Documents for Section 8 Company Registration Process
This blog details the documents required for Section 8 Company registration. Registering a Section 8 Company is not that easy. There is a whole process to it that is only applicable after you have all the documents. Read this blog to know about those documents. Additionally, you shall also know about the features of Section 8 Company.
Did you know that you can setup a specific company to help specific people? Yes? You can in fact setup a company to help people. It is called a Section 8 Company. A section 8 company is one of the 9 business entities in India. It is form of business entity whose purpose is use the profits generated by the company and direct it towards societies benefit. In order to start such a company, you need to go through the process of section 8 company registration. As for the process, it has already been discussed before. Therefore, we dedicate this blog towards explaining the documents required for section 8 company Registration in India.
Features of Section 8 Company
Before we take a look into the documents you are going to need for section 8 company Registration, let us first take a peek into the features of a section 8 company:
- The objection of the company is charitable: We can’t stress it more enough that profit making is NOT the purpose of a section 8 company. Its purpose is help people through furthering certain welfare causes of science, education, culture, religion etc.
- There is no minimum share capital: There is a saying that goes that it is the intent that is important. It goes well for Section 8 Company. If you have the intention to help people, but still don’t have any money now, you still can register a section 8 company.
- Perks of Limited Liability: A company is a separate entity from the owner. Therefore, if a section 8 company goes through some loss, the personal assets of the owners are protected.
- It requires a government license: Obviously, to start and function, a Section 8 Company needs a government license.
- FCRA registration: Section 8 company can acquire foreign donations after obtaining FCRA registration.
- There are several government benefits: The purpose of a section 8 company to exist is to be charitable. Therefore, the government is more than eager to provide it with benefits.
- Firms can become members: The members of a section 8 company not only contain people, they can be other companies as well.
In order to enjoy some of the mentioned benefits of a section 8 company, you need to register it with the MCA.
Section 8 Company Documents required
The process of section 8 company registration in India involves the following general steps:
- Decide the name
- Gather the documents required
- Draft the MOA
- Draft the AOA
- File the application
- Get the certification.
The most important step of the lot is the second one (you can guess by the highlight). These documents required for Section 8 company registration:
- PAN card: The PAN card of the director and the shareholder of the company are required.
- Self Attested ID Proof: A self attested proof of identification of the Directors and shareholders is also required is required. The proof can be either of the following documents:
- Voter ID Card
- Aadhar Card (Although its legitimacy is still arguable)
- Driving License
- Self attested Proof of residence: The residence proof of the directors and the shareholders that are accepted are as follows:
- Utility Bill
- Voter ID
- Aadhar Card
- Passport (it is important if one of the members/directors is not from India)
- Driving License
- A passport sized photograph
- The residential proof of the registered office space: The documents that are allowed to be submitted as proof are as follows:
- Rent agreement and a no objection certificate of the landlord (if the office space is on rent)
- A copy of the registry (if you are the owner of the office space)
Now the mentioned documents are the basis of further documents that are going to be created before filing the final application. They are as follows:
- Digital Signature Certificate of the Director (probably the most important section 8 company registration document)
- Director Identification Number
- Memorandum of Association
- Articles of Association.
And apart from the online application for section 8 company Registration, they are all that you need to start helping people.