Section 8 company registration refers to incorporating a company under Section 8 of the Companies Act, 2013 in India. Section 8 companies are registered for charitable or non-profit purposes and are considered non-profit organizations.
Some of these activities include healthcare, environmental protection, poverty alleviation, and rural development. In essence, Section 8 companies aim to contribute to the betterment of society by promoting various social causes and undertaking activities that have a positive impact on the community.
In order to register a Section 8 company in India, several steps must be followed. The first step is to obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN) for the proposed directors of the company. The next step is to apply for the name availability of the company through the MCA portal. Once the name is approved, the company can file the incorporation documents and the necessary fees.
A company registered under Section 8 enjoys benefits such as tax exemptions, ease of doing business, and limited liability. However, it is essential to note that such companies cannot distribute profits among their members and shareholders. Any profits generated must be used to promote the company's objectives.
In conclusion, Section 8 company registration is a popular choice for individuals and organizations looking to positively impact society through non-profit activities. The process is relatively simple and can be done online, making it a convenient option for those looking to register their company quickly and efficiently.