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Business Registration

Section 8 Company

A Section 8 Company, also known as a not-for-profit company, is a type of organization formed under Section 8 of the Companies Act, 2013, for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any other charitable objective. Section 8 Companies are formed with the primary objective of promoting charitable activities and social welfare, rather than for profit-making purposes. These companies are subject to specific regulatory requirements and enjoy certain privileges and benefits under the Companies Act, making them an attractive option for entities engaged in philanthropic endeavors.

Features of Section 8 Company:

Charitable Objectives: Section 8 Companies are formed with the primary objective of promoting charitable activities and social welfare. They are prohibited from distributing profits to their members and must utilize their income and resources solely for the attainment of their charitable objectives.
Limited Liability: Similar to other forms of companies, members of Section 8 Companies enjoy limited liability protection. The liability of members is limited to the extent of their unpaid subscription amount, thereby protecting their personal assets from business liabilities and obligations.
Tax Exemptions: Section 8 Companies are eligible for certain tax exemptions under the Income Tax Act, 1961, as they are formed for promoting charitable activities and social welfare. They may enjoy tax benefits such as exemption from income tax on surplus income applied towards charitable purposes.
Government Recognition: Section 8 Companies are subject to regulatory oversight by the Ministry of Corporate Affairs (MCA) and must obtain approval for their charitable objectives. They are required to comply with specific regulatory requirements and reporting obligations to maintain their status as not-for-profit entities.

Benefits of Section 8 Company:

Legal Recognition: Section 8 Companies enjoy legal recognition under the Companies Act, 2013, as entities formed for promoting charitable activities and social welfare. This recognition provides credibility and legitimacy to their philanthropic endeavors.
Tax Exemptions: Section 8 Companies are eligible for certain tax exemptions under the Income Tax Act, 1961, including exemption from income tax on surplus income applied towards charitable purposes. This tax benefit enhances the financial sustainability of the organization and encourages donations and contributions from philanthropic individuals and institutions.
Limited Liability Protection: Members of Section 8 Companies enjoy limited liability protection, similar to other forms of companies. Their personal assets are safeguarded from business liabilities and obligations, providing financial security and peace of mind.

Checklist of Documents Required for Section 8 Company Registration:

Identity Proof: PAN card, Aadhar card, passport, or driver's license of the directors and promoters.
Address Proof: Utility bills, bank statements, or rent agreements as proof of address for the registered office of the company.
Consent and Declaration: Consent and declaration forms signed by the directors and promoters.
Digital Signature Certificate (DSC): DSC of the directors for online filing of documents.

Steps Involved in Section 8 Company Registration Process:

Name Reservation: Apply for reservation of the company name through the RUN (Reserve Unique Name) service or SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus).
Drafting MOA and AOA: Draft the MOA and AOA of the company as per the prescribed format and content requirements, emphasizing the charitable objectives of the organization.
Obtaining DSC: Obtain Digital Signature Certificates (DSC) for the directors for online filing of documents.
Filing Incorporation Documents: File SPICe+ or INC-32 form along with the MOA, AOA, and other required documents with the Registrar of Companies (ROC).
Payment of Fees: Pay the requisite incorporation fees and stamp duty (if applicable) for the registration of the Section 8 Company.
Approval of Charitable Objectives: Obtain approval from the ROC for the charitable objectives outlined in the MOA.
Certificate of Incorporation: Once the ROC verifies the documents and approves the charitable objectives, issues the Certificate of Incorporation, and assigns the Corporate Identity Number (CIN) to the company.
Opening Bank Account: Open a bank account in the name of the Section 8 Company and deposit the initial capital contribution.
Compliance with Statutory Requirements: Ensure compliance with statutory requirements, such as filing of annual returns, maintaining books of accounts, and reporting obligations under the Companies Act.

Time Involved in Section 8 Company Registration:

The time involved in Section 8 Company registration depends on factors such as the availability of the company name, preparation of documents, filing of forms, approval from the ROC, and scrutiny of charitable objectives. Generally, the process can take approximately 30 to 45 working days or more to complete, subject to the timely submission of documents and compliance with regulatory requirements. Delays may occur due to the approval process for charitable objectives and compliance verification, but efficient handling by professionals can expedite the process.

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