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START AN NGO TO HELP PEOPLE in patna
Section 8 company helps you setup an NGO to help people. Contact GLOBAL TAXMAN INDIA Ltd and embrace the feeling of altruism through Section 8 Company Registration.
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What is Section 8 Company in patna?
A Section 8 Company means a business entity associated with a Non-Profit organization. Unlike other business entities, the purpose of a company is not to generate profit. But rather, the purpose of this business entity is to promote charitable causes that involve science, culture, education, religion etc.
Basically, the Section 8 company is similar to an NGO Company. The profit earned by the company is used for the above mentioned purpose and not paid as a dividend among members. The business registration of the company is done under the Companies Act, 2013. The benefits of the section 8 company only came into picture when the registration got done.
What is Section 8 Companies Registration?
These are NGOs under the guise of companies whose objectives it is to help as many people as possible. After Section 8 Company incorporation, its structure can feel similar to an NGO, a trust or a Society. The MCA is responsible for the formation of this type of company. Below are some of the popular company examples:
Federation of patnan Chambers of Commerce and Industry, and Confederation of patnan Industries, Give patna are some of the names in the section 8 company list that make it worthwhile to acquire the certificate of section 8 registration. The corporations registered under Section 8 of Companies Act 2013 are often destined to assist patna to move forward.
Functions of Registering a Section 8 Company
There are several functions associated in incorporating a section 8 company and they are as follows.
- No minimum paid up capital required. Therefore, you can guess one of the benefits of section 8 companies is that you can set it up even if you don’t have money.
- The company objectives must be to promote social welfare activities. Keep in mind that there are no directives of a state. Thus, the rules of NGO registration in Delhi are the same as everywhere else in patna.
- There is no requirement of stamp duty.
- Under the income tax act, there are certain tax deductions given to a Section 8 company.
- A company has clear objectives that allow them to gather donations easily.
- It can be managed easily due to several privileges that it is given.
- As this entity is a company, a company minimum member count is 2 directors and 2 shareholders. It is an important infrastructural aspect that you must fulfill to get NGO registration under section 8.
But what do these benefit even mean? Thankfully, our approach to Sec 8 Company registration relies on first making you aware of these perks.
Companies registered under section 8 company are different from the rest. Existing as business entities, their main purpose to promote social welfare – as aspect that has
Thus, let’s now take a deep dive into the these benefits of section 8 company:Benefits of Section 8 Company Registration
Tax Exemptions
The Company Act defines a business entity that is not to generate profits, but goodwill among the public. So, the government of patna saw this as a fit to provide several tax exemptions in patna. For these companies patna has placed fourth specialized income tax deductions. However, to obtain them, you must acquire the 80G and 12A registration for section 8 companies in patna.
No Minimum Capital Required
To incorporate a sec 8 company, there is no limit on minimum capital and the reason behind this is simple. Its altruistic nature motivates the government of patna to incentivize its registration by reducing the section 8 company registration fees and the way they do it is by removing any minimum capital requirement.
No Stamp Duty is Requires
Since there is no net worth requirement, there is no need for a stamp paper to incorporate a section 8 company in patna. It ensures that the directors can register a company without being encumbered by the stamp duty requirements.
Easily Gathering Donations
Donations are the most viable form of earnings for section 8 companies. This means that the money acquired from donations is the only source of “income” for this business entity. However, that money can’t go into paying the members of the business entity, but to promote the company’s objectives.
Manage the Company Easily
This company is governed by the rules specified in the Memorandum of Association. Thus, as long as you follow the objectives you have specified in your MOA to the tee, management won’t be an issue for your company.
Freedom to Choose the NameTax Exemptions
The name of section 8 companies in patna need not have the words “Company” or “Limited” integrated with it. This business entity entails a term that emphasizes that the company is an organization – using words such as Foundation, Electoral Trust, Chambers, Federation etc.
These advantages of section8 companies can only be enjoyed by those who meet the eligibility criteria.Eligibility Criteria for Section 8 Company Incorporation in patna
So, who can form a Section 8 Company in patna? The answer is anyone. However, there are some regulatory criteria that you must first take care of. Thus, before you start the incorporation, you must meet the following eligibility criteria:
- The objective of the company should be to promote commerce, science, education, sports, religion, charity, social welfare and other altruistic causes. Therefore, before you incorporate a company, you must have clarity about the causes you wish to get behind.
- The name of the company should be unique and it is advisable that the applicants check the NGO name availability before proceeding.
- After incorporation, you have to agree to follow the company compliances, for that’s the only way to maintain the status quo of your business entity.
