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Section 8 Company Formation
A Section 8 Company, as per the Companies Act, 2013 (previously governed by Section 25 of the Companies Act, 1956), is a type of non-profit organization (NPO) that is established for promoting art, commerce, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any other similar object. The profits, if any, are applied for promoting these objectives, and any income, profits, or other accretions to the company are used solely for promoting its objectives. You can choose My Dream Consultant as top section 8 company formation consultant.
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What Is Section 8 Company Formation?
A Section 8 Company, as per the Companies Act, 2013 (previously governed by Section 25 of the Companies Act, 1956), is a type of non-profit organization (NPO) that is established for promoting art, commerce, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any other similar object. The profits, if any, are applied for promoting these objectives, and any income, profits, or other accretions to the company are used solely for promoting its objectives. You can choose My Dream Consultant as top section 8 company formation consultant.
Who needs Section 8 Company Formation?
- Non-Profit Organizations (NPOs):
- NPOs with charitable, educational, scientific, social welfare, or environmental objectives may choose to register as Section 8 Companies to gain legal recognition and avail certain benefits under the Companies Act, 2013.
- Foundations and Trusts:
- Foundations and charitable trusts seeking formal recognition and legal status for their philanthropic activities may opt for Section 8 Company registration. This allows them to receive donations, grants, and funding from various sources.
- Societies and Associations:
- Societies, clubs, associations, and other membership-based organizations engaged in promoting cultural, educational, sports, or social welfare activities may consider forming a Section 8 Company to enhance their credibility and operational efficiency.
- Educational Institutions:
- Educational institutions such as schools, colleges, universities, and vocational training centers may establish Section 8 Companies to manage their academic, research, and development activities, and to facilitate fundraising and sponsorship.
- Research and Development (R&D) Organizations:
- R&D institutions, innovation hubs, laboratories, and technology parks involved in scientific research, innovation, and technology transfer may choose to register as Section 8 Companies to formalize their operations and attract funding.
- Healthcare Organizations:
- Hospitals, clinics, healthcare foundations, and medical research institutes dedicated to providing healthcare services, conducting medical research, and promoting public health initiatives may opt for Section 8 Company registration.
- Environmental and Conservation Groups:
- Organizations working on environmental conservation, wildlife protection, sustainable development, and ecological restoration may establish Section 8 Companies to support their conservation efforts and raise funds for their projects.
- Religious and Spiritual Organizations:
- Religious bodies, spiritual organizations, charitable trusts associated with religious activities, and spiritual centers may register as Section 8 Companies to formalize their operations and manage their religious, cultural, and charitable activities.
- Art and Cultural Institutions:
- Art galleries, museums, cultural centers, theaters, and performing arts organizations dedicated to promoting art, culture, heritage, and literature may opt for Section 8 Company registration to facilitate funding and sponsorship for their programs.
- Community Development Organizations:
- Community-based organizations, grassroots movements, and development agencies working on rural development, poverty alleviation, women’s empowerment, and community welfare projects may form Section 8 Companies to institutionalize their efforts and attract funding.
What are the Types Of Section 8 Company Formation?
- Charitable Organizations:
- Educational Institutions:
- Research and Development (R&D) Institutions:
- Healthcare and Medical Institutions:
- Cultural and Artistic Organizations:
- Environmental Conservation and Sustainability Organizations:
- Religious and Spiritual Bodies:
- Community Development Groups:
- Humanitarian and Disaster Relief Organizations:
- Animal Welfare and Protection Organizations:
- Legal Aid and Advocacy Groups:
What are the Documents Required For Section 8 Company Formation?
- Memorandum of Association (MoA):
- Articles of Association (AoA):
- Declaration by Promoters:
- Director Identification Number (DIN)
- Proof of Identity and Address of Directors:
- Proof of Registered Office Address:
- No Objection Certificate (NOC):
- Financial Statement:
- Regulatory Approvals:
- Other Documents:
What are the Benefits Of Section 8 Company Formation?
- Legal Recognition:
- Tax Exemptions:
- Limited Liability:
- Fundraising Opportunities:
- Perpetual Succession:
- Brand Building and Trust:
- Mission-driven Focus:
- Flexibility in Operations:
- Access to Resources:
- Contributing to Society:
What is the Stepwise Process Of Section 8 Company Formation?
- Name Approval:
- Choose a unique name for the company, ensuring it aligns with the objectives of the organization. The proposed name should not resemble the name of any existing company or violate any trademarks.
- Memorandum and Articles of Association (MoA and AoA):
- Draft the Memorandum of Association (MoA) and Articles of Association (AoA) of the company, clearly specifying its objectives, powers, and regulations governing its operations. These documents must comply with the provisions of the Companies Act, 2013.
- License Application:
- Apply for a license under Section 8 of the Companies Act, 2013, from the Registrar of Companies (RoC). Submit the application along with the required documents, including the MoA, AoA, declaration by promoters, and other necessary forms and declarations.
- Documentation:
- Prepare and submit various documents, including the application for incorporation, identity proofs of promoters, address proofs, declaration by professionals, NOC from landlord (if applicable), and any other documents required by the RoC.
- Approval Process:
- The RoC reviews the application, documents, and proposed objectives of the company. If everything is in order and complies with regulatory requirements, the RoC may issue a license under Section 8 of the Companies Act, 2013.
- Incorporation:
- Upon receiving the license from the RoC, complete the incorporation process by filing the incorporation documents, MoA, AoA, and other required forms. Once approved, the RoC issues the Certificate of Incorporation for the Section 8 Company.
- Tax Registration:
- Obtain the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) from the Income Tax Department. Register for Goods and Services Tax (GST) if applicable.
- Bank Account Opening:
- Open a bank account in the name of the Section 8 Company and deposit the initial capital. Provide the necessary documents, including the Certificate of Incorporation, MoA, AoA, and identity/address proofs of authorized signatories.
- Compliance Requirements:
- Ensure compliance with various regulatory and statutory requirements applicable to Section 8 Companies, including holding regular board meetings, maintaining proper books of accounts, filing annual returns, and adhering to corporate governance standards.
- Operations:
- Once incorporated, the Section 8 Company can commence its operations in accordance with its objectives. It can undertake activities aimed at promoting the specified objects, utilizing its resources and funds for the benefit of society or the public at large.
Frequently Asked Questions
Pricing Plans
A BITE PACK
14999/-
- DSC for Seven Members
- DIN for Three Members
- Name approval of the Company
- MOA & AOA for the Company
- Certificate of Incorporation (COI)
- PAN Number for the company
- TAN Number for the company
- FREE ACCOUNTING APP
2 BITE PACK
17999/-
- DSC for Seven Members
- DIN for Three Members
- Name approval of the Company
- MOA & AOA for the Company
- Certificate of Incorporation (COI)
- PAN Number for the company
- TAN Number for the company
- FREE ACCOUNTING APP
- MSME REGISTRATION
- CURRENT ACCOUNT OPENING
Z BITE PACK
19999/-
- DSC for Seven Members
- DIN for Three Members
- Name approval of the Company
- MOA & AOA for the Company
- Certificate of Incorporation (COI)
- PAN Number for the company
- TAN Number for the company
- FREE ACCOUNTING APP
- MSME REGISTRATION
- CURRENT ACCOUNT OPENING
- GST REGISTRATION
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