Section 8 Company Registration in Bangalore
It is a non-profit oriented company incorporating mainly for the purposes of promoting education, eradication of poverty and so on. One can choose any one of the following routes such as trust, societies and section-8 Company to form a non-profit organisation. In this type of firm dividends would not be declared to its members and the company responsibility is to ensure that the profits will be utilised only for promoting its objectives. Its main objective is to promote the welfare in the country.
Advantages of Section-8 Company:
Company can be registered in either ways:The significant benefit is that, Section-8 Company can be registered either as a private limited company or a public limited company without using limited at the end of its name. The members of the company can be varied according to the nature of the company which means that if a company formed as a public limited company, 7 members are required. If a company formed as a private limited company, minimum of 2 members are required.
Minimum requirements:There is no minimum capital requirement. There should be a minimum of 2 directors and shareholders. Directors and shareholders can be the same person. It is to be noted that one of the directors must be a resident of India. It is exempted from stamp-duty registration.
Public welfare:Social welfare, promoting research, charity, art, sports, religion, protection of the environment, education, science or any other object. Only income is applied for promoting the objectives of the company.
Documents required for section 8 Company:
- Copy of the Permanent Account Number (PAN) is mandatory for all the directors/promoters as an identity proof.
- For an address proof, provide any one of the documents such as Aadhar/driving license/passport/electricity bill/telephone bill (which should not be older than 2 months).
- If the registered premise is taken on rent, need to produce the rental agreement or else produce the ownership agreement.
- Consent to act as a director.
- Registered office utility bills.
- If any directorship details in other companies/LLP.
- Passport-sized photographs of the directors and the promoters.