Section 8 Company Registration In Bangalore
A Section 8 Company in Bangalore is a specific form of the company which is registered under the Companies Act. Section 8 companies are a legal form of Non-profit organizations or Non-governmental organizations.
A Section 8 company is a specific form of company that is incorporated for the promotion of commerce, art, science, education, research, sports, charity, social welfare, religion, environmental protection, or any other such other objects. The profits, income, and other earnings are applied in promoting these objectives. Pays the dividend or the income to the members.
How to obtain Section 8 Company Registration in Bangalore?
- The first step begins with obtaining the Digital Signature Certificate for the proposed directors of the Section 8 Company. After the DSC is obtaining the DIR 3 is to be filed with the ROC for getting the Director Identification Number.
- To apply for a Company name it is necessary to file form INC 1 with ROC.
- Once the approval to apply for the license for the Section 8 Company it is necessary to file form INC 12 and after the approval is obtained it is necessary to file Form INC 16.
- File SPICe Form 32 with the ROC for incorporating along with the affidavits, the declarations, KYC, consent letter, draft MOA, and AOA after he obtains the license.
- If the ROC is satisfied with the submitted form then the ROC issues a certificate of incorporation.
The process and the requirement for a Section 8 Company registration in Bangalore are the same as the limited company and include all the rights and obligations. The only aspect where they differ is that a Section 8 Company or it is limited in name.
The whole process of registering as a Section 8 Company is the same as incorporating an NGO, Trust, or the co-operative society under the Companies Act,2013.
An additional requirement is there to seek a license from the central government under section 8 of the Companies Act.
The license allows them to delete the Private/Public Limited from their name. With this license, the company becomes eligible for certain exemptions from the provisions.
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