With over 3 million non-profit organizations working there, India has a thriving non-profit sector. Non-profit organisations in India can apply to the Registrar of Societies to become a society, to a trust by establishing a trust deed, or to a Section 8 company under the Companies Act 2013. Specifically, section 8 companies in India are created to advance business, the arts, sciences, sports, education, research, social welfare, religion, charitable giving, or any other similar cause. These businesses exist to advance social welfare and society's general welfare. This blog will discuss the top 7 Section 8 companies in India, their areas of work, and the eligibility criteria to start a Section 8 company.
About Section 8 Companies in India
A Section 8 Company, also known as a non-profit organization, may be incorporated under the provisions of the Companies Act 2013 with the status of a limited company without the addition of the words "Limited" or "Private Limited." The purpose of Section 8 company is to promote business, the arts, sciences, sports, education, research, social welfare, religion, charity, environmental protection, or any other objective. The Company shall use its profits or other income to promote these objectives.
All limited corporations' rights and liabilities apply to Section 8 companies. A one-person company may also be a member of a Section 8 company.
Eligibility to apply for Section 8 Company Registration
If a person or group of people meets the requirements mentioned below, they can register as a Section 8 company:
When a company has a goal of promoting commerce, science, art, education, research, religion, sports, charity, social welfare, environmental protection, or similar goals;
When the firm intends to use any earnings(if any) or other income received after incorporation exclusively for the advancement of such objectives;
When the Company does not intend to pay dividends to its shareholders
Any failure to adhere to the standards established by the Central Government may result in the liquidation of the Company on its instructions.
List of Top 7 Section 8 Companies in India
Infosys Foundation is a non-profit organization established to help the less fortunate members of society. It mostly finances initiatives for elementary education, rural development, and other things.
Reliance Foundation is an Indian non-profit organization that seeks to promote sustainable growth in India in the areas of rural development, education, health, the arts, and culture, among other things.
Health And Education Foundation, Mumbai
Health And Education Foundation, Mumbai, is a private organization dedicated to improving India's health and educational systems.
India International Trade Centre, Mumbai
The India International Trade Centre is actively promoting both domestic and foreign trade.
Tata Trusts is a charitable organization that strives to raise the standard of living for those in society's underclass. It focuses on topics including healthcare, employment opportunities, and education.
Azim Premji Foundation
Azim Premji Foundation is a non-profit organization that strives to enhance the standard of education in India. It focuses on topics including teacher preparation, school administration, and more.
Aga Khan Foundation
Aga Khan Foundation is a non-profit organization that aims to raise the standard of living for those in society's underclass. It emphasizes issues like health, education, rural development, and other things.
Section 8 Company Registration Process
The procedure for Section 8 Company Registration in India entails gathering the required documents and going through a series of processes. The requirements for a Section 8 company registration ensure that the business runs to advance social welfare and societal progress. Here is a step-by-step approach for registering Section 8 companies in India:
Step 1: Obtain a DSC(Digital Signature Certificate)
Step 2: Obtain your Director Identification Number (DIN)
Step 3: Reserve the company name
Step 4: Apply for a certificate of incorporation
Step 5: Obtain a Section 8 Company Licence
Step 6: Obtain an incorporation certificate.
Documents for Section 8 Company Registration
The important documents for registering Section 8 companies in india include the following:
- Passport-size pictures of all company members.
- ID proof for each partner.
- Address verification for each partner.
- PAN cards for each director.
- A Section 8 company registration in India has no minimum capital requirement. The requirements for Section 8 companies registration ensure that the business runs to advance social welfare and society.
Section 8 companies in India are excellently advancing social welfare, healthcare, education, and other areas. Be sure to abide by the rules and complete all necessary paperwork if you intend to start a Section 8 company. To get help registering your Section 8 company in India easily and quickly, contact Lawgical India's expert team now!