Registering a company under Section 8 of the Companies Act, 2013 in India is a process that allows for the formation of non-profit organizations with charitable objectives. Here's a detailed description of the process as outlined by CA Amit K Chawla & Co.:
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Preparation:
- Identify the charitable objectives: Before starting the registration process, clearly define the charitable objectives the company will pursue. These objectives should align with the provisions specified under Section 8 of the Companies Act, 2013, such as promoting art, science, commerce, etc.
- Selection of Directors: Choose individuals who will serve as directors for the company. Ensure they are eligible as per the requirements specified by the Ministry of Corporate Affairs (MCA).
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Name Approval:
- Choose a unique name for the company that reflects its objectives. The name should not be similar to any existing companies and should comply with the naming guidelines provided by the MCA.
- Submit an application for name approval to the Registrar of Companies (ROC) along with the required fee. Upon approval, the name will be reserved for a period of 20 days.
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Drafting of Memorandum and Articles of Association (MOA and AOA):
- Prepare the MOA and AOA of the company. These documents should clearly state the charitable objectives and rules governing the operations of the company.
- Ensure that the MOA and AOA comply with the format prescribed under the Companies Act, 2013.
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Application for License:
- Prepare and file Form INC-12 (application for grant of license under Section 8) along with the necessary documents, including MOA, AOA, and a declaration by the proposed directors.
- Pay the prescribed fee for the license application.
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Review by ROC:
- The ROC will review the application and may request additional information or documents if necessary.
- Upon satisfaction, the ROC will issue the license in Form INC-16.
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Incorporation:
- Once the license is obtained, proceed with the incorporation of the company by filing Form INC-7 (application for incorporation of the company) along with the required documents, including Form INC-22 (notice of situation of registered office).
- Pay the requisite incorporation fee.
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Issuance of Certificate of Incorporation:
- Upon successful verification of documents and compliance with all legal requirements, the ROC will issue the Certificate of Incorporation in Form INC-11.
- The company is now officially incorporated under Section 8 of the Companies Act, 2013.
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Post-Incorporation Compliance:
- Obtain the Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the company from the Income Tax Department.
- Comply with other post-incorporation formalities, such as opening a bank account, obtaining necessary registrations, etc.
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Annual Compliance:
- Ensure timely filing of annual returns, financial statements, and other compliance requirements as per the provisions of the Companies Act, 2013.
It's crucial to engage the services of a qualified Chartered Accountant (CA) or Company Secretary (CS) like CA Amit K Chawla & Co. who is well-versed with the legal formalities and can assist in the smooth process for Section-8 Company Registration. Contact us at +91-9044742447