A Section 8 Company is a type of non-profit organization in India established under the Companies Act, 2013. It is formed to promote charitable activities such as education, science, art, sports, social welfare, environment protection, and more. The key advantage of a Section 8 Company is its credibility and tax exemptions.
Key Features of Section 8 Company- Non-Profit Objective: Profits are used solely for promoting the company’s charitable objectives.
- Limited Liability: Members’ liability is limited to their shareholding.
- Tax Benefits: Eligible for exemptions under Income Tax laws.
- Separate Legal Entity: Operates independently of its members.
- No Minimum Capital Requirement: Can be formed without a specific capital threshold.
Eligibility Criteria- Objectives must be charitable or for public welfare.
- No profit distribution among members.
- Directors and subscribers must comply with legal and ethical standards.
Documents Required for RegistrationDirectors’ Identification Documents:- PAN Card
- Aadhaar Card or Voter ID
- Passport-size photographs
Proof of Registered Office Address:- Rental agreement or ownership proof
- Latest utility bill
Memorandum of Association (MOA) & Articles of Association (AOA): Drafted in line with the charitable objectives.Declaration from Directors: Stating compliance with the rules of the Companies Act.
Procedure for Section 8 Company RegistrationObtain DSC and DIN: - Apply for a Digital Signature Certificate (DSC) and Director Identification Number (DIN) for the directors.
Name Approval: - File for name reservation through RUN (Reserve Unique Name) on the MCA portal.
Draft MOA and AOA: - Prepare the company’s constitution documents specifying its charitable objectives.
File Incorporation Application: - Submit Form INC-12 along with necessary documents to the Registrar of Companies (ROC).
Obtain License: - Once approved, the ROC issues a license under Section 8 of the Companies Act.
Certificate of Incorporation: - After receiving the license, the ROC issues the Certificate of Incorporation.
Advantages of Section 8 Company- High credibility among donors and stakeholders.
- Tax exemptions for the company and its donors under Sections 12A and 80G.
- Better compliance and governance compared to Trusts and Societies.
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