Below are the list of advantages and benefits of forming a Section 8 Company
Shareholders of the Section 8 company has given limited liability protection. In case of unexpected losses and liabilities of the company, personal properties of the shareholders are protected. The liability of company’s shareholders are limited only to the face value of the shares they take over.
Section 8 company is a separate legal entity, which has a true existence. Just like private limited company hence section 8 companies may own properties on its own name and also incur debts on its own name.
There is no minimum capital requirement of a section 8 company. as per the companies act 2013 you can start a section 8 company with 0 paid up capital.
Section 8 companies may not use suffix like private limited or limited company. It is optional for Nonprofit organizations.
Nonprofit organizations may enjoy tax benefits if It gets registration under 80G 12AA of Income Tax act.
For section 8 companies, stamp duty charges are comparatively less than private and public limited companies. The government gives privilege on the incorporation of the company.
• At least 1 Director is required – There is No limit for Maximum directors.
• Required a women director in specified class of Companies.
• An address which acts as a registered address of the company
For Each Director and shareholder of Section 8 Company
1. PAN card* (Mandatory for Indians & others if held)
2. Passport* (for NRI, Foreigners, and Indians if held)
3. Address proof (any 1 of) (Not more than 2 months old)
a. Bank Statement
b. Phone Bill
c. Mobile Bill
d. Electricity Bill
(Note - For NRI & Foreigners Documents issued by foreign authorities or signed outside India must be notarized & apostilled)
For Registered Address
1. NOC from Owner*
2. Rent Agreement*
3. Utility Bill*
Once the founders of the company finalize on the name of the company. Then the process of incorporation of Section 8 Company starts as below.
Step 1: Application for DSC (Digital signature certificate) and DIN (Directors Identification Number)
Step 2: Apply for the Name reservation
Step 3: Drafting & filing MOA & AOA to register the Section 8 Company
Step 4: Apply for the PAN and TAN of the company
Step 5: Issue Certificate of Incorporation along with PAN and TAN of the company
a. DSC of directors and shareholders
b. PAN and TAN number
c. Certificate of incorporation
d. MOA & AOA of the company
We make the process so easy and fast that you will not even feel the headache of all the paperwork, and our professionals will provide you all the promised deliverable within a given span of time.
All our professionals are qualified and specialized in that particular work. Making sure no mistakes are done at the time of filings with the authorities so that company won’t have to pay any penalties due to mistakes.
We support you throughout the journey of your business, from the incorporation, Accounting and taxation support, Secretarial compliance support, and Legal support.
We believe that cost plays a vital role in any company’s growth stage, that’s why we do not surprise our clients with hidden charges, you pay what you see in the initial proposal.