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A company can be registered for charitable purposes with the object of not making any profits. These companies are basically called section 8 company or NGO company.
This is subject to the provisions of Section 8 of the Companies Act, 2013. Hence, these companies are generally called Section 8 companies and are formed to promote Commerce, Science, Art, Religion, Charity or other socially useful objectives.
A Section 8 Company shall not pay any dividend to its members, but apply the surplus of receipts over payments for promotion of its objectives.
These companies need not use the words Limited or Private Limited after their name and are generally registered as Guarantee Company with limited liability with or without capital. Such companies can be private or public depending on the number of persons involved..
In case of winding up of a Section 8 company, the assets remaining after clearing all debts and liabilities should not be distributed amongst members of the company. Instead, it should be given or transferred to other companies having similar objectives as may be determined by the members or the High Court in the process of winding up.
The First Step to obtain Digital Signatures and Director Identification Number for Directors and file Company Name Application
- Minimum 2 Directors and Shareholders
- PAN / Aadhaar / Address for obtaining Digital Signatures and Director Identification Number
- Application for Company Name Approval
On Approval of Company Name, Application to be submitted for Licence under Section 8 with:
- Promoters Profile and Background
- Detailed Grounds of Application
- Projected Income and Expenditure / Assets and Liabilities for 3 years
- Memorandum and Articles of Association
On Approval of Licence under Section 8, Application to be submitted for Company Registration
- Copy of Licence
- Declarations / Affidavits under Companies Act
- Memorandum and Articles of Association
- Address Proof of Registered Address
On approval of Application, Certificate of Incorporation shall be issued by the Registrar of Companies.
Section 8 company formation only possible after obtaining license from registrar of companies. The license can be obtained with below list of documents
List of documents
To get Company registered, you need to provide below documents. The documents can be submitted through online
Company registration process start with applying DIN for new directors. To apply for DIN, address proof and ID proof required to be submitted
List of Documents
Company need registered office within 30 days from the date of registration. While filing registered office, below documents are required for approval
Not for Profit
Section 8 company can only be formed for the purpose for promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment and the profit can not be distributed among the members.
Company Limited by Guarantee
Majority of cases, section 8 company will be a company limited by guarantee not having share capital. The liability of members only arose at the time of winding up of the company.
Name
Section 8 company name need not end with the word "Limited" or "Private Limited".
License for Section 8 company
Section 8 company can only formed after getting license from Registrar of Companies. After approval of name, promoters shall file application with respective registrar of companies for license.