Get To Know About Direct and Indirect taxes In details
30 Nov, 2022
Companies who have charitable and non-profit objectives, such entities are referred to as a Section 8 Company. These companies dedicate all their income and profits towards the charitable and non-profit objectives. Which is to promote fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment or other similar objectives.
Any Non-Profit Organization (NPO) can be incorporated as a Sec 8 company that is being associated with:
Section 8 Company has the following benefits:
Here are the basic steps of Section 8 Company Registration process:
Step1: The first step of the Section 8 company registration process is to create the DIN and DSC of the Directors.
Step 2: Name Approval- The second step is to get the approval of the name of the company.
Step 3:To achieve the RD1 License, it comes under Section 8 of the Company Act, which mentions the fact that the company will be working for the enhancement of science. Moreover, for commerce and the profit, we earn through it will be used for the benefit purpose of their objectives. Additionally, you would need MoA, AoA, and other documents at this stage.
You need to use the following forms:
Form INC 12
MoA is sent in Form INC 13
AoA, Declaration of CA/CWA/CS in Form INC-14
Declaration by Directors in Form INC-15
Name approval letter and a 3-year estimate of future income and expense of the company
Step 4:Next, you need to apply for a Certificate of Incorporation.
Step 5:Soon after the incorporation of the company, one must apply for PAN and TAN; for this, you will need Forms INC-7,8,10,9,22, DIR-2, and 12 with the ROC.
Online Legal India™ expert team of highly qualified CA/CS will guide you through the rest of the process for Section 8 Company Registration.