A Section 8 Company is a company registered under Section 8 of the Companies Act, 2013 with the primary objective of promoting charitable causes, such as: Education, Art and Culture, Science and Research, Sports, Social Welfare, Environmental Protection, Religion or any other object of general public utility.
Unlike other companies, a Section 8 Company does not intend to earn profits for its members. Instead, the profits or income are used solely to promote the company’s objectives. These companies enjoy several tax and legal benefits and are often chosen by NGOs, societies, and trusts looking to scale operations professionally.
Section 8 Company Incorporation –
G K B & Associates can incorporate a Section 8 Company in 14 to 20 days, subject to ROC processing time.
Obtaining DSC & DIN –
Digital Signature Certificate(DSC) and Director Identification Number(DIN) is required for the proposed Directors of the Section 8 Company. DIN and DSC can be obtained for the proposed Directors within 2-3 days.
Name Approval –
A minimum of one and a maximum of two proposed names must be submitted for RUN (Reserve Unique Name)to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2 to 3 business days.
Company Incorporation –
Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 5-77 days, subject to their processing time.