Register For A Section 8 NGO
A Section 8 Company is a specific form of Company which:
Is incorporated for the promotion of commerce, art, science, education, research, sports, charity, social welfare, religion, protection of environment or any such other object.
It intends to apply all it’s profits, income, or other earnings, in promoting these objects.
Pays no dividend or income to its members.
- Distinct Legal Identity
- Zero Stamp Duty
- No Minimum Capital Requirement
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A Section 8 company under the Companies Act, 2013 or a Section 25 Company as per the Companies Act,1956 is an organization registered with an objective of promoting the fine arts, science, literature, or knowledge sharing for a purposeful matter or for charity. These are the limited companies established under the Companies Act. The Government grants these companies an exclusive license under Section 8 Companies Act. There are three main conditions for granting the license.
The company should form for charitable purposes.
Income and profits should be used towards these objects.
The company should not pay any dividends to its members.
For registering a Section 8 company, the following criteria must be fulfilled:
Governed by:Companies Act, 2013.
Members:Minimum of 2 Directors/Shareholders.
Important Documents:MoA, AoA and financial statements.
Board:Directors.
Property management:All the properties belonging to a company are vested in the name of the company. These can be sold in conformity to the provisions mentioned in the Companies Act, 2013. The Act says the sale can be done with prior consent of the Company Board of Directors, when they pass a resolution regarding the same.
Closure or winding up:The property and funds of the society, upon its dissolution ( as per the society by-laws) and settlement of all liabilities & debts, may not be equally distributed among the company members. Rather, the same can be transferred or given to some other company, preferably with similar objects.
Annual compliance:The company must ensure its annual compliance by filing its annual returns and annual accounts with the RoC.
DSC and DIN of the Directors.
Objectives and proposed work of the company.
Financial statements like assets and liabilities, the projection for five years etc.
Directors personal documents.
Registered office address documents viz. rental agreement or sale deed in the name of the company, utility bills not older than two months.
The following are the advantages of incorporating a Section 8 company over other modes of registering an NGO:
It has organised operations and greater flexibility.
Avoids meticulous registration process and no physical presence required.
No requirement of a minimum paid-up capital.
Seamless procurement of tax benefits under section 12AA and 80G of the Income Tax Act.
Any partnership firm can be a member in its individual capacity and obtain Directorship.
Easy Section 8 NGO Registration With IVEC
Similar to Trusts and Associations, Section 8 Company is registered for charitable purposes. It is formed to promote research, social welfare, religion, etc.
We address all your queries about entity selection and guide you to choose the most appropriate one,We help you get the entire process of filing and registration completed,We will register the NGO and handle all the formalities (Trust Act, Society Registrations Act or the Companies Act, depending on the entity chosen).
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