Begin with Legal Registration of your Company
Section 8 Company
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Private Limited Company Registration in just 7 Days
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Why Start-Up Kro?
Our Package includes:
- 2 Class 3 DSC valid for two years
- 2 DIN for Director / Members
- Name Approval
- Drafting of MoA & AoA
- Company PAN and TAN
- Darpan Registration – Niti Ayog
Eligibility Criteria:
Individuals, HUFs, and limited companies can initiate the registration process of a Section 8 company in India.
The shareholders or directors of the company should comply with all the requirements and compliances of the Section 8 Company registration, and there should be at least two persons.
A resident of India should be one of the directors, and a firm can also be a member of the company.
The primary objective of the company should be promoting sports, social welfare, the advancement of science and art, education, and providing financial assistance to lower income groups.
The surplus generated by the company must be utilized only for achieving the primary objective of the Section 8 company.
The founders, members, and directors of the company cannot receive any form of cash or kind as remuneration.
The company cannot distribute any profit among the members and directors directly or indirectly.
The company must have a clear vision and a project plan for the next three years.
Documents Required for Section 8 Company:
- Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
- Scanned copy of Voter’s ID/Passport/Driver’s License
- Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
- Scanned copy of Notarized rental agreement in English
- Scanned copy of No-objection certificate from the property owner
- Scanned copy of sale deed/property deed in English
The process of registration for a Section 8 Company
Obtain Digital Signature Certificate (DSC) and Director Identification Number (DIN) for proposed directors of the company.
Reserve a name for the company using the RUN (Reserve Unique Name) facility on the Ministry of Corporate Affairs (MCA) website.
Prepare the Memorandum of Association (MOA) and Articles of Association (AOA) of the company.
Submit the application for registration of Section 8 Company along with necessary documents such as MOA, AOA, and declaration by the proposed directors.
Pay the applicable fee for registration of the company as per the authorized capital.
The Registrar of Companies (ROC) will scrutinize the application and may seek additional information or clarification.
If the ROC is satisfied with the application, the Certificate of Incorporation will be issued, and the company will be registered.
Obtain a Permanent Account Number (PAN) and Tax Account Number (TAN) for the company from the Income Tax Department.
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A minimum of two people are required to register a section 8 company in India.
StartUp Kro can incorporate a Section 8 Company for in 15-20 days. The time taken for registration will depend on submission of relevant documents by the client and speed of Government Approvals. To ensure speedy registration, please ensure you have all the required documents prior to starting the registration process.
In Feb 2020, MCA, i.e. Ministry of Corporate Affairs, came up with an e-form, viz SPICe form, that aims to simplify the incorporation process significantly. This Form has overcome the intricacy of the erstwhile incorporation process that also entails massive paperwork.
An NGO intending to serve a charitable purpose in India could be registered under society, trust, and section 8 company. A charitable purpose is defined u/s 2 (15) of the IT Act.
The cost factor involved in trusts is considerably minimal when contrasted with entity u/s 8 of the company Act. Section 8 companies have limited access to government-driven subsidies.
The auditor is appointed in the purview of Section 139 of the Companies Act. Every first auditor of Section 8 entity is to be appointed within thirty days from the incorporation date. The auditor can be a person or a company. The auditors also dig down the financial filings of the company.
An address in India where the registered office of the company will be situated is required. The premises can be Commercial/ Industrial/ Residential where communication from MCA will be received
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