Section 8 Company Registration
Section 8 Company is a company form of an organization that is registered under the Companies Act 2013 for charitable or non-profit purposes such as promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any such other objects.
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What is Section 8 Company?
Section 8 Company is a company that is primarily registered for charitable or non-profit purposes. There are various options available for registering a Non-profit organization and Section 8 Company is one of them. Moreover, Section 8 Company, being a corporate form of organization is one of the most popular types of a charitable/non-profit institution.
It is generally formed for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any other object. Also, the profits earned by Section 8 company shall be only used for the promotion of its charitable objects and it cannot be distributed to its members or shareholders.
Section 8 company can be formed as a Private Limited Company or Public Limited Company without any minimum paid-up capital. The Company can be incorporated without using the word “Limited” or “Private Limited” in the name, as the case may be. Further, Section 8 Company can be incorporated with a minimum of 2 members/shareholders. It also gets various tax and compliance exemptions.
Section 8 company, once registered can operate all over the country and is mostly preferred by government and businesses for providing grants and subsidies, due to its stringent compliance and transparency.
Features of Section 8 Company Registration Online
- Promotion of charitable objects
Section 8 companies are registered only for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any other object. Therefore, their primary purpose is to carry on charitable and social welfare activities.
- Name of Section 8 Company
The name of the Section 8 company shall have suffixes such as Foundation, Forum, Association, Federation, Chambers, Confederation, Council, Electoral trust, etc. It is not allowed to have suffix as “Private Limited Company” or “Limited Company”
- License by Central Government
Section 8 Companies are issued a separate license by the central government to carry on the business of promotion of religious or charitable objects all over the country. This is in addition to the certificate of incorporation which is issued to all the registered companies. A copy of the license provides the detailed terms and conditions of such a license.
- Application of Profits
Section 8 Company has to apply its income, surplus, profits, or any other income in the promotion of religious, charitable, or any other welfare activities. Therefore, the owners or members are not allowed to withdraw their profits as dividends, bonuses, or any other manner.
Benefits of Section 8 Company Registration
Minimum requirements for Formation of Section 8 Company
What does our Section 8 Company Registration package include?
Procedure for Section 8 Company Registration
Documents Required for Section 8 Company Registration
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