Section 8 Company is named Section 8 of the Companies Act, 2013, which pertains to a 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, or other income is applied for promoting only the objects of the company and no dividend is paid to its members. Therefore, Section 8 Company or Section 25 Company is a company registered under the Companies Act, 2013 for charitable or not-for-profit purposes.
A Section 8 Company is similar to a Trust or Society; expect, a section 8 Company is registered under the Central Government's Ministry of Corporate Affairs. Trusts and Societies are registered under State Government regulations. A section 8 company has various advantages when compared to Trust or Society like improved recognition and better legal standing. Section 8 company also has higher credibility amongst donors, Government departments and other stakeholders.
Basic Requirement To Register Section 8
Minimun Two Person
To incorporate a Section 8 company a minimum of two persons are required over the age of 18 years with atleast one person being an Indian citizen and resident.
MNC Filings offer a comprehensive section 8 company accounting and compliance managment solution.
Section 8 Company -the old section 25 Company is a company Incorporatd under section 8 of companies Act ,2013 for not for profit purposes in India
FCRA registration is applicable for Charitable Trust ,Society or Section 8 company that recieve contribution from foreigh contributiors or donation from foreigh sources.
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