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Companies in India is incorporated / registered under Companies Act 2013. Company is a Body corporate run by director and shareholder.In section the object of company is to do non profit business i.e. social work.
Objects : Section -8 company can be incorportaed for social cause only like promotion of commerce, arts, science, education, sports, religion, charity, environment or any other similar object.
Profits : Section-8 compant cannot distribute its profits to its shareholders. it must apply its profits to promote its objects only.
Shareholding: To start , a minimum 2 shareholders is required.
Directors : Also require to appoint minimum 2 directors to run the objects of company.
Capital: No Minimum paid up capital is precribed for section - companies.
MOA & AOA : This document describe the object, rules and regulation for the company.
1. Name Approval - Only unique name approves
2. Create a digital signature certificate
3. Obtain Director Identification Number (DIN)
4. Incorporation Procedure
5. Get Certificate of Incorporation, PAN, TAN
1. PAN and AADHAR of all Directors
2. Copy of utility bills (not more than two months);
3. Proof of office address (conveyance/lease deed/rent agreement with receipts);
4. Proof of identity and address of all directors; (Voter Id/driving License and Bank statement/Passport of directors/subscribers)
5. Activities of Company in Detail.
6. Paid Up Capital of Company
7. Allotment of Paid up Capital(Share)
8. Passport size photo of Directors
Generally time varies from 7 to 20 working days and also it depends upon availability of proper documents on time by client.
Advantage
One registration for all India
Transparency
Unique identity
Disadvantage
High Compliance formalities
Winding up may be time-consuming and complicated.
