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Section 8 Company

Famously known as Section 8 organization is an organization enlisted with magnanimous articles like the advancement of Arts, business, science, schooling, sports, assurance of the climate, religion, good cause, and so forth By advancing it as a not-revenue driven association, the Act doesn't banish the organization from benefit creation but instead precludes circulating benefit among individuals. This says that all the payor benefits from any movement of the organization should be used towards the altruistic reason for which it is enrolled. The magnanimous organization is enrolled under Section 8 of the Companies Act, 2013, which gives it unique status because of its articles. Contrasted with different sorts of organizations, Section 8 organization appreciates different exclusions and relaxations.

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all you need to know
Section 8 Company

Tax and consistence exceptions

With its enrollment under Section 8 of the Companies Act, it acquires an extraordinary status – particularly from different substances. The organization appreciates charge exclusions, yet additionally, the contributors can guarantee an exception for the gift made (under Income Tax). Aside from charge exclusion, the organization is likewise excluded from the appropriateness of numerous consistent related arrangements.

Separate legal identity

Being enrolled as an organization, it gets a different character separated from its individuals. Consequently, it can claim and hold the resources and liabilities in its own name independent of the association with the individuals. The adjustment in individuals or the chiefs neither influences its reality or the resources and liabilities or rights and commitments.

Limited Liability

An organization enlisted under Section 8 guarantees restricted risk to its individuals. The risk of the individuals is restricted uniquely to the degree of the capital bought in and neglected. The misfortunes and commitments don't make a charge over the individual properties of individuals or chiefs. This causes the advertisers to unreservedly run the non-benefit associations.

No corporate title

Although the organization appreciates the advantage of the corporate element, it isn't named as the corporate substance. The organization doesn't have to add the addition "Private Limited" or "Restricted" after its name. This exception is given so that outsiders offer their consideration regarding the organization's motivation and not its status expecting it benefits making association.

document required
Section 8 Company

1

Statement of Income & Expenditure

Estimated Statement of Income & Expenditure for next three years

2

Rent Agreement

Rent Agreement of the registered office should be provided, if any

3

NOC from owner

No Objection Certificate to be obtained from the owner(s) of registered office

4

Business Address Proof

Electricity Bill/ Telephone Bill of the registered office address in India

5

Address Proof

Telephone Bill /Electricity Bill/ Latest Bank Account Statement of Shareholders and Directors

6

Identity Proof

Voter ID/ Passport/ Driving License of Shareholders and Directors

7

Photograph

Latest Passport size photograph of Shareholders and Directors

8

PAN Card

PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.

steps involved in
Section 8 Company

Step 1 1-2 Days
  • Application for Digital Signature Certificate
Step 2 2-4 Days
  • Checking Name accessibility
  • Application for Name Reservation under "RUN"
  • Reservation of Name
Step 3 5-8 Days
  • Drafting of MoA, AoA, and other required archives
  • Installment of Stamp Duty
  • Authorization of required archives
Step 4 9-13 Days
  • Application to allow a permit in structure INC-12
  • Government preparing time for endorsement
  • Permit under area 8 in structure INC-16
Step 5 14-16 Days
  • Documenting application for organization enlistment
  • Application for DIN Allotment
  • Application for PAN and TAN of organization
Step 6 17-25 Days
  • Government processing time
  • Certificate of Incorporation

Frequently Asked Questions
Section 8 Company

Will the advertisers of a Section 8 Company be representatives too?

No. An advertiser of an NPO can't be a paid worker of the Company.

Could a Section 8 organization raise Foreign Funding?

Unfamiliar gifts are permitted just when FCRA (Foreign Contribution Regulation Act 1976) enlistment has been finished. FCRA permit must be applied following a long time from the date of enlistment. In any case, assuming some truly critical unfamiliar gifts are vital, you may apply for an earlier authorization from the magistrate

What are the yearly compliances for Section 8 Company?

The yearly compliances which should be met by a Section 8 Company are equivalent to other typical organizations enlisted under the Companies Act.

  • Directing 2 Board Meetings, at any rate, in a year.
  • Compulsory review of the Books of Accounts.
  • Yearly returns, alongside other e-documenting structures, for example, MGT-7, AOC-4, and so on
  • Personal expense forms.
  • Extra compliances to satisfy the enrollment u/s12AA, 80G, of the Income Tax Act, material to gifts, and so forth
How to enlist a Section 8 Company?

A Section 8 Company is from the outset to be enlisted similarly as a restricted organization. After this enrollment strategy, it needs to acquire a permit from the Central Government to be enlisted under this Section. This permit is given based on the Company's destinations which have been referenced in MoA and AoA and some different measures.

LegalMark offers every one of the vital types of assistance and help, to assist you with getting your business enrolled as a Section 8 Company.

What is Section 8 Company Registration?
  • The organization ought to be framed for the advancement of a social reason. It could be good cause, training, industry, sport, and so forth
  • Income and benefits ought to be utilized for this reason or item as it were.
  • No profit ought to be paid to its individuals.
Will area 8 or Charitable organization announce profits?

A Section 8 or Charitable Company will not deliver any profit to its individuals, however apply the overflow of receipts over installments for the advancement of its goals.

What is the validity of the enlistment of Section 8 organization?

When the organization is consolidated, it is in presence and dynamic as long as the yearly compliances are met consistently or it is twisted up intentionally.

What are the base necessities to enlist an altruistic organization in India?

To enlist such organization, the advertisers need to guarantee the accompanying:

  • The primary object of the organization should be to work for a magnanimous reason and among those recommended in the law.
  • Minimum 2 individuals from the organization, who will buy into the capital on fuses.
  • Minimum 2 chiefs in the organization, one of which should be Indian residents and occupants.
  • The enrolled office of the organization should be arranged in India.
What is the base capital required?

There is no base measure of capital endorsed for the altruistic organization. The advertisers may acquaint the sum adequate with start and run business.

What amount charges is to be paid for a "Segment 8 Company Registration"?

Our expenses to enroll in a Section 8 Company begins from just Rs.21,999. Being the least expenses charged, for the considerable rundown of administrations and advising gave. The material expense, fluctuates from one organization to another, contingent upon the construction and different variables.

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Section 8 Company