A Section 8 Company is a non profit organisation can be established for promoting commerce, education, science, sports, research, social welfare, religion, charity, protection of environment or any such other object. To register a Section 8 Company the procedure is same as other company registration prescribed in companies Act, 2013. The central government may issue license after satisfaction of all conditions prescribed in act and rules thereto. Like a private limited company, a Section 8 Company/NGO Company will also have revenue, expenses, profits and losses. However, in a Section 8 Company/ NGO Company the profits can be used only for the charitable or not-for-profit purposes mentioned in the MOA.
Section 8 Company is a Non Profit Company, the person who contributes in this NGO will get taxation privileges.
Section 8 Company can easily transfer ownership to another persons without too many restrictions.
Yes! Invest as per your requirement; you don’t need to maintain a minimum level of capital as required earlier.
A Section 8 Company has its separate legal entity, can hold, purchase, alienate property on its own name.
As comparison to earlier policies now the formation of companies has become smoother and easier.
Any amount donate to Section 8 Company will be treated as deduction for tax exemption benefit u/s 80G of Income Tax Act.
It became easy, just follow these steps to get your work done