A Company is the most acknowledged and accepted form of Business Structure worldwide. Not only it attracts investors but also encourages the entrepreneurs to represent their business in a form which is common and familiar to all. Further, it provides other benefits too such as that of having a perpetual succession and limited liability. Since a company has a separate legal identity from that of its promoters, it is capable of holding funds and properties and to sue and be sued in its own name. It is also eligible to borrow funds in different forms such as loans, debentures, etc.
Section 8 Company
Brief Idea :
Companies with charitable objects are registered under section 8 of the Companies Act, 2013. A person or an association of persons can be registered under this section if:
Their object is to promote commerce, art, science, sports, education, research, social welfare, religion charity, protection of environment or any such other object;
Their intention is to apply its profits, if any, or other income in promoting its objects; and
They intend to prohibit the payment of any dividend to its members.
One of the distinct features of Section 8 Company limited by guarantee is that it can start the business without infusing any capital at the time of incorporation.
Minimum Requirements :
Directors- 2
Members- 1
Documents :
PAN Card of all Directors and Members (Self attested)
Identity Proof of all Directors and Members - Aadhar Card or DL or Voter ID or Passport (Self attested)
1 Passport size photo of all Directors and Members
Address Proof of all Directors and Members- Bank Statement/ Electricity Bill/ Telephone Bill/ Mobile Bill (Self attested and not older than 2 months)
Proof of Office address (Conveyance/ Lease Deed/ Rent Agreement along with rent receipts/ Tax paid Receipt/ NOC)
Copy of Government issued Utility Bill of Office address (Not older than 2 months)
Time :
15 to 20 working days subject to ROC processing time
Procedure :
Name Reservation
Preparation of Digital Signature Certificate
Application for Director Identification Number (DIN)
