Section 8 company is registered under the section 8 of the Companies Act,2013. Under the Companies Act, 2013 it is defined as the companies that are incorporated with the goal of promoting commerce, art, science, sports, research, education, religion, protection of environment, charity or any other objective.
Section 8 Companies have structured governance and potential tax benefits, making suitable for the organization with charitable objective.
Benefits of Section 8 Company
Documents Required for Section 8 Company
- Proof of identity: PAN Card, Aadhaar Card, Voter ID, or other govt. issued ID.
- Proof of address: Bank statement, Electricity bill, or Water bill.
- Business address proof owned property: Electricity bill, gas or water bill, copy of registry.
- Business address proof rented property:Rent agreement, NOC from the owner, Electricity bill, gas or water bill.
- PAN Card: of all the members and directors of the proposed company.
- Latest passport size photographs
Minimum requirement for Section 8 Company
Process of section 8 company registration in Chennai
- Application for name approval: Firstly choose a unique name for the company, the name shouldn’t be the one that is used by the existing company in the market. It should also align with the company`s objectives and reflect the charitable nature of the company.
- Obtain DSC and DIN:It is the process of registering a company online by electronically signing documents to ensure the security and authenticity of the documents filed online and to register the directors of the company you need to get the DIN.
- Draft Memorandum of Association (MoA) & Articles of Association (AoA) :You need to draft the rules & regulation governing the company`s operations and the objective of the company. These should reflect the charitable nature of the company.
- Incorporation Application : After the name approval and drafting of MoA&AoA, file the incorporation application using SPICe+ form on MCA portal.
- Get certificate of incorporation: After the approval a Section 8 License and Certificate of Incorporation will be provided.
Conclusion
In conclusion, Chennai is a dynamic metropolis city with rich cultural heritage, stong industrial base, health infrastructure and high education facilities. It has economic landscape i.e port and trade, IT & software services and industrial base. It has great transportation infrastructure connecting to the various cities of the country. It has conducive environment for business with great government support, financial services and real state. Overall Section 8 Company Registration in Chennai have advantage of strategic location, and supportive infrastructure, which is known for its robust economic development.
If you want to have a Section 8 Company registration contact us: +91 72407-51000.
Frequently asked questions regarding Section 8 Company Registration in Chennai
Q. Who is eligible for Section 8 Company registration?
Ans: To incorporate Section 8 Company minimum 2 directors and members are required.
Q. What is the difference between Section 8 Company and NGO?
Ans: Section 8 company receives fund from the government as well as other sources while NGO get funded by donations, grants or corporate sponsorship.
Q. What are the benefits of Section 8 Company?
Ans: Section 8 Company enjoy various benefits such as:
- Tax Exemptions
- Less procedural compliance
- No minimum capital requirement
- Firms can also be members
- Limited Liability
Q. What is the main objective of Section 8 Company?
Ans: The main objective of Section 8 Company is to help, develop, support and promote the people in the field of commerce, art, science, sports, research, education, religion, protection of environment, eradication of poverty, social equity etc.
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