporation from the MCA.
Donations and Funding for a Section 8 Company
Section 8 Companies can accept donations from the public but cannot raise capital through deposits. They can also receive foreign contributions after registering under FCRA.
Why Choose OnEasy for Section 8 Company Registration?
Streamline your Section 8 Company registration with OnEasy. Our team ensures a seamless process, guiding you through every step to establish your non-profit organization efficiently. Contact us today to get started!
Frequently Asked Questions
What is a Section 8 Company?
What are the key benefits of incorporating a Section 8 Company?
What are the eligibility criteria for forming a Section 8 Company?
Is there a minimum capital requirement for a Section 8 Company?
How many members and directors are required for a Section 8 Company?
Can a Section 8 Company distribute its profits or dividends to its members?
What documents are required for Section 8 Company incorporation?
What is the process for registering a Section 8 Company?
Are Section 8 Companies eligible for tax exemptions?
Can a Section 8 Company receive foreign donations?
