registering a section 8 company in india
How to Register a Section 8 Company in India: A Step-by-Step Guide
As the spirit of social welfare and giving back to society grows stronger in India, many entrepreneurs and individuals are inclined towards forming Section 8 companies. These nonprofit entities aim to promote charitable objectives and make a positive impact on the Indian society. In this article, we will guide you through the process of registering a Section 8 company in India, providing all the necessary information to help you get started.
Step 1: Gather the Required Documents
Before diving into the process, it is essential to gather all the necessary documents. These include a copy of the proposed Memorandum of Association (MOA) and Articles of Association (AOA), a declaration by the proposed directors, a statement of the company’s objectives, and proof of address of the registered office.
Step 2: Obtain Digital Signature Certificates (DSCs)
To ensure authenticity and security during the registration process, all proposed directors must obtain their own Digital Signature Certificates (DSCs). This can be done by applying to certified agencies providing DSCs recognized by the Ministry of Corporate Affairs.
Step 3: Apply for Director Identification Number (DIN)
Every director of the Section 8 company must possess a unique Director Identification Number (DIN). To obtain a DIN, applicants must file an online application with the Ministry of Corporate Affairs, providing their personal details and supporting documents.
Step 4: Reserve the Company Name
Choosing an appropriate and unique name for your Section 8 company is crucial. To reserve the company name, submit an online application through the Ministry of Corporate Affairs’ official website, along with the required fee and supporting documents.
Step 5: File the Incorporation Application
Once the name is approved, it’s time to file the incorporation application. Prepare all the requisite forms, including the MOA and AOA, and submit them online along with the necessary attachments, such as the address proofs, declarations, and consent of all proposed directors.
Step 6: Pay the Requisite Fees
To complete the registration process, the prescribed government fees must be paid. The fee amount varies depending on the authorized share capital of the company. Ensure timely payment to avoid any complications.
Step 7: Await Certificate of Incorporation
After successfully submitting the application and payment, the Registrar of Companies (ROC) will review the documents, and if everything is found to be in order, a Certificate of Incorporation will be issued. This certificate serves as proof of the company’s existence.
Step 8: Apply for Necessary Registrations
Once you receive the Certificate of Incorporation, some other essential registrations need to be completed. These include registering for the Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) with the Income Tax Department.
Step 9: Obtain Section 12A and 80G Certificates
To gain tax exemptions under the Income Tax Act, it is necessary to apply for Section 12A and 80G certificates. These certificates allow Section 8 companies to receive tax benefits on their incomes and provide tax deductions to their donors.
Step 10: Comply with Ongoing Regulations
After registration, it is crucial to comply with the ongoing regulatory requirements, such as filing annual financial statements, conducting regular board meetings, maintaining proper books of accounts, and adhering to the prescribed audit norms.
By following these steps diligently and fulfilling the necessary requirements, aspiring entrepreneurs can successfully register their Section 8 companies in India. With the right intentions, dedication, and compliance with regulations, these organizations can contribute significantly to the betterment of Indian society, making a positive and lasting impact.,
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registering a section 8 company in india
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registering a section 8 company in india
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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