Section 8 company is a concept that combines the improvement of a NGO and a Corporate. It provides an different to the promoters to early payment the idea of Social cause on a much larger scale. Giving NGO a corporate form has various benefits greater than the epoch which can be en cashed by incorporating a Section 8 Company.
We have incorporated several Section 8 companies in Phulwarisharif which are on the go in various fields for the welfare of public at large. Our assimilation service includes Name Selection, Memorandum Drafting and Company Registration. We have the funds for our clients best in class services so that they are not fearful with any non assent during the initial stages of there growth. In Phulwarisharif we accept a maximum of 10 days epoch to incorporate a Section 8 Company.
WHAT IS SECTION 8 LICENSE?
Generally proclaim of a company ends as soon as word Limited or Private Limited, but Companies Act, 2013 provides for a license under Section 8 to the companies keen in the social welfare and promotion of Arts, Science, Commerce, Education, Literature etc to have there reveal not decrease with the word Limited or Private Limited. These organizations are called as Non-Profit Organizations and there reveal may fall with words like Association, foundation etc.
What is a Non-Profit Organization (NPO)?
An paperwork which then again of distributing its surplus/profit in the course of its members, applies the same in the fulfilment of its objects. That is they are not allowed to distribute any child support in the form of dividend or gain sharing. Company registered below Section 8 is a Non Profit Organization
Is Section 8 company Public company or Private Company?
Section 8 Company can be incorporated both as a public as with ease as private company.
- A minimum of 2 members are required if the company is incorporated below the definition of private company and a minimum of 7 members shall be required if the company is incorporated below the definition of public company.
- An OPC (One Person Company) cannot apply for License under Section 8
DONATION:
A company incorporated under Section 8 can take donations from public subject to applicability of further rules and regulations and official approval form the Memorandum of Association.
If the Section 8 Company is incorporated below the definition of Public Company it can also build up members and accept membership press forward from such members.
Can a Section 8 Company apply for 12A and 80G Registration?
A Section 8 company like new NGO can apply for 12A and 80G registration with Income Tax Department.
CONVERSION FROM OR INTO SECTION 8 COMPANY:
Any company under the definition of Public or Private company can apply for license below Section 8, and the Ministry of Corporate Affairs can after due avowal of documents and keeping in view everything the formalities, issue license under section 8 of the Act.
Likewise a company registered below Section 8 can convert itself into Public or private Company.