Section 8 Company is named Section 8 of the Companies Act, 2013, which pertains to a established \'for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other objects provided the profits, if any, or other income is applied for promoting only the objects of the company and no dividend is paid to its members. Therefore, Section 8 Company or Section 25 Company is a company registered under the Companies Act, 2013 for charitable or not-for-profit purposes.
A Section 8 Company is similar to a Trust or Society; expect, a section 8 Company is registered under the Central Government\'s Ministry of Corporate Affairs. Trusts and Societies are registered under State Government regulations. A section 8 company has various advantages when compared to Trust or Society like improved recognition and better legal standing. Section 8 company also has higher credibility amongst donors, Government departments and other stakeholders.
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The following types of Business entitles are available in India:
Yes, only object with non-profit motive can able to register themselves for Section -8 company.
Yes, you can convert your Section-8 Company into Private Limited Company in future and options are available.
The Memorandum of Association (MOA) states the main and ancillary objects of the proposed company.
The Articles of Association (AOA) contains the rules and procedures for the routine conduct of the proposed company.
The Director required to be above 18 years of age and must be a natural person. He may or may not be citizen or residence of India. We can say that even foreign nationals can be Directors in Indian Section 8 Company.
No, INC-29 is not applicable for Section-8 Company. Since, there is need for getting license from the RD for Section 8 companies, INC-29 facilities are not available for this particular company.
Well, it completely depends on what you want to do. If you are a single person doing business and are not going to raise any outside investment for at least 3 years then OPC suits you best. Or if you are planning to raise funds then go for Private Ltd registration.
A LLP is typically preferred by Lawyers, Doctors, Designers and other professionals.
A company registration process is a legal process that usually takes 8-15 days for registration. However, a fixed time line can not be committed due to legalities involved in the due process.
No, the process is completely online these days and MCA does not issue a Printed copy. We can provide the printed copy.
On receipt of the certificate of incorporation a newly formed company can start the business operations.
Yes, you can register a company at your residential address as having a commercial space is not necessary to get a company in India.
Yes, a companyâ€™s address can be changed after acquiring a commercial space. The process of change of company address is very easy and it can be done within hours if the new address is within the same city.
Yes, legally a salaried person can become a director of a company. However, the terms and conditions mentioned in his/her employment agreement may have some clauses that might require an expert advice. We recommend you to speak to us before proceeding in order to make an informed and wise decision.
Yes, an existing company can be converted into any other form of business entity by complying the provisions of Companies Act, 2013.
|Particulars||One Person Company||Private Limited Company||Limited Liability Partnership|
|Recommended For||Solo promoters||Start-ups and growing companies||Professional services firms|
|Limited Liability Protection||Yes||Yes||Yes|
|Tax Advantages||Few benefits||Few benefits||Most Beneficial|
|Registration Authority||Registrar of Companies (ROC)||Registrar of Companies (ROC)||Registrar of Companies (ROC)|
|Management||A single Director is required and a nominee as a successor||Minimum 2 Directors are required||Minimum 2 Partners are required|
|Board Meeting||2 Board Meetings to be held in a year||4 Board Meetings to be held in a year||No such requirement|
|Statutory Auditor||Mandatory appointment||Mandatory appointment||Mandatory Appointment if, capital contribution exceeds Rs.25 Lacs or Turnover Exceeds Rs.40 Lacs|
|Fines & Penalties||Limited||Limited||Unlimited|
|Conversion||Can be converted to Private Limited and Public Limited||Can be converted to Public Limited and LLP||No provision for Conversion|
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