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Why Section 8 Companies?
- Tax benefits that allows you to efficiently carry out the social impact work.
- Offers all the benefits of a limited company.
- No minimum capital requirement
- At Least 2 Directors
- At Least one Indian director
- Minimum 2 members
- Anyone who is either: A person (including a partnership firm), An association of persons, Any existing company may form a section 8 company.
- The organization uses profits and other incomes only for promoting one or more of the above causes for which the Section 8 Company was established as the above cause.
- A section 8 company can be formed with any of the following causes: Commerce, Arts, Science, Sports, Education, Research, Social Welfare, Religion, Charity, Protection of environment or any other such object which is like above objects.
Application for name approval
Drafting of AoA , MoA
Application for Incorporation and Approval
- A declaration by a professional such as a Chartered Accountant in Form INC 14.
- A statement which lists the grounds for the application.
- A statement of projected annual income and expenditure of the company for the next 3 years, as well as the sources of income.
- Identity proof (any one of)
- Passport (Mandatory if held)
- Driving license
- Voter ID
- Address proof ( any one of ) ( Not more than 2 months old)
- Bank Statement
- Phone Bill
- Mobile Bill
- Electricity Bill
(Note – For NRI & Foreigners Documents signed outside India must be notarised & apostilled)
For Registered Address:
- NOC from Owner*
- Rent Agreement*
- Utility Bill*
- DSC of directors/members
- PAN & TAN
- Certificate of incorporation
- MoA and AoA.
- License under section 8
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