What is Section 8 Company?
Section 8 company registration refers to incorporating a company under Section 8 of the Companies Act, 2013 in India. Section 8 companies are registered for charitable or non-profit purposes and are considered non-profit organizations.
Some of these activities include healthcare, environmental protection, poverty alleviation, and rural development. In essence, Section 8 companies aim to contribute to the betterment of society by promoting various social causes and undertaking activities that have a positive impact on the community.
In order to register a Section 8 company in India, several steps must be followed. The first step is to obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN) for the proposed directors of the company. The next step is to apply for the name availability of the company through the MCA portal. Once the name is approved, the company can file the incorporation documents and the necessary fees.
A company registered under Section 8 enjoys benefits such as tax exemptions, ease of doing business, and limited liability. However, it is essential to note that such companies cannot distribute profits among their members and shareholders. Any profits generated must be used to promote the company’s objectives.
In conclusion, Section 8 company registration is a popular choice for individuals and organizations looking to positively impact society through non-profit activities. The process is relatively simple and can be done online, making it a convenient option for those looking to register their company quickly and efficiently.
Benefits and Purpose of Section 8 Company.
The primary purpose of Section-8 Companies lies in their commitment to promoting social welfare and charitable activities. These entities are established with the explicit goal of utilizing their resources and efforts for the greater good of society. By focusing on specific objectives outlined in Section 8 of the Companies Act, 2013, such as education, science, art, and social welfare, Section-8 Companies contribute to the betterment of communities and address pressing societal needs. Unlike for-profit entities, Section-8 Companies prioritize the public interest over profit generation, acting as crucial instruments for positive social change.
Benefits of Non-Profit Organisation
Section-8 Companies enjoy several benefits and exemptions due to their non-profit nature and adherence to specific regulations. Firstly, members of these companies benefit from limited liability, shielding their personal assets from the organization’s obligations. Additionally, Section-8 Companies are exempt from paying income tax on their profits, as long as these profits are applied towards their charitable objectives. This tax exemption allows these entities to allocate more resources directly to their social causes, amplifying their impact.
Section-8 Company Registration Process
- Name Reservation
- Drafting Memorandum and Articles of Association (MOA and AOA
- Application for License
- Scrutiny by Authorities
- Approval from Central Government
- Incorporation Certificate
- PAN and TAN Application
- Bank Account Opening
- Online Filing of Forms
- Offline Documentation
- Commencement of Activities
Frequently Asked Questions
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A combination of unique data, industry expertise and analytical precision has made PropTrack a trusted leader in property data and automated valuations. From November 2018, PropTrack has been providing REA with most of the property insights used in consumer and customer experiences. More information about PropTrack is available on their website.