SECTION 08 COMPANY
As per section 8 of companies Act, 2013 when a person or an association of person proposed to registered under this act as a limited company and their objects are as below
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About Nidhi Company
As per section 8 of companies Act, 2013 when a person or an association of person proposed to registered under this act as a limited company and their objects are as below:-
- To promotion of Art, commerce, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other objects,
- Intends to use the profit, if any, or other income in promotion of its object only and
- Restricted to payment of dividend to it’s members
Then the registrar of companies register the proposed company in this section and issue a certificate of incorporation. The formation of the section 8 company is provide it’s members a limited liability without using word “Private Limited” or Limited as Phrase.
The incorporated company under section 8 is eligible to work in whole of the India.
The section 8 company is registered as a private limited company or as a public limited company. If it is required to be register as a private limited company then it is required minimum 2 number of promoters and if it is registered as a public limited company then the minimum required number of promoters are 7.
NOW GET YOUR NGO ACTIVITIES REGISTERED JUST STARTING FROM INR. 10999/-
WHAT’S INCLUDE IN OUR PACKAGE
- DIN of 2 Directors
- DSC of 2 Directors
- Name Approval
- Drafting of MOA/ AOA
- Government Registration Fee
- PAN/ TAN of company
BENEFITS OF SECTION 8 COMPANY
- Limited Liability: after getting registration of NGO activities as per companies act, 2013 under section 8 then the liability of the promoters are limited to company assets.
- Exemption from stamp duty under companies act, 2013.
- The minimum capital requirement is not applicable on section 8 company.
- Exemption to use the work Limited or Private Limited. The section 8 company can use other words as phrase i.e. Society, Association, Federation, Council, Club, Academy, Foundation, Institute, Organization etc.
- Section 8 company may enjoy many tax exemptions benefits under Income Tax Act, 1961.
- Many tax exemptions under section 80G of Income Tax Act, 1961 are also available for donor of the company.
- Relaxation are also available under companies act 2013: The provisions of CARO are not applicable on section 8 company.
MINIMUM REQUIREMENT
Minimum 2 number of promoters in case of Private Ltd. Company and minimum 7 number of promoters are required.
Minimum 2 number of directors are required.
PAN Card Copy of all directors/ shareholders.
Aadhar Card copy of all directors/ shareholders.
Photo of all directors/ shareholders.
Address Proof of all directors/ shareholders (Bank Statement/ Electricity/ Telephone Bill)
Address Proof of Company (Ownership Document and Utility Bill and Noc from owner of the property)
COMPLIANCES APPLICABLE ON SECTION 8 COMPANY
- Compliances required to be complied under companies Act, 2013 like maintening of Minuets of Meeting, ROC Annual Filings, Records of Bard Meetings etc.
- Maintening Books Of Accounts, getting their Audit, Income Tax Filing, Return filing etc.
- Records of doing activities pertaining of object clause of the company, photos thereof.
- Compliance applicable on other registrations like Section 80G, 12AA of Income Tax Act, 1961, Niti Aayog Registration, FCRA etc.