Section 8 Company (NGO)

Introduction

According to the Companies Act, 2013, Section 8 companies can be formed either as Private Limited, LLP or Public. Section 8 companies are formed with a charitable objective of social welfare, without any intention to get any kind of profit or dividend. Section 8 Company is a legal entity for non-government or non-profit organizations. A Section 8 company is similar to a trust and society

A number of directors

When it comes to directors, a company need to have two directors. With the existence of 2 directors, a company can come into existence and can start with its operations.

Paid up capital

There is no minimum capital requirement as par law but minimum 1 lakh is required.

Name

A unique name with for all the private companies to use the word “private limited” after its name. The Ministry of Corporate Affairs will be the final authority to approve the name based on the availability rules and regulations.

Registered Office

The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as a NOC is obtained from the landlord.

Have separate legal entity?

Yes

Minimum requirements to establish

- Suitable Name without suffix Pvt Ltd Co.

- Minimum 2 members

- Minimum Capital not specify but in general 1 lakh or as per the state

- Memorandum & Article of company

Name of Company

Founder or shareholders in a meeting of Company has right to choose any name except some names which are restricted as per the Emblems and Names (Prevention of Improper use) Act, 1950...

Minimum Capital Required

Minimum Capital not specify but in general 1 lakh or as per the state

Minimum & Maximum members required

Minimum 2 people called Share-holders

Appoint minimum 2 directors

Transfer to other

Any shareholder has right to transfer his/her share to others or legal hairs

Registration required

Yes, this is mandatory to registration in the Companies Act

PAN of the company is mandatory to filing company returns

Required documents to starting business

- PAN of shareholders

- Aadhar of shareholders

- Passportsize photograph

Bank Account

Open a bank current account just after registration of the company. Every transaction will be made through company account instead of personal bank account.

For the opening of bank account following document required-

- A copy of Memorandum & Article of association (company)

- Incorporation Certificate of Company

- Minutes of the company

- Directors authority

- Directors PAN & Aadhar

Winding up

Once company is incorporated that will be not easy to winding up. Companies Act already prescribed the procedure of winding up.

Start your business within 3 days, we are ready to assist you

Step 1

Discussed with necessary formalities & registration process

Step 2

Apply for digital signature of directors

Step 3

Allotment of DIN (Directors Identification Number)

Step 4

Apply for approval of the name of company

(The Ministry of Corporate Affairs will be the final authority to approve the name based on the availability rules and regulations)

Step 5

Draft Memorandum & Article of company

Step 6

Apply for registration with required documents

Step 7

Collect the Certificate of Incorporation

Step 8

Necessary meeting

Step 9

Complete other formalities

Step 10

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