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Section 8 Company

Section 8 company is registered under the registrar of companies act 2013, MCA - ministry of corporate Affairs and it can easily registered with minimum of 3 directors and it is completely a NPO and company can raise funds only for social or welfare activity and not for any do any profit activities. The director can not withdraw any funds as salary or profit from the section 8 company and the company is exempted from paying tax. 

Section 8 Companies are a legal form of “Non-Profit Organizations (NPOs) or Non-Governmental organizations (NGOs)”. It was earlier called as Section 25 Company registered under Companies Act, 1956. As per the new Companies Act of 2013, Section 25 has now become Section 8. As per Companies Act, it is incorporated to promote fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment protection, or other similar objectives (purely for a good cause or social well –being) .If there is any profit, it shall be utilised towards promoting the objectives and not distributed as dividends among shareholders. A minimum of 2 directors are required to start up. There is no requirement of minimum paid-up capital for a Section 8 Company.

Procedure for Company Formation

Name Reservation
Private Limited  company is incorporated under MCA companies ACT 2013, and the company name should be unique from other existing companies and also refers to ipindia. As per companies act the name of the of should contain, for example: GILTOB SOLUTIONS PRIVATE LIMITED, GLOEB PRIVATE LIMITED in certain case of claiming ownership of the required name for the company which mca denies to approve, the department of mca will ask to provide NOC or affidavit from brand or company authorities and by providing NOC or affidavit from the band or company authority the name shall be accepted. By filing Run name in 48 working hours the name status will be announced on the mca site and mail remainder with the pdf copy to the applicant.

Filing Spice+ form
To file part B there are list with be drafted sent to the customer in excel or form and which are requested to fill by the authorities and those are important and those details will be reflect of their incorporation certificates, The application will be drafted as per the details and documents given from the customer and also DIR form will be sent to the director and it must be physically signed by them. There should be attached which are listed such as identity proof directors, address proof of directors, utility bill of the business place and NOC from the landlord for the said property for incorporating needs to be submitted.

Drafting of MOA & AOA
MOA is know as Memorandum of Association where the companies details such as nature of business, details of the directors and shareholders, details of share equity, phase value and subscriber of company which will be drafted on INC-33 and to be signed digitally by the directors and professionals who are certified from ICAI, ICSI, ICWAI & Advocate. AOA which is know as Articles of Association where the companies rule and regulations will be drafted which company. This Form INC-34 should be filed and signed by the directors digitally and finally signed by the professional.

Drafting of Estimation Report
Every section 8 company which is incorporated under the companies act 2013 are required to admit their estimation of their profit and loss for the 3 upcoming  financial years. After preparation the director and body holders needs to sign the drafts physically.

Documentation

Name Approval

Drafting Spice+ Forms

Verification

Uploading forms

Get Certificates

Simple Easy Process

Documents Required

Identity proof of directors

Address proof of directors

Photograph of Directors

Utility bill of business place

Contact details of Directors

Certificates You Receive!

Allotment of DIN (for directors)

Company PAN & TAN

Incorporation certificates

MOA - Memorandum of Association

Spice+ Forms Part A & Part B

AOA - Articles of Association

Current Account Opening

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