Praveena Tax associates

Section 8 Company

In India, a non – profit organization often known as NGO can be registered as a Company under Section 8 of the Companies Act, 2013 (erstwhile Section 25 of the Companies Act, 1956) and can also be registered as Trust and as a Society registered under the provisions of Society Registration Act, 1860. Section 8 Company form of a NGO is most popular form of NGO in India. It is easy to register, run or manage a Section 8 Company in comparison of a Trust and a Society.

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WHAT IS A SECTION 8 COMPANY?

According to Section 8(1a, 1b, 1c) of the Companies Act, 2013, a Section 8 company can be established for ‘promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object’, provided it ‘intends to apply its profits, if any, or other income in promoting its objects’ and ‘intends to prohibit the payment of any dividend to its members.

ADVANTAGES

Tax Exemption

Numerous Tax exemptions are provided to Section 8 Companies, specifically to the donors who are contributing to Section 8 Companies, they can claim the Tax exemption against the donation they made to a Section 8 company.

No Minimal Capital required

There is no prescribed limit over section 8 companies for the minimum capital requirement unlike other entities such as public limited.

No Stamp Duty

A company enjoys perpetual existence unlike other forms of business i.e.,the company continues to exist irrespective of the status of the owner.

Separate Legal entity

A Section 8 company is a legal entity and a juristic person established under the Act. TA Section 8 Company also has a perpetual existence.

Credible

A Section 8 Company has more credibility as compared to any other Non-profit organization structure be it a Trust or Society. As it is a licensed by the central government. It has more stringent regulations such as no change in MOA and AOA can be done at any stage or situation in a Section 8 Company.

Separate Legal entity

A company enjoys separate legal identity unlike partnership firms.

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praveenatax.com is web portal of Govche India Private Limited with operations since 2010. praveenatax.com is one stop business setup and consulting company, managed by specialized team of Business Analysts,Company Secretaries, Chartered Accountants, Corporate Lawyers and Financial Professionals company headquartered in Chennai, India. Having known for our quality of services, delivering the projects on time, we have clients spread across the globe

FREE CONSULTATION

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INCOME TAX

We will provide income tax return preparation, Revised return, Responding to Department notices and solving other Income Tax related issues.

BUSINESS LICENSES

Our Professionals Will help you in getting your business licensesand Business
licenses necessary for smooth running of businesses.

FINANCIAL SERVICES

we will Provide Funds for both personal and Business. Our funding system gives a credit line facility, enabling you to expand your business to new heights.

GST RETURNS

We will make your business to GST Compliance. Returns are required to be filed digitally online through a common portal to be provided by GSTN.

WHAT ARE THE DOCUMENTS REQUIRED FOR FORMATION OF PRODUCER COMPANY?

PAN card and Residence Proof of directors of the company
Copy of Rental Agreement / EB Card Copy of Registerd Office
Copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
passport-size photograph
Specimen signature (blank document with signature [directors only])
Copy of Passport (In case of Foreign Director)

WHAT INCLUDES IN THIS PACKAGE?

Verification of Documents
DSC and DIN for 2 Directors
Name approval and ROC feesl
Drafting MOA & AOA
Following until Certificate is allotted
Applying PAN & TAN

WHAT IS THE PROCESS FOR PRIVATE LIMITED COMPANY REGISTRATION?

Applying DIN & DSC

DSC and DIN for all directors are required

Name Approval

4-6 proposed names should be provided that should be unique and suggestive of company business.

MOA,AOA & AFFIDAVIT

Memorandum and Articles of Assocication should be drafted. Affidavit and declaration by first subscribers and Directors should be prepared.

Company Registered

nce the application is duly filed and accepted by ROC, certificate of incorporation is issued and the company is all set to start it’s operations.

Apply for PAN, TAN and Bank accounts

Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.

FAQS

What are the requirements to be a director?

Any person above 18 years can become a director. Non-residents can also become director of Indian companies.

What are the documents required for registration?

ID proof and residence proof of all the proposed directors, PAN card is mandatory for Indian nationals. No objection certificate from the owner of registered office or lease agreement must be produced.

What is a digital signature certificate (DSC)?

Digital signature is process to authenticate and validate records electronically. DSC is required for every director of the company as the Ministry of Corporate Affairs (MCA) mandates digital signature of directors on some documents.

What is authorized capital fee?

Authorized capital of a Company is the amount of shares a company can issue to its shareholders. Companies have to pay authorized capital fee to the government so as to be able to issue shares. Companies have to pay authorized capital fee for a minimum of Rs.1 lakh.

Can a foreign national be a director in a private limited company?

Yes, a foreign national can become director of a private limited company. Atleast one director in a company should be resident Indian.

Can NRIs or foreign nationals hold shares of a private limited company?

Yes, NRIs / Foreign Nationals / Foreign Companies can hold shares of a Private Limited Company subject to Foreign Direct Investment (FDI) Guidelines.

How many directors can be appointed?

A private limited company must have a minimum of 2 directors while the maximum no. of directors can be upto 15.

What are the requirements with regard to the company's name?

Company’s proposed name should be unique i.e., it should not be identical to any existing name. Names that infringe others’ rights, trademarks or patents are likely to be rejected by ROC

What is Director Identification Number (DIN) ?

DIN is a unique identification number which is allotted to all the directors existing or proposed. DIN can be obtained by filing e-form DIN1 in MCA portal.

What are the statutory compliances required for a Producer Company?

Every Producer Company must hold a board meeting atleast once in every three months and an Annual general meeting (AGM) every year.

Can a private limited company be later converted into public limited company?

Yes, Companies Act 2013 provides rules for converting a private limited company into a public limited company.

Section 8 Company

WHAT IS A SECTION 8 COMPANY?

ADVANTAGES

Tax Exemption

No Minimal Capital required

No Stamp Duty

Separate Legal entity

Credible

Separate Legal entity

WE SERVE EVERYWHERE

FREE CONSULTATION

INCOME TAX

BUSINESS LICENSES

FINANCIAL SERVICES

GST RETURNS

WHAT ARE THE DOCUMENTS REQUIRED FOR FORMATION OF PRODUCER COMPANY?

WHAT INCLUDES IN THIS PACKAGE?

WHAT IS THE PROCESS FOR PRIVATE LIMITED COMPANY REGISTRATION?

Applying DIN & DSC

Name Approval

MOA,AOA & AFFIDAVIT

Company Registered

Apply for PAN, TAN and Bank accounts

FAQS

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