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Section 8 Company is known as a company that is licensed under Section 8 of the Companies Act, 2013[1]. Under the Companies Act, 1956, this act was known as the “Section 25 Company”. Here we discuss rules under Section 8 Company Registration.
A section 8 Company is a non-profit organization that is formed to promote commerce, arts, science, sports, education, research etc. The profit generated out of such company can only be used to meet company objectives.
Therefore, it can be stated that the Section 8 Company Registration is an NGO which is registered only for social welfare, microfinance, charity or for the achievement of the objectives of the organization towards the society at large.
In addition to this, a Section 8 Company is similar to a Society or a Trust, the exception being that a Section 8 Company is registered under the “Ministry of Corporate Affairs or (MCA)” of the central government. On the other hand, the Societies and Trusts are registered under the rules and regulations of the State Government. The credibility of section 8 company is higher than an NGO Registration.
Below are listed some of the benefits that are enjoyed by a Section 8 Company:
To get a Section 8 Company Registration in India, you will need to follow the simple steps mentioned below:
As per rule 8(7), the name shall include the words–
The Central Government can allow to be registered as Limited Company without the usage of word- “Limited or Private Limited” to its name.
Non profit organizations provide a linkage to society where one can work for society and the community. Therefore these rules and regulations must be adhered to and failure to comply with these regulations would invite legal repercussions.
Read our article: Update on Section 8 Company Incorporation: What You Need To Know
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