Section 8 company is named after section 8 of the companies act 2013. Which pertaining to be established for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object provided the profits, if any.
A section 8 company is similar to a trust or society except a section 8 company is registered under the central govt.’s ministry of corporate affairs. Trusts and societies are registered under state govt. regulations.
The income of the company must be used to promote only charitable objects and can not pay any dividends to the members of the company. The central govt. provides an incorporation certificate to all such companies and also informs them some restrictions and conditions in case they don’t fulfil them. The central govt. may also order them to wind up the company. In the case fraud objectives of the company are proved legal actions will be taken against all officers of the company.
The identity proof of the directors:
PAN for Indian national
Notarized passport copy for foreign nationals
Address proof of the directors:
Passport, driving licence, Aadhar, bank statements or electricity bill. These two documents must be valid (recent and less than 2 months).
Proof for registered office in India:
Rental agreement or sale deed, copy of electricity bill, property tax receipt
Objection letter from landlord for use of premises as registered office.
Signed incorporation document:
Section 8 registration about 25-35 working days.