Efficient and professional support throughout! Wazzeer’s experts simplified complex accounting tasks, proving their dedication to customer satisfaction. Moreover, their responsiveness to queries and updates on the progress were impressive. Wazzeer’s comprehensive services were worth every penny invested. I can wholeheartedly recommend Wazzeer to anyone seeking reliable and efficient legal solutions for their business needs.
Outstanding legal advice! Wazzeer’s team of experts proved to be true professionals, guiding me flawlessly through the intricate incorporation process. From the initial consultation to the final paperwork, they displayed remarkable expertise and dedication. Their personalized approach and attention to detail instilled confidence in me, making the entire experience stress-free.
Compliance worries? Not anymore! Wazzeer’s compliance services are reliable and saved me time and effort. Impressed by their efficiency!
Accounting made stress-free! Wazzeer’s experts streamlined my finances, maximizing my tax benefits. A trustworthy platform for entrepreneurs. Thanks a lot to the entire team.
Wazzeer exceeded my expectations! Their legal team swiftly resolved my contract issues, ensuring a seamless experience. Highly recommended for top-notch service!
We have been very pleased with the services being offered by Wazzeer.com. Best part is that you have a dedicated account manager who takes care of all your legal, accounting, compliance, audit related services, so instead of dealing with 4-5 professionals you deal with just one individual.
Why choose Wazzeer?
One platform for all your requirements
Incorporation is just the first step. Wazzeer supports you throughout your journey as an entrepreneur. Log in to get things done efficiently. A dedicated Account Manager offers the required human touch and acts as an advisor to you.
Our professionals have at least 5 years of experience and have incorporated thousands of companies among them. The rich experience ensures that the process is smooth and right in the first go.
Over the last few years, doing over 500 incorporations, we have defined every step of the process. A virtual process is in place enabling us to deliver hassle free experience for you.
You pay what you see in the proposal. No surprises or hidden charges.
Frequently Asked Questions
What are the rules for picking a name for a Section 8 Company?
Broadly, the name has three components:
- Unique component: This is the prime name of your company. It should be unique, not already been trademarked, and should not contain phrases and words that are blacklisted by the RBI. Even if a name meets these criteria, the RoC might reject the name application on grounds of it being similar to already existing names.
- Description of business: There should be a word or phrase which follow the Unique Component of the name which describes or indicates the main business of the Company. Some of the popular descriptive words are Technology/ies, Internet of Things, Chemicals, Builders, etc. The words bank, exchange, and stock exchange, unless approved by RBI or SEBI, would also be rejected.
- Suffix: There will be no Suffix for a section 8 company
Things to keep in mind while selecting the unique component of the name:
- It must be short and simple: The name must be concise and not be too long. People should be able to say it easily and they should be able to recollect your company’s name the first time they read it or hear it
- It must be meaningful: The name of the company should be related to the business. It must fit the company’s branding.
- It must be unique: The name of the company mustn’t be the same or identical to an already existing company or a trademark. One must preferably avoid the plural version
Do we require any special permission to incorporate a section 8 Company?
One has to obtain the license under section 8 of new companies with a charitable objective. The person who is desirous to incorporate a company under section 8 is required to file an application in form INC 12 along with the prescribed fees to Regional Director for a license. Only after obtaining this license can we apply for Certificate of incorporation for the Section 8 Company. If the Regional Director feels that the company being incorporated is not a charitable/not for profit organization, (s)he can reject the license and Incorporation won’t be completed.
What is the minimum number of members for a Section 8 Company?
There must be a minimum of two members for private or minimum seven members for public companies. In a Section 8 Company, there is no concept of members. The ownership of the company is divided among the Members of the company.
Can a Section 8 Company distribute Dividend to its members?
Dividend is members’ Share of the Profit. By definition, a Section 8 Company is a Charitable organization/not-for-profit company. Hence a Section 8 Company cannot distribute dividends to its members.
What is the minimum number of Directors for a Section 8 Company?
There must be a Minimum of two Directors for private or minimum three Directors for public companies. At least one of the Director should be an Indian Resident
Can I register my office address as my residential address?
Yes, you can show your own residential or rented home address as the registered office address of the Company. If you take a place for rent, and the bills are in the owner’s name, a ‘No Objection Certificate’ is required from the owner of the property.
Who can be a Director or a Shareholder in a Private Limited Company?
Director: Any Individual over 18 years of age – Indian, NRI, Foreigner, Resident in India (May or may not be a shareholder in the company). At least one of the Directors must be a resident in India.
Shareholder: Any Individual over 18 years of age, Any body corporate (PLC, LLP, OPC, Public Company, Foreign Company, Trust, etc.). At least one of the shareholders must be a resident in India.
The term ‘resident in India’ means a person who has stayed in India for a period of not less than 182 days during the immediately preceding one financial year.
Should the directors be physically present during this process?
No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online. We might need you to sign a few documents and courier the hard copies.
How much do I need to invest?
With the amendments to the Companies Act in 2015, there is no prescribed minimum paid-up capital amount. You can choose how much do you want to start your company with and go up to a maximum of the Authorised Share Capital (again decided by you). However, as a general practice, most entrepreneurs start the company with a paid-up capital of Rs 1 lakh.
Should I hire an auditor to maintain books?
Yes, a private limited company must appoint an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation.