SECTION 8 COMPANY under 6999 (CORONA FREE APPROVAL)
Now Days due to COVID 19 situation people from all over INDIA are preferring SECTION 8 COMPANY over TRUST FORMATION because its a CORONA FREE APPROVAL
BENEFITS OF SECTION 8 COMPANY ARE :-
1) NO NEED TO REACH ANY OFFICE PHYSICALLY whereas In TRUST formation you have to go to a particular office for signing the documents.
2) LESS COST as compare to trust in terms of time and money because sec 8 company save your TIME VALUE OF MONEY.
3) QUICK APPROVAL from the CENTRAL GOVERNMENT whereas most of the TRUST formation involves only STATE APPROVAL.
4) CORONA FREE APPROVAL because if in the trust formation you will attend the office of any authority physically then you might expose yourself to CORONA VIRUS whereas in the SEC 8 COMPANY FORMATION EVERY PROCEDURE IS ONLINE.
Document Required are as follows :-
1) Self Attested PAN card copy & AADHAR card copy of the Directors.
2) Photograph of Directors
3) ID Proof (Any one document) - Bank Statement/ Voter ID copy / Driving Licence copy / Passport copy
4) Address Proof- Utility Bill in the name of proposed director/ Bank Statement (latest not older than 2 months) / Director bank statement of last 2 months
5) Electricity Bill (Place of Business)
Our Company will Provide the following documents after incorporation of your SECTION 8 COMPANY (NGO) :-
1) PAN
2) TAN
3) CIN & LICENSE FROM THE GOVERMENT OF INDIA
4) ESIC NUMBER
5) EPF NUMBER
6) DIGITAL SIGNATURE CERTIFICATE
7) DIRECTOR IDENTIFICATION NO
8) MEMORANDUM OF ASSOCIATION
9) ARTICLE OF ASSOCIATION
10) Bank account documents
11) GST REGISTRATION
And any other relevant documents required for your company
According to the Companies Act, 2013, Section 8 companies can be formed either as Private Limited, LLP or Public. Section 8 companies are formed with a charitable objective of social welfare, without any intention to get any kind of profit or dividend. Section 8 Company is a legal entity for non-government or non-profit organizations.
Some of the Section 8 companies in India are Reliance Research Institute, OTC – Over the Counter Exchange of India, Infosys Foundation and various others.
Objectives of Section 8 company
The main objective is to promote commerce, education, art, science, sports, social welfare, protection of human rights, protection of the environment or any other such objective. A Section 8 company is registered with the Central Government under the Ministry of Corporate Affairs.
Main features of Section 8 companies
No dividend: The members of the company do not receive any dividend.
Profits: Any type of profit or income of the company is utilized mainly for the promotion of the company.
Special license: Unlike other companies, to initiate it is important for a Section 8 company to get a Special License from the Central Government. The entire requirement must be fulfilled and Rule 19 of the Companies Rules (Incorporation), 2014 offers the issue of the license for the Section 8 company under a procedure which is essential to be followed.
Status: Section 8 a company shall enjoy all the privileges and shall be subject to all the obligations of a Limited Company
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