Easy Steps To Section 8 Companies Registration In India

Section 8 of the company act 2013, is for the organizations which are registered as Non-Government Organization, name as Section 8 Company. These companies have their objectives, rights, and obligations. It works same as Limited companies but they cannot use the words like 'Limited' or 'Private Limited'.

In India, a Non-Profit organization can be registering under the Society Registration Acts. The process of registration section 8 companies is same as other companies but the requirement of a license is a must. 

Here are the easy steps to section 8 Registration in India:

1) Apply for DSC and DPIN

In India, the very first step to incorporate while registering for the section 8 company is to apply for DSC(Digital Signature)  and DPIN( Directors PIN Numbers). DSC is basically the Digital Signature used for form filling online. DPIN is the PIN Number provided by the MCA. If any of the partners have already completed these documents, then they will move a further step.

2) Approval of the Name

The second step should be the approval of names suggested to the MCA. Names should be unique and selective. MCA will choose one name from them.

3) Other Authorities Approval

Any of section 8 companies require the approval from any department, regulatory body and Ministry of State government for registration. So you need to take this approval first.

4) Section 8 Additional License

If the company name is approved by all the authorities you have approached, you should apply for section 8 company license from MCA. It will take at least 30 days. It will grant the license with some terms. Also, give the way to the company to add to its memo and articles.

5) Submit the MOA and AOA

After the license, the next step should be the submission of MOA (Memorandum Of Association) and AOA (Articles Of Association). It will be filled with the subscription of a statement by the MCA.

6) Incorporation Certificates

These certificates are proof of the existence of the company and it will take at least twenty days. The other one is CIN (Company Incorporation Number). Such license has its own conditions complied by the Registrar.

7) Application for PAN and Account of Company

After all of this, apply for PAN and TAN. After getting all the other documents such as MOA and AOA, you need to open the bank account.

MCA issues a integrate Incorporation Form INC-32 with the OPC is kind of performance for the incorporated company.

Conclusion

These steps show the identity of a company with legal and proper documents. Always remember section 8 companies are Non-Profit Organizations, whose functions will always be same as the limited company. Central government provides them incorporation with some terms and conditions, which makes the process of registering them quite simple.

Advantages & Disadvantages Of One Person Company Registration

The Companies Act, 2013 introduced the concept of One Person Company in India for the entrepreneurs to start their own venture by allowing them to create a single person economic entity. One of the biggest advantages of a One Person Company (OPC) is that there can be only one member in an OPC, while a minimum of two members is required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (LLP). Similar to a Company, a One Person Company is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder, while having continuity of business and being easy to incorporate.

If you are the only one who wants to start your company and want to avoid the issues of partnership then you must go with One Person Company registration in India. It is one of the business formations introduced to help individuals in running a business.