A Section 8 Company in Visakhapatnam is governed by the Board of Directors just like a private limited company. While incorporating a Section 8 Company it is necessary to obtain the DSC of the proposed Director.
After submitting the documents the applicant has to complete the OTP and the E KYC procedure to obtain the DSC in the name.
Just like the proprietorship and partnerships the members for Section 8 Company in Visakhapatnam has limited liability over the debts is limited. The members' liability is limited to the sum of the face value of the shares they take.
No requirement of Minimum Capital:
There is no minimum Capital Requirement to incorporate a Section 8 Company in Visakhapatnam. A section 8 Company in Visakhapatnam can be started with 0 paid-up capital.
Less Stamp duty:
While incorporating a Section 8 Company there is minimum stamp duty liveable. As the government has given certain privileges to the Section 8 Company for the incorporation it has less stamp duty for incorporation.
Section 8 Companies registered in Visakhapatnam get benefits under Section 80G and 12 AA of the Income Tax Act.
At first, the Digital Signature Certificate of the proposed Director is to be obtained. Once the DSC is obtained, Form DIR 3 is to be filed with the ROC for getting the Director identification Number.
Once the DIR 3 is approved the ROC will allot the Director Identification Number to the proposed Director. While applying for Section 8 company name an application has to be filed in Form INC 1 with the Registrar of Companies.
It is necessary to file Form INC 12 after the approval of the license for the section 8 company.
Once the approval is obtained a license under Section 18 will be issued in Form INC 16
SPICe Form 32 is to be filed with the Registrar of Companies for incorporating along with the affidavits, declarations, KYC, Consent letter, MOA draft, AOA once the license is granted.
If the ROC is satisfied with the submitted forms then a certificate of incorporation is issued by the Registrar of Companies.
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