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Section 8 Company Formation
Section 8 Company is Company formed with the objective of promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object. It is established majorly for charitable or not-for-profit purposes.
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Advantages of Section 8 Company
Limited Liability
Liabilities of the members of Section 8 Company are limited to their capital contributions.
Foreign Donations
Section 8 company can receive the foreign contributions after getting itself registered under Foreign Contribution (Regulation) Act, (FCRA), 2010.
Stamp Duty
Section 8 Company is exempted for the payment of stamp duty applicable for registration as applicable in case of other structures such as private limited or a public limited company.
Tax Exemption
Section 8 company can apply for exemption u/s 12AA of the Income Tax Act. It is also eligible for registration u/s 80G of the Income Tax Act.
No minimum Capital
Section 8 Company does not require a prescribed minimum paid-up share capital.
Credibility
Section 8 Companies enjoy more credibility as compared to NGOs, societies and trusts because they are recognized by Central Government’s licence.
Who and Why should you get this registered?
If anyone wishes to do something for the society at large without having any self-interest, this is the best form to go for it.
It enjoys several privileges which are not generally available to the trusts or societies registered under their respective acts. The credibility factor is also increased due to the licence obtained from the Central Government.
Process of Section 8 Company Process of Registration
- Application for reservation of name has to be made in form RUN (Reserve Unique Name) facility.
- The name of Section 8 Company shall include words such as Foundation, Federation, Association, Forum, Chambers, Confederation, Council, Electoral Trust etc.
- Maximum 2 names can be proposed at a time and the fees payable is INR 1,000.
Digital Signature Certificate are required to file various eForms on MCA portal, digitally sign documents for the incorporation of the company and other applications.
- MOA acts as a charter document which defines the purposes/objectives of a company.
- AOA is a document which lays down the rules and regulations for internal management of the company.
- MOA and AOA have to be signed by each subscriber who shall mention his name, address, description and occupation in the presence of a witness who shall attest the signature and add his name, address, description and occupation.
After name approval, application is required to be made in Form INC-12 to the Registrar for a licence under Section 8(1) of Companies Act, 2013. Fees for INC-12 is INR 2,000.
On approval of Form INC-12 and getting licence in Form INC-16, application for incorporation in Form SPICe 32 is required to be filed.
Documents required for Incorporation
ID Proof
Self-attested PAN Card of the first shareholder(s) and director(s)
Address Proof
Bank Statement/Utility bill in name of director (not older than two months)
Photo
Passport size photograph of the director(s)
Registered Office Proof
- Utility bill (should not be older than two months)
- No objection certificate from the owner of premises for the Registered Office address of the company
- Rental Agreement with the owner of registered office and rent receipts (if premises is rented)
- Registry Proof or House Tax Receipt (in case of owned property)
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How Taxified Can Help You?
- Name Approval Letter
- License
- Drafting of MOA/AOA
- Procuring DSC
- DIN Approval Letter
- PAN Card of the Company
- TAN No of the Company
- Incorporation kit to help you open a bank account
- Filing of INC 20A for Commencement of Business