FEATURES OF SECTION 8 COMPANY/ NGO
FEATURES YOU CAN'T RESIST
SEPARATE LEGAL ENTITY
The Directors and Shareholders of a Section 8 Company acts as Separate Legal Entity meaning, their liabilities in the company are limited to their shareholding.
EASY TO CHANGE PARTNERS
In a Section 8 NGO registration, it is easier to add or remove Directors or Shareholders. The process is quite easier to execute and the cost associated with it is very nominal.
NO PROFIT MOTIVE
The best thing about incorporating as Section 8 Company or an NGO is that the company cannot distribute its profit or assets to its members thus ensuring the correct utilization of the fund.
PROMOTION OF SOCIO-ECONOMIC WELFARE
Section 8 Company Registration or NGO Registration Online is done with the main objective to promote sports, animal care, research, education, social welfare, religion, charity, etc.
NO MINIMUM CAPITAL REQUIREMENT
The Central Government has exempted the Section 8 Company/NGO to have any minimum paid-up capital requirement which means, we can start a Section 8 company with nominal amount.
NO STAMP DUTY CHARGES
The Central Government has also exempted the Section 8 Company/NGO to pay any stamp duty charges during its incorporation which ultimately reduces the cost of incorporation exponentially.
ADEQUATE VOTING RIGHTS
Section 8 company/NGO provides voting rights to the shareholders on the basis of the number of shares held by them. Thus, giving ample opportunity to every member to vote in the important decision-making process.
MINIMUM INVESTMENT
Section 8 Company Registration or NGO Registration in India are cost effective also as there are no stamp duty charges and no minimum capital requirement, as in the case of other companies.
PERPETUAL EXISTENCE
Section 8 Company Registration has a Perpetual License, i.e. it has uninterrupted existence until it is legally dissolved. A Section 8 NGO can continue to work even after the death or departure of any of its members.
SECTION 8 COMPANY REGISTRATION PROCEDURE
MORE SIMPLE THAN IT LOOKS!
1. PREPRATIONS OF DIGITAL SIGNATURE (DSC)
1st we apply for DSCs of all the Directors & members. Digital Signatures are required for signing all the documents while incorporating your Section 8 company.
2. FILING APPLICATION FOR DIRECTOR'S DIN
After successful allotment of directors’ DSCs, the next step is the application of DIN (Director Identification Number). It is the unique number allotted by the MCA to each of the directors of the Section 8 Company.
3. CHOOSING UNIQUE NAME FOR YOUR SECTION 8 COMPANY
Meanwhile applying for your DSCs, we help you in selecting Unique Name for your dream Section 8 Company. This process completes in a single day.
4. PREPARING FORMS AND DOCUMENTS
On the 2nd day, after the approval of the Company’s name, we prepare all the e-forms and other documents. Drafting of MOA & AOA comes under this step.
5. FILING E-FORMS WITH MCA
After completing all the formalities and documentation work, we upload e-forms along with the attachments prepared in step-4 on the MCA portal for approval.
6. ALLOTMENT OF COI, PAN & TAN
After obtaining approval from MCA, it will allot COI, PAN & TAN.
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Vipin Shrivastava
Founder-Dorbit Foundation.
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Founder-Sthree Kavach Foundation
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Founder- Shravan Setu Foundation