Finaxis makes Section 8 company registration simple, fast, and cheap.
A Section 8 company, as defined by the Companies Act of 2013, or a Section 25 company, as defined by the Companies Act of 1956, is an entity formed with the aim of supporting the artists, science, literature, or information exchange for a charitable intention. These really are limited firms formed under the Companies Act. Under Section 8 of the Companies Act, the government provides certain businesses an exclusive licence.
No Minimum Capital
There are no minimum capital requirements for section 8 company registration. This means you can get started with any sum of money.
The Organization and also the contributors who donate to Section 8 Company shall get numerous tax exemptions and compensations.
No Stamp Duty
The Section 8 Firm registration does not need to purchase stamp duty since the firm is exempted from the purchase of registration stamp duty.
Section 8 Company has a distinct legal identity from its members and also has an independent legal existence as a private firm.
Section 8 Company has higher legitimacy than any other type of charity organisation.
Section 8 Firm members have the ability to quickly shift ownership of the organization.
When incorporating a Section 8 company, the following things must be taken into account:
The following paperwork are necessary for Section 8 Company registration.
There is a widespread belief that a Section 8 company is exempt from paying taxes since it works to benefit the broader public. But this is not the case. A Section 8 corporation, like every legal organisation, is subject to taxation. To be tax free, a Section 8 firm must seek certification from the Income Tax Authorities for exemptions like Section 12 A, 80G, and so on.
Yes, first you will have to convert OPC into a private or public company, and then convert it into Section 8 company.
No, Section 8 corporations are exempt from the requirement to nominate an independent director.
No, a Section 8 company must have at minimum of 2 members to be formed.
In average, it requires 20-30 days, and the period required to register a business is determined by the department’s enquiry in the event of a lack of required papers or inaccurate details.
Yes. Upon obtaining ROC clearance, a Section 8 business can be transformed into a private limited company.
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