Section 8 Compliance India
Under Companies Act, 2013 all Section 8 companies India are required to comply with the statutory requirements of the Ministry of Corporate Affairs (MCA).
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A Section 8 company is formed with the objective of promoting commerce, arts, science, sports, education, research, social welfare, and protection of the environment. in a country. Though they are authorized to run a business and earn a profit, the profit can only be utilized for meeting company objectives, and cannot be shared among the members.
To get your Section 8 registration certificate, you should require the following documents during the registration of the Section 8 Compliance India:
- PAN Card
- Residence Proof
- Memorandum of Association (MoA)
- Article of Association (AoA)
- Covering Letter
- Proof of Address
- Declaration by the President of the Society
- List of all Members of the society
A Section 8 Compliance India shall after its registration shall do the following:
- Obtain PAN card
- Open a bank account
- Bookkeeping and accounts
- Annual IT filings
- Professional tax registration, if applicable
- GST registration, if applicable
- Compliance with the Registrar of Firm – Filing of AGM resolution, accounts to be disclosed and member list to be filed with the Registrar of Firms.
For registering a section 8 company compliance, the following criteria must be fulfilled:
- Members:Â Minimum of seven members for a state society and a minimum of eight members from eight different states (one in Delhi) is compulsory
- Jurisdiction:Â Where the registered office of the society is situated. Before the District Registrar in the particular area. For example, Charity Commissioner in Maharashtra.
- Governing Act:Â The societies are governed by the Societies Registration Act of 1986.
- Property management:Â The property of the society vests in the name of the society and the same can be sold as per the terms mentioned in the bye-laws of the society. (e.g., approval from the Executive Committee Member)
- Governing Act:Â The societies are governed by the Societies Registration Act of 1986.
- Dissolution or closure:Â Dissolution as per the bye-laws of the society, upon dissolution and after settlement of all debts and liabilities, the funds and property of the society may not be distributed among the members of the society, rather, the remaining funds and property must be given or transferred to some other society, preferably one with similar objects.
- Board:Â Executive Committee(President, Secretary, Vice President, Treasurer), General Body (All members)
- Annual compliance:Â Societies must file annually, with the Registrar of Societies, a list of the names, addresses and occupations of their managing committee members.
No. The society can any have any number of members. There is no prescribed upper limit according to the Societies Registration Act. However, there needs to be a minimum of 7 members.
Based on the cause and objectives, NGOs can be registered as Trust or Section 8 companies.
The property of the society vests in the name of the society and the same can be sold as per the terms mentioned in the bye-laws of the society. (e.g., approval from the Executive Committee Member)
1. Fill Form
2. Call to discuss
3. Get Certificate
