One of the ways to set up a non-profit organization in India is per incorporating a section 8 company. Variant ways are there such as trust establishment or social establishment. However other forms are regulated by dominion Governments now those section 8 company is regulated by Central Government. Minimum requirements are- minimum 2 directors, Section 8 company means it is established stand for the promotion of art, science, sports, education, research, social welfare, religion, charity, protection of the environment or someone such other object. The avail, if someone or other income is applied for promoting only the objects of the firm and no dividend is paid to its members.
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1. What is the prerequisite to start a section 8 company?
Minimal 2 shareholders, Minimal 2 directors, one of the director shall be resident. Directors may be shareholders. The registered address for the company.
2. Why is section 8 popular when it comes to starting an NGO?
Due to reasons such as better legal standing, exemption from various companies Act regulations and better credibility among stakeholders
3. Is there a requirement to visit any Department by the founders of the company?
No, section 8 company incorporation person does not ask you to be present in person at any department. The process is all online. You will just have to provide the requested documents and information.
4. Can a foreign national become director of a section 8 company?
Yes, an NRI or Foreign National may also be a shareholder or director in a section 8 company.
5. How do I start with if I want to start a section 8 company and how long does it take to form a public limited company?
You should firstly select the right service provider. Caservicesonline has professionals such as CA/CS who are specialist in incorporating all types of companies in India. You can reach out to us online either you could even have face to face discussion with our team. You are always welcome to our office from Monday to Saturday between 10 am to 6 pm. It takes 10 to 12 working days for the process to get completed.