How much Fudning is required? to set up section 8 company
As per Companies Act, 2013, there is no such restriction regarding capital or funding to incorporate a section 8company. This limit can be increased at any stage of the business in future as the business grows.
Who can be a director of a Section 8 company?
The director required must be a natural person and above 18 years of age. He may or may not be a resident of India. Even foreign nationals can become directors in Indian Section 8 company.
What is the minimum and maximum limit of directors to incorporate a Section 8 company?
Minimum two directors are required if incorporated as private limited and minimum three directors are required if incorporated as a public limited company. Maximum there can be 200 members if incorporated as private limited, but if incorporated as public limited there is no limit as such.
What are the benefits associated with the Section 8 company?
There are many privileges and advantages under the Company Law to Section 8 companies.
- Forming Section 8 company is an easy process
- Minimum paid-up capital is not required
- Stamp duty registration is exempted
- Any registered partnership firm can be a member in its individual capacity
- Tax deductions benefits u/s 12AA and u/s 80G of Income Tax Act to the donors of the company
- Greater flexibility
What is the time taken to register a Section 8 company?
It takes around 30-45 working days to register a Section 8 company. This duration can be lesser in case the Regional Director approves the application earlier.
Is it necessary to have a charitable object to register a Section 8 company?
Yes, it important to have non-profit motive to incorporate a Section 8 company.
What are the documents required for registering Section 8 company?
- Copy of PAN card.
- ID proof: Voter ID or Passport or Aadhar card or Driving license (any one).
- Address proof: It includes latest bank account statement or telephone bill or electricity bill not older than two months.
- Passport size photo
- Address proof of the company, which includes any utility bill not older than two months.
- No Objection Certificate (NOC) from the owner.
- Copy of rent agreement in case of rented premises.
If the applicant is an NRI then the all the documents must be notarised or apostil and passport is compulsory.
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