As soon as you take the mentioned eligibility criteria into account, and fulfill them, you can start gathering the documents for Section 8 Company Registration online.
Documents Required for Section 8 Company Registration in patna
Following are the documents required for company incorporation for each director/ shareholder to proceed with company registration online.
For Directors/Shareholders, the company registration documents are as follows:
- Copy of PAN Card
- Identity Proof (Voter Card, Passport, Driving Licence)
- Address Proof (Bank Statement, Mobile bill, Telephone bill, Electricity Bill)
- Passport Size Photo
Documents requireed
For registered office, the company documents are as follows
- Ownership Proof (Electricity Bill, Gas bill, Electricity Bill, Mobile Bill)
- NOC (Download Format)
Make sure that these section 8 company incorporation documents are uploaded in the correct format during the application section 8 company registration process.
Documents requireed (for registered office)
Process of Section 8 Company Registration in patna
Once you have these documents, below is a process to incorporate a section 8 companies. However, the procedure for incorporation of Section 8 Company under spice involves the following steps, and none of them should be ignored at any time.
Choose the Right Section 8 Company Name
First step of the company registration procedure is this - you need to decide a good name for your company. And, the name rules are relaxed when you compare them to other limited business entities.
For instance, you don’t need to use the name “Section” or “8” or “Company” anywhere in your name. But, it is always better to ensure the uniqueness of a name by checking the name availability. To get any help in choosing a name, reach out to GLOBAL TAXMAN patna Pvt Ltd. So, make sure that you follow the rules of section 8 company act. However, make sure that you choose the words federations, authority and others as the Section 8 Company Suffix.
Get the DSC of the Directors of Your Company
The second step is to get the Digital Signature Certificate for your company’s Directors. An important step in the formation of the company, this is the process that will help with the authentication of the documents that you upload online.
Draft an MOA and AOA
MOA refers to Memorandum of Association and it is filed using INC 13 using. It is the document that details the information about the directors, the shareholders and the objectives of the section 8 company. For instance, if your purpose is to educate, the MOA should specify that your goal is to promote education. Also, it should adhere to specific rules and regulations. The document that details those is the Articles of Association.
Fill INC 15 and INC 14
File a joint declaration via Form INC 15 and in this, you will declare that all the points mentioned in the Section 8 company MOA are according to the provisions set by the MCA. All the directors must file individual declarations via FORM INC 14 for Section 8 Company. They have to individually declare that their roles are clearly defined in Memorandum of Association.
Fill the Application Form
The final step of this process is to obtain the certificate of incorporation. And for that, you need to submit the application for registration online. The portal that facilitates the registration is hosted by the Ministry of Corporate Affairs. Association.
Start filling up the application form for registration online. So, make sure that all the details you provide align with the ones mentioned in the rules. Also, ensure that you have completely assessed the MOA and AOA before entering their details to the application form. MCA section 8 company rules are pretty strict when it comes to the documents. So pay a thorough attention beforehand.
Get the Certificate of Incorporation
If the Registrar of Companies accepts your registration form, it will get your company licensed under Section 8 of the company registration act. As an NGO under section 8 of the companies, you will get access to many benefits from this point forward.
The company procedure, in the right hands, won’t take more than a week to complete. However, the operative words here are the right hands. Registering a section 8 company in patna under Companies Act 2013 isn’t an easy task for everyone. That’s where our NGO registration consultant steps in to help you. We deliver end to end assistance to register section 8 Companies online in patna.
Our Assistance to get the Packing license in patna
We, at GLOBAL TAXMAN INDIA Ltd provide end to end solutions for registration in Delhi and the rest of patna. It is because we know all about section 8 company registration in patna, down to the minute details. That knowledge helps us in providing you the following services:- Meeting the initial company requirements
- Company name research
- Obtaining DSC and DIN
- MOA and AOA drafting
- Application filingFollowing up with the Ministry of Corporate Affairs
If you want to help people and work for the betterment of society, you should choose Section 8 company registration. The process of its formation is not easy. However, through GLOBAL TAXMAN INDIA Ltd, it can be made easy. Our company registration experts make the prospect of incorporation easy for you. Reach out to GLOBAL TAXMAN INDIA Ltd to begin with section 8 incorporation.
Frequently Asked Questions
A. No, a company cannot be listed since its purpose is to not to generate profit – an aspect a listed company has to adhere to.
A. There must be at least two directors in a section 8 company.
A. It all depends on your purpose. However, in most instances, a section 8 company is a much better choice.
A. A section 8 company only exists to conduct not for profit activities. Thus, a company can’t do business.
