For the purpose of advancement of commerce, art, science, religion, charity or any other charitable and useful object, a company can be registered after obtaining license under section 8 licenses from the central government issued by ROC. The license is permit to delete private Limited or public Limited from the name of company. InternationalTaxation.com can help you to get Section 8 Company name availability and register a Section 8 Company in India for just Rs.25899 within 15 days.
In India, a non-profit organization are often registered as Trust by forming a deed called trust deed or as a Society under the Registrar of Societies by creating by-laws, or as a company with object of non-profit under Section 8 Company of the C.A., 2013. a Company under section 8 is that the same as Section 25 company under the old C. A., 1956. Under the new C. A. 2013, Section 25 of Companies Act, 1956 has now become Section 8.
As per Section 8 of the C.A., 2013, a company under Section 8 are often register for the “advancement of commerce, art, science, sports, education, research, welfare , religion, charity, protection of environment or any such other object”. The Act further clear tell that a company under section 8 can follow the above objects subject to the limitation that it “intends to use its profits, if any, or other income in promoting its objects register” and “with view to ban the payment of any dividend to members of section 8 company.”. In simple terms, a company under section 8 must promote a public cause and therefore the proceeds created by the entity must solely be wont to support the stated public cause(s) only.
PVT LTD Company and company under Section 8 incorporation procedure are very similar to each other. At least of 2 Directors are required to start a company under Section 8 out of which 1 of the Director must be a Citizen & Resident of India - whereas other persons acting as Director can be an Indian resident or foreign resident. In addition to the required two numbers of persons as member, a office address as registered office address within India would be required for the Company under Section 8. Finally, Company under Section 8 would be subject to the following limitations:
1. Must with objects the promotion of art, science, commerce , sports, research, education, social welfare, religion, charity, protection of environment or society or any such other object.
2. With intension to use its profits if any, or other income in for its objects;
3. With Object of ban to the payment of dividend of any type to its members, the Central Government may, by license issued with such conditions as may required, and on such conditions as it deems fit, allow that person or association of persons to be registered as a company under section 8 without the addition to its name of the word “Limited or Private Limited ”, and thereupon the Registrar of Companies shall, on application, in the e- form Spice+, register such person or association of persons as a company under section 8.
4. the company registered under section 8 shall enjoy all the benefits and be subject to all the obligations of limited companies or private limited.
A Trust in India is controlled and managed by the Trustees mentioned in the Trust Deed registered. A Section 8 Company would be managed by the Board of Directors - similar to a Pvt. Ltd. company. During the registration process, the digital signature certificate (DSC) is obtained for the proposed Members. To obtain digital signature (DSC ) and Director Identification Number (DIN) , the proposed Members must submit a copy of their with form of Digital Signature.
PAN Card, ID Card Having address, Photo, Phone no and E-mail ID
In parallel to the digital signature application processing, the name approval application can be initiated by filing e-Form spice+ for the Company under Section 8 to the MCA. Company under Section 8 must include in the end of its name some special words prescribed under law for this like foundation, forum, association, federation, chambers, confederation, council, electoral trust, etc. The words names used in Company are foundation and association. The name approval process can be completed in 24-72 hours by MCA.
Once the name approval and digital signatures are obtained, an InternationalTaxations.com registration Expert would prepare the Memorandum, Article and incorporation form for the Section 8 Company. All the Subscribers must sign the document and upload a copy on the InternationalTaxations.com platform through the E-mail Once the documents are received & verified, the registration application is filed with the Registrar of Companies.
On approval of the registration application, the Registrar of Companies would issue the incorporation certificate, Central Government license, PAN & TAN for the Section 8 Company.
80G is a certificate issued by Income Tax department that exempts to person donating to a company registered under section 8 from taxes on the donation made. However a maximum allowable limit for deduction. The limit is if the total of the amount donated exceeds 10% of the total gross income, then the excess donation made will not allowed for tax benefit. 80G certificates is crucial tax-saving application for Billions of taxpayers in India.
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