A Section 8 company is registered as non profit organisation, established for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object. As per section 8 of Companies Act 2013, where it is proved to the satisfaction of the Central Government that a person or an association of persons want to register themselves under section 8 as a limited company for the furtherance of above mentioned objects, the Central Government may, by licence issued in prescribed manner allow that person or association of persons to be registered as a limited company under this section without the addition to its name of the word "Limited", or as the case may be, the words "Private Limited", and thereupon the Registrar shall, on application, in the prescribed form, register such person or association of persons as a company under this section.
A Section 8 Company needs a minimum of two persons, there is no upper limit to the number of members. The Board of Management is in the form of a Board of directors or managing committee. A section 8 company has various advantages when compared to Trust or Society like improved recognition and better legal standing. Section 8 company also has higher credibility amongst donors, Government departments and other stakeholders.
Identity and address proof will be required from all the Directors of the section 8 company to be incorporated. PAN is a mandatory identity proof. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
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Digital Signature Certificate (DSC) and Director Identification Number (DIN) is required for the proposed Directors of the Section 8 Company. DIN and DSC can be obtained for the proposed Directors within 1 to 2 days.
A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2-3 working days. Once, the name is reserved, a license must be obtained prior to incorporation which will take 7-10 days.
Once the license is obtained, registration documents can be submitted to the MCA along with an application for registration. MCA will usually approve the application for incorporation in 2-3 working days, subject to their processing time.
An address in India where the registered office of the Company will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.