Section 8 companies in India, governed by the Companies Act, 2013, are entities established for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any other noble cause. These companies are non-profit organizations and are granted special privileges by the government due to their commitment to social welfare.
a. Tax Exemptions:
Enjoy tax benefits under Section 12A and 80G of the Income Tax Act.
b. Limited Liability:
Members are not personally liable for the company's debts.
c. Credibility:
Legal recognition enhances credibility and trust among stakeholders.
d. Perpetual Succession:
A Section 8 company continues to exist despite changes in its members or directors.
e. Access to Grants and Funding:
Easier access to grants, donations, and funding from government and non-government sources.
a. Social Impact:
Section 8 companies are instrumental in addressing social issues by promoting various charitable and welfare activities.
b. Legal Recognition:
These entities are recognized and regulated by the Ministry of Corporate Affairs, providing them with legal standing and credibility.
c. Tax Exemptions:
Section 8 companies enjoy tax exemptions, making it attractive for individuals and organizations to contribute to these causes.
d. Limited Liability:
Members and directors have limited liability, protecting their personal assets from the company's debts.
No, a Section 8 company is prohibited from distributing profits among its members. Any surplus generated must be utilized for promoting its objectives.
Yes, a Section 8 company must have at least two individual members.
The registration process can take approximately 20-25 working days, subject to government processing times and document verification.
For registration of Section 8 Companies in India, the following documents are required:
Memorandum of Association (MOA): Document outlining the company's objectives and activities. Articles of Association (AOA): Rules and regulations governing the company's internal affairs. Declaration: A declaration from each director confirming compliance with Section 8 requirements. Estimate of Annual Income and Expenditure: Projected financial details for the upcoming three years. Identity proof: PAN and Aadhaar of Directors. Proof of Registered Office: Rental agreement or ownership documents of the registered office. No Objection Certificate (NOC): NOC from the landlord for using the premises as the registered office.
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