Register your Section 8 Company with speed, ease and Value Savings
Section 8 Company is named after Section 8 of the Companies Act, 2013. The section applies to the incorporation of an association ‘for promoting commerce, religion, art & culture, education, charity, research, science, sports, social welfare, environmental protection or any other charitable objective, provided that any possible earned profits will only be applied for promoting the objectives of the association and no dividend is to pay to its members.
A Section – 8 Company is similar to a Trust or a Society. Section 8 of the Companies Act is very similar to that of Section 25 of the Old Companies Act. It is registered under the Central Government’s Ministry of Corporate Affairs through Section 8 of the Companies Act, 2013 for not-for-profit purposes.
The government provides a license to all the Section 8 Companies along with informing them about the restrictions and conditions. If the association fails to fulfill the prescribed conditions then the Central Government might order then to shut it. In cases of fraudulent objectives, legal actions are taken against all the officers and members of the company.
You are required to fill in the details in our simple questionnaire and submit documents..
We will provide you with DSC and DIN. To proceed further, you need to give your approval.
For further procedures, details provided by you will be verified by our experts.
We will create all the required documents and file them with ROC on your behalf.
Once your company is incorporated, we shall send you all the documents and DSCs.
DSC is an equivalent of the physical or paper certificates in their digital format. The process of incorporation begins with applying for the DSC because the application for the Section 8 Company is filed online with the DSC of the director only. To issue a DSC, a signed application form with a photo, ID, and Address proof of the director is submitted.
Director Identification Number is a permanent and unique identification number issued to the Director of a company or a designated partner of the LLP. by the Registrar of Companies. By the New Companies Act, 2013 – no person can hold an office of the director without having a DIN. An application to the ROC is made with a photo, attested ID, and address proof duly signed by a practicing professional, a CA/CS/CMA for the allotment of DIN.
An application is made to the Regional Director of the Ministry of Corporate Affairs accompanied by the statement of the proposed objective of the to be incorporated company and a complete projection of the profits and losses of the succeeding three years i.e., the statement of assets and the liabilities. The Regional Directors are vested with unrestricted powers to approve the license application.
The Memorandum of Association (MoA) of the Section 8 Company includes all the information about the company such as the Name of the Company, state of company incorporation, details of the authorized capital, and declaration of the company about being it a limited company. The Article of Association (AoA) accommodates all the internal rules of the organization. The promoters must adopt and sign the MoA and AoA before it could be filed with the ROC.
Once your application is filed you will receive an ARN number. The Incorporation certificate is received within 15-20 days. It is proof that the company has been created. The COI also includes your CIN (Company Identification number).
A company must have a bank account to operate its business. Our expert executives are here to help you in getting the company PAN, TAN, and TDS payment compliance to help you open the company bank account.
Bengluru is one of the largest IT services exporters in India. Famous tech companies such as wipro and Infosys have Headquarters there. This city is the treasure of engineering and analytical talent which is essential for the startups. Leading educational institutes are also there.
If we say about the opportunities in Bengaluru, there is largely young tech talent available there. Many big educational institutes such as IISc, IIMB, NID R&D campus, etc are there. There are a rich atmosphere and social life. So, it brings out many opportunities to startups as well as a small business
Many startups moved to the Bengaluru Due to its startup ecosystem in the city. Big companies such as Ola and Flipkart moved to this city although they have started business in Mumbai. The infrastructure of that city is very good as compared to other cities.
Just like a startup needs an idea to be born, it needs money to grow big. Venture capital is financing that investors provide to startups and small businesses that are believed to have long-term growth potential. For startups without access to capital markets, venture capital is an essential source of money. Accel Partners, Artiman Ventures, Ascent Capital Advisors, etc are the active VC financers of the Bengaluru.
Ease of doing business
According to India’s Business Reform Action Plan, 2017 – a joint initiative between the World Bank and the Department of Industrial Policy and Promotion (DIPP) – the state of Karnataka is the 6th best Indian state in terms of ease of doing business, up from ranking 13th in 2016.
Numerous Tax exemptions are given to the Section 8 Companies. The donors who are donating to a Section 8 Companies are eligible to claim the Tax Exemption against the donation they’ve made to the association.
The incorporation procedure of a Section 8 Company does not state any minimum capital requirement unlike other such entities such as public limited and alike. The capital structure can be altered at any stage as per the growth requirements of the company.
A Section 8 Company is exempted from the stamp duty payment that is otherwise applicable for registration of other structures such as private limited or a public limited company.
A Section 8 Company has its separate legal identity analogous to other company structures and has it’s own legal standing apart from its members. It has perpetual existence.
Compared to any other Non Profit organization structure such as Trust or a Society, a Section 8 Company has more credibility owning to the license given by the central government. Alongside a Section 8 Company has to follow more stringent regulations such as no change can be undertaken in the MOA and AOA at any stage or situation. There is a more reliable image of a Section 8 Company due to such strict compliances in comparison to other legal structures.
Unlike the name requirement in other company structure, the Section 8 Company does not require a use of a suffix next to its legal name.
The Name of Section 8 Company should comply with the following: