Section 8 Company Incorporation

Description

  • The modern concept of Section 8 Company is to be a replacement of NGO. The functioning, formation and books of accounts of a N.G.O. is always under scrutiny due to lack of proper government machinery to take care.
  • Thus they indulge in non core business and towards benefit of non prime factor objects.
  • To make this vital field organised MCA came up with the concept of Section 8, where you can everything thats allowed under NGO, but with a clean documentation and licensing.

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Frequently Asked Questions

SECTION 8 COMPANY REGISTRATION PROCESS

Fill up the Section 8 Form
The first step in registering a Section 8 Company is to fill the Section 8 Form. You need to enter all the details correctly.
The next step is to get the DIN and the DCS signature of the directors of the Section 8 Company registered.

Once done, you can apply for the name approval of the company.
To apply for the name approval, you need to fill the Form No. – INC 1 and submit it to the CRA or MCA. Applicants can give a maximum of 6 names. Once approved, the name of the Section 8 Company is valid for 60 days.
Once you get your name approved you need to file the MOA and AOA with the registrar. The subscription pages of both should be signed by each subscriber to the memorandum and they should mention the name, address, description and occupation in the presence of a witness who shall attest the signature and shall likewise sign and add his name, address, description and occupation.
Once you get this done, you need to apply for your Certificate of Incorporation and then apply for a company Tan and Pan card. This takes about 10-12 days to complete.
Once you get the COI, PAN and TAN cards, your Section 8 Company is successfully registered.

The minimum requirements that are necessary for such company are:

  • There must be Minimum of two shareholders;

  • There must be Minimum of two Directors (Directors and shareholders can be the same person);

  • At least one of the Director shall be the  resident in India;

  • There is No requirement of Minimum capital

  • The Income-tax PAN is a mandatory requirement in case of the Indian nationals

  • Any one of the Identity Proof be it Voter ID/Aadhar Card/Driving License/Passport is required; Passport is, however, a mandatory requirement for the proof of identity in case of the  foreign nationals;

  • Any one of the Proofs of Residence (Electricity Bill/Telephone Bill/Mobile Bill/Bank Statement);

  • The Registered Office address proof (that is the rent agreement along with latest rent receipt and a copy of the latest utility bill in the name of the  landlord and a no objection certificate from the owner of the premises, in case the premises are rented);

  • In case the premises are owned by either the  Director and the  Promoters, any of the documents establishing the ownership such as Sale Deed/House Tax receipt etc along with the no objection certificate.

 

The Procedure for Section 8 Company Registration

  • You are firstly required to obtain the documents that are required and to arrange them. The documents that are required are:

        Identity Proof: the  Copy of the  Permanent Account Number (PAN) of all the Directors/Promoters which is mandatory

  • Address Proof: A Copy of a valid Passport/Driving Licence/Aadhar/Telephone Bill/Electricity Bill which is not older than 2 months

  • A Latest passport size photographs of all the Directors/Promoters

  • A Rent Agreement or a Leave & Licence Agreement, if the registered office premise is taken on rent

  • The Utility Bills of the proposed registered office

  • The Consent to act as a Director in Form DIR-2

  • The Directors Directorship details in other Companies/LLPs, if any.

  • The second step is to apply for the DSC which is required for filling the forms electronically to the Ministry of Corporate affairs which can be obtained from certified agencies.

  • The businessman is then required to Obtain the Digital Signature Certificate (DSC) for the proposed Directors not having the  Directors Identification Number (DIN). Obtaining the DIN from the  Ministry of Corporate Affairs by filing Form DIR-3, if the businessman does not have  DIN.

  • The most important step is to apply for the name of the company which is a crucial step in company registration.

  • The next step is to draft the Memorandum of Association and Articles of Association of the proposed company in Form INC – 13.

  • The next step is to obtain the license under section 8 of new companies with a charitable objective. The person who is desirous to incorporate a company under section 8 is required to file an application in form INC 12 along with the prescribed fees to register for a license.

  • Certificate of incorporation – If after the filing of the requisite forms that is INC 7, INC 22 and DIR 12 for the incorporation with the registrar of the companies along with the prescribed fees, ROC gets satisfied with the contents of the documents that are filed. Thus after that, the company will issue Certificate of Incorporation in Form INC 16.

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