The Section 8 Company is a Company that is a non-profit organization and is authorized under Section 8 of the Companies Act of 2013. These companies were previously defined under Section 25 of the Companies Act of 1956 with more or less the same provisions. The main objective of the Section 8 company is to promote research, social welfare, religion, charity, commerce, art, science, etc.
Section 8 of the Company has a separate legal entity. Different from its members. Your legal position is different from your members. The company has a perpetual existence. Along with having organized operations and greater flexibility.
Minimum capital requirements are comparatively higher in low- income economies. According to the company act, 2013, the minimum capital limit has not been mentioned in section 8 company. The capital structure can be modified at any stage in accordance with the company’s growth requirements. The necessary funds can be provided to carry out commercial operations.
These companies can only work if they have a license from the Central Government. The government can also revoke this license.
In addition to individuals and associations of persons, Section 8 also allows companies to be members of these companies.
According to the law the below conditions have to be met.
MoA and Digital Signature Certificate:
Memorandum of Association and Digital Signature Certificate is required.
Director Identification Number :
Director Identification Number is required for section 8 company.
ID proof:
ID proof for members: (Aadhar Card, Passport, Voter ID)
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