Section 8 Company / Start NGO
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Section 8 Company / Start NGO
Section 8 Companies are generally registered with the objective of the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object;
It intends to apply its profits, if any, or other income in promoting its objects and intends to prohibit the payment of any dividend to its members.
Minimum Requirements For Opc Registration
- Minimum 2 Shareholder (for Private Limited NGO) and Minimum 7 Shareholders (For Public Limited NGO) ;
- Minimum 2 Director (for Private Limited NGO) and Minimum 3 Directors (For Public Limited NGO);
- The directors and shareholders can be the same person
- One of the Directors must be an Indian resident
- DIN (Director Identification Number) for all Directors
- DSC (Digital Signature Certificate) for one of the Directors
Benefits
- Many privileges and exemptions are available to section 8 company under Company Law
- Exemption from requirement of Minimum Paid-up capital
- Exemption of Stamp duty for registration
- A registered partnership firm can be a member in its own capacity
- Tax deductions to the donors of the Company u/s. 80G of the Income Tax
