Section 8 Company Registration
The Companies Act of 2013 makes it possible to register a corporation under Section 8 of the Act. The primary objectives of Section 8 corporations are to promote the arts, commerce, and other forms of entertainment. Section 8 company registration is advantageous since it provides several advantages such as tax advantages, free stamp fee, and increased credibility.
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Section 8 Registeration
Section 8 Company Registration - An Overview
A Section 8 company, as defined by the Companies Act of 2013, or a Section 25 company, as defined by the Companies Act of 1956, is an entity formed with the goal of promoting the fine arts, science, literature, or information exchange for a charitable purpose. The Corporations Act establishes limited liability companies (LLCs). Under Section 8 of the Companies Act, the government provides certain businesses with an exclusive license. There are three primary requirements for obtaining a license.
- The corporation should be established for philanthropic purposes.
- Profits and income should be used towards these goals.
- The corporation should not provide any dividends to its shareholders.
How To Register A Section 8 Company?
Selecting the Right Entity
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We will do Section 8 Company Registration and manage all of the necessary paperwork.
- Articles of Association (also known as the AOA) and Memorandum of Association (MOA).
- The initial director(s) and a subscriber(s) make a joint declaration (Affidavit not required).
- Proof of office address
- Utility bills (e.g., electric, water, or gas) must be copied.
- Copies of a foreign corporate body’s certificate of incorporation (COI) (if any).
- The promoter company approved a resolution.
- Nominee Consent (INC–3).
- Nominees and subscribers must provide proof of residency and identification.
- The applicant’s identification as well as evidence of residence are required.
- Unregistered business declaration
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Why register Section 8 Company - Benefits
The following are some of the benefits of forming a Section 8 business over alternative methods of NGO registration:
- It has more organized operations and is more adaptable.
- There is no need for a lengthy registration process, and no physical presence is necessary.
- There is no requirement for a minimum amount of paid-up capital.
- Provision of tax advantages under sections 12AA and 80G of the Income Tax Act in a timely manner.
- Any partnership business can join as an individual member and become a Director.