Section 8 company
To register a Section 8 Company & company registrations, applicant is required to file Form INC-1 for name availability. Once the name is approved, there is a further requirement of obtaining a license, for which Form INC-12 is to be filed by such a company. After obtaining the license number, applicant can proceed further to incorporate a company by filing e forms SPICe or INC-7 (in case number of subscribers are more than seven) along with linked forms as the case may be.
It is named Section 8 of the Companies Act, 2013, which pertains to a established ‘for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment
Therefore, Section 8 Company & company registrations or Section 25 Company is a company registered under the Companies Act, 2013 for charitable or not-for-profit purposes.
A Section 8 Company is similar to a Trust or Society; expect, a Section 8 Company & company registrations is registered under the Central Government’s Ministry of Corporate Affairs. Trusts and Societies are registered under State Government regulations.
It is various advantages when compared to Trust or Society like improved recognition and better legal standing. It is also has higher credibility amongest donors, Government departments and other stakeholders.