All about section 8 company Registration
A person who wants to open a non –profit organization has two options either they can form a trust or we can say NGO registration or can open section 8 company registration under company act, it is similar to NGO , in terms of there working and features the difference point both are registered under different act. its a complete online process
Requirements of incorporation of section -8 company/ NGO Registration Process:
- There must be 2 director who can also be shareholder required for forming the company, however there will be no limit for maximum director
- There is no minimum capital requirement for opening of NGO/ section company
- The objective of company should be charitable purpose like education, medical aid, sports, cultural activity etc.
It can claim advantage of tax exemption by registering itself under section 12aa of income tax act, also 80G where donors can also claim exemption under its personal income tax filling if organization is also registered under section 80 G.
DIIFERENCE BETWEEN SECTION-8 COMPANY AND NGO REGISTRATION UNDER TRUST/ SOCIETY REGISTRATION:
- : NGO registered under society/ Trust act while section-8 company registered under company act.
- An NGO is registered in a respective state while a section -8 company register under ministry corporate affairs.
- Generally an NGO registered wok in respective state while section 8 company can work all over India.
- Registration of section-8 company is a online process there is no physically presence required, while registration of NGO under trust/ society required some physical presence.
- Registration of NGO required 10-15 days while section -8 company will registered with in 3-4 days.
- Fees of registering section company is only 9999rs, while a trust can form 10000-15000 rs India.
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Documents Required for section-8 company/NGO
1. Pan Card
Individual PAN card of all proposed directors/ shareholders are required for registration. In partnership firm separate PAN card will applied after partnership deed.
2. Aadhar Card
For registration under section-8 we need Adhaar card of allproposed directors/ shareholders for address of individual
3. Photograph
A passport size photograph is required of every proposed directors/ shareholders
4. address proof
For business address proof we need Electricity bill, rent agreement or any other government utility bill. ( not older than 2 months)
5. bank sattement
Bank Statement for business authentication or the proof of permanent address. ( not older than 2 months)
why section 8 company...??
1. Easy to start
For starting Section -8 company u need only 2 person awho works for common objective of social welfare can form section 8 company.
2. Better option for social organisation
In comparison to NGO or Society Section -8 company would be considered as better option.
3. Esay to apply 80 g/ 12aa license
Once you have taken Section -8 company registration you can apply for tax benefits in income tax u/ 80 G or 12 AA.
4. MInimum annual cost
Unlike other social organization section 8 company requires minimal annual compliances
5. ELIGIBLE FOR CSR GRANT
Section -8 company is eligible for corporate grants under there CSR ( corporate social responsibility) program.
REGISTRATION PROCESS
Step-1
Expert advice
Get a call from expert so as they can understand business
Step-2
Documents submission
Send all the documents according to your business requirement as suggested by the expert.
Step-3
Documnets filling
After collection of all documents our expert will prepared form according to it and filled the same
Step-4
Incorporation certificate
Once all the documents has been filled you will get your certificate with in 7-8 days.
How Ovakil help in section 8 company registration ?
ovakil helps you for registering section 8 company, it usually take 7-8 days for all process
1. COMPANY INCORPORATION CERTIFICATE
We will provide company incorporation certificate after all process, this certificate is important for every company and required as a proof of company registration
2. SHAREHOLDERS/ DIRECTORS DSC AND DIN
This registration will take 2-3 days and GST registration is sufficient to open current account for business
3. PAN AND TAN
Permanent account number (PAN) and Tax allocation number (TAN) will be provide by us in this registration.
4. MOA AND AOA CREATION
Memorandum of association (MOA) and Article of association (AOA) will prepared after understanding your business needs.
FAQs
There is no requirement of minimum capital in case of section 8 companies
There is no physical presence required for forming section-8 company/ trust, forming of section-8 company/ NGO is online process.
Registration of NGO in trust / society act is governed by respective state laws, while registering section-8 company/ NGO under company act is governing by central las that company act 2013.
Pan card, adhaar card, picture, latest bank statement and one utility bill for address proof.
Yes only charitable object can perused in section 8 companies like helping poor, medical assistance for needy, society welfare, culture promotion, sports promotion etc
Once a section-8 company/ NGO registration process is complete, the organization can apply tax exemption license like 80g/12aa wheresection-8 company/ NGO get exemption for there receipts also donor will get tax benefits while filling there return.
With ovakil.com You can get sevtion-8 company license/ NGO only on 9999rs
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