Section 8 Company Registration
Non-Profit Organization has a motive of promoting arts, commerce, education, charity, protection of environment, sports, science, research, social welfare, religion and intends to use its profits
Some of the advantages are:
- Distinct Legal Identity
- Zero Stamp Duty
- No Minimum Capital Requirement
- CARO: Requirements of Companies Auditor’s Report Order does not apply to this type of company.
- Tax Benefit
- Credibility
Section 8 Company Overview
A company when registered as a Non-Profit Organization (NPO) and has a motive of promoting arts, commerce, education, charity, protection of environment, sports, science, research, social welfare, religion and intends to use its profits or any other income for promoting these mentioned objectives is referred as a SECTION 8 COMPANY. To form a Section 8 Company, a minimum of two directors are required. And Also, there is no requirement of minimum paid-up capital in this case
In India, a non-profit organization can be registered under the Registrar of societies or as a Non-profit company under this act
Eligibility
- When the company’s intention is to promote science, commerce, education, art, sports, research, religion, charity, social welfare, protection of the environment
- When the company has an intention to invest all the profits or any other income generated in the promotion of such objects
- And also When the company does not intend to pay any dividend to its members shareholders
Incorporation of a Section 8 Company
For the incorporation below-mentioned documents has to be submitted to the Registrar of the Companies
- Form no. INC-13
- Form no. INC-14
- Form no. INC-15
- Form no. INC-9
Number of Directors
Section 149(1) of the Companies Act 2013 prescribes minimum of 3 & 2 directors for public limited & private limited company and a maximum of 15 directors. But there is no minimum or maximum prescription for section 8 company.
- There should be a woman director in a specified class of companies in the second proviso to section 149(1)
- There must be a resident directors in every company
- Section 8 company must have a minimum of one Resident Director present
Documents Required for the Section 8 Company
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