Section 8 Company Registration in Chennai - An Overview
A Section 8 Company is a non-profit enterprise associated with a commercial venture, also established for furtherance of goals similar to a trust or society. The taxation over section 8 company is on par with other organizations. The profits get taxed by @30%. If Section 8 company got registered under section 12AA (tax exemption) of the Income Tax Act, then its profits shall be entirely exempted, and no tax will be levied on the company.
The cost factors involved in trusts are critically low as compared to a company under section 8 of the company's act. The transparency in working is very low in trusts as compared to a Section 8 Company. The grant of subsidies to trust is very less as compared to the company under section 8.
Advantages
Tax Exemption
Numerous Tax exemptions are provided to Section 8 Companies, specifically to the donors who are contributing to Section 8 Companies, they can claim the Tax exemption against the donation they made to a Section 8 company.
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No Minimal Capital required
There is no prescribed limit over section 8 companies for the minimum capital requirement unlike other entities such as public limited.
No Stamp Duty
A company enjoys perpetual existence unlike other forms of business i.e.,the company continues to exist irrespective of the status of the owner.
Separate Legal entity
A Section 8 company is a legal entity and a juristic person established under the Act. TA Section 8 Company also has a perpetual existence.
Credible
A Section 8 Company has more credibility as compared to any other Non-profit organization structure be it a Trust or Society. As it is a licensed by the central government. It has more stringent regulations such as no change in MOA and AOA can be done at any stage or situation in a Section 8 Company.
Separate Legal entity
A company enjoys separate legal identity unlike partnership firms.
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Documents required for Section 8 Company Registration in Chennai
How to Register a Section 8 Company in Chennai
The following listed are the steps involved in the process for registration of a Section 8 company:
Step 1: Apply For DSC
The very first step is to apply for the Digital Signature Certificate. DSC is used for affixing the signature in the forms.
Step 2: Name Reservation Through SPICE+-
The procedure for name reservation of Section 8 Company is similar to other companies. For the same, click on the ‘SPICe+’ Form placed under ‘MCA Services’. SPICE+ form is used for name reservation of the company that includes all the steps right from the Name Reservation to Post incorporation
STEP 3: Submission Of SPICE+ Part A Form
The applicant needs to submit the SPICE+ Part A form for Name reservation and incorporation purposes. (DIN Application is also included in the SPICE+ form).
Step 4: Filing SPICE+ Part B For Incorporation Purpose
After submitting the SPICE+ Part A, the next step is to download SPICE+ Part B in PDF format for filling the related forms are:-
1. SPICe+AoA,
2. SPICe+MoA,
3. AGILE-PRO,
4. INC-9 and URC-1) and for affixing the “DSC,”.
Step 5: Filing The Details In AGILE PRO
The next step is to fill all the details in the AGILE PRO form. Similar as Part A, the details that are common in PART-B shall be auto fill in AGILE Pro. AGILE PRO includes-
1. GST-Optional
2. EPFO/ ESIC-It is mandatory to apply for ESIC and EPFO.
3. Bank Account- Opening the bank account through this form.
Step 6: Fill Requisite Details In INC-9
It is done to get the Declaration by the subscriber or First director.
Step 7: Filing Of Forms With MCA
An applicant shall file the respective forms with MCA after filling all the requisite details in SPICE+ and AGILE PRO. After successful submission, the documents can be submitted, and DSC can be affixed in the respective form.
Step 8: Pre-Scrutiny Check And Payment Of Requisite Fees
The next step to be followed is to do a pre-scrutiny check. After a successful Pre-scrutiny check, the applicant must click on the confirmation button. Also, the applicant company is required to pay a requisite fee for “Section 8 Company” registration.
Step 9: COI From The Registrar
If the Registrar finds the information and the documents appropriate; he will issue a Certificate of Incorporation to the applicant company.
What is the process for
Section 8 Company Registration?
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Applying DIN&DSC
DSC and DIN for all directors are required.
Name Approval
4-6 proposed names should be provided that should be unique and suggestive of company business.
MOA,AOA&AFFIDAVIT
Memorandum and Articles of Assocication should be drafted. Affidavit and declaration by first subscribers and Directors should be prepared
Company Registered
Once the application is duly filed and accepted by ROC, certificate of incorporation is issued and the company is all set to start it’s operations.
Apply for PAN, TAN and Bank accounts
Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.
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