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ection 8 Company is formed for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object’ and specifies that profits, if any, would be used for the objects of the company and no dividends would be paid to its members. The company is similar to Trust or Society except for the fact that it is registered under Ministry of Corporate Affairs (MCA). It functions exactly like a limited company including all the rights and obligations that come with such a company. However, it is barred from using words “Section 8” or “Limited” in its name. It offers the following advantages:
Section 8 Company is a separate legal entity in the eyes of law. It is separate from its owners and managers. The company can operate in its own name and own assets, open a bank account, enter into contracts and sue & be sued by third parties.
A company registered under Section 8 ensures limited liability to its members. The liability of the members is limited only to the extent of the capital subscribed and unpaid. The losses and obligations do not create a charge over the personal properties of members or directors. This helps the promoters to freely run the non-profit organisations.
Companies in India are registered with the Registrar of Companies (ROC) under Companies Act 2013. The details of the company can be checked by anyone on Ministry of Corporate Affairs (MCA) website without paying any fees. Also, details of all the directors are provided while the formation of the company. Since all the details are public, it makes this form of company reliable for donators
There are numerous tax benefits under the Section 8 Company Registration in India.
There is no minimum capital requirement for a Section 8 Company Registration in India.
No stamp duty is imposed on the incorporation of Section 8 Company in India
Exemptions are granted to donors if Section 8 company is registered under section 80G.
Please fill basic details in form & share required documents
Let us Do it for you. Do Nothing & collaborate with us
We complete the process & incorporation certificate is given
This is what we do when YOU SIT BACK & RELAX
- Review the documents and information provided
- Apply for Digital Signature Certificate (DSC)
- Check availability of company name with MCA
- Draft Memorandum of Association (MOA)
- Draft Articles of Association (AOA)
- Draft all other incorporation documents
- Reserve name with MCA
- Apply for Directors Identification Number (DIN)
- Apply for company incorporation with MCA
- Apply for PAN and TAN of company
In case of NRI or Foreign National, documents of director(s) must be notarized and/or apostilled
Latest Passport size photograph of Shareholders