Section 8 Company
A Section 8 Company is related to endorsement of religion, social welfare, charity, science, art, research, education, sports, protection of the environment, and other similar entity. It proposes to implement entire income, earning, and profit in promoting these entities.
There is no clause of income and or dividend to its members. These companies are considered limited companies due to their registration under the Companies Act. They will be regarded as a limited company but without the name “limited” addition to their name. These companies can be registered under public limited and private limited companies.
Section 8 Companies are legal entities for Non-Governmental organizations (NGOs) or Non-Profit Organizations (NPOs). Section 25 Company (under Companies Act, 1956) is an earlier form legal entity to the same objects. Section 8 Company has the authorization to work everywhere in the nation.
Eligibility
The objective of Section 8 Company mandatory be the promotion of Charity, Welfare, Protection of Environment, Commerce, Sports, Social, Religion, Research, Education, Art, Science, or any such subsequent entities.
The company aims to implement the profits, revenue, incomes in promoting these entities.
It doesn’t allow any payment of dividends or income to its members.
Section 8 Company is for those who don’t want to generate profitable revenue from the company. Even all the income, funds and profit applied to some portion of social structure.
How Eminence Creative Solution Pvt Ltd Process Section 8 Company Registration
Eminence Creative Solution Private Limited Company is an expert in registering the company, CA services, legal services, and all that. We are here to supply entire work related to the company registration and subsequent operation. Our team comprises legal experts, Chartered accountant, tax consultants, and all that. Eminence Creative Solution Pvt Ltd provides to help you with all things associated with company registration. We follow a simple process in Section 8 Company Registration.
Get connected with our experts and convey your requirements to them in a detailed manner.
You can visit our office and submit the documents.
We will help our customers to fill the form with correct details so there would be no chance of rejection of the application.
Our team makes sure that the registration application filled properly and submitted with authentic documents to the concerned department.
Once your registration is approved from the government, we will hand over the registration of certificate and we will give support and service even after the work gets competed from our side for a lifetime.
Advantages of Section 8 Registration
Name
The best part of Section 8 Company is that you don’t have to use suffix Limited or Private Limited to its registered name. You can register section 8 company with words containing Federation, organization, Institute, Academy, Association, Society, Club, Charities, Council and Foundation.
Tax Benefits
There is several tax benefits are given to Section 8 Companies in India :
Goodwill
Section 8 Organizations are more trustworthy as compared to other types of charitable organizations. They are firmly controlled and regulated by the Companies Act. For example, the need for a compulsory yearly audit, AOA, and MOA can ever be modified for any reason.
Tax rebate to the donors: The donors of a Section 8 company can avail of the benefits of tax rebate under Section 80G and 12A of the Income Tax Act.
No provision of minimum capital requirement: Section 8 Company has no Minimum Capital requirement. Moreover, the Capital Structure of Section 8 Company can be modified at any stage depends upon the needs of the organization. It clearly shows that this type of company can be registered and formed without the help of any capital investment. The necessary funds can be obtained through donations, subsidies, and charity from the general public and other organizations.
No stamp duty
A Section 8 registered company is free from paying any stamp duty as compared to other forms of company.
Separate legal identity
Registering a Section 8 company means you have availed a distinct legal identity. It means that it has a different identity other than its members. The company has permanent existence along with having structured functions and flexibility.
Membership
An incorporated partnership company can become a member of its person capacity and acquire Directorship.
What types of Benefits Eminence Will give to its customers?
If you hire our Eminence Creative Solution Pvt Ltd as a consultant for Section 8 and other forms of company registration then you will get several benefits from us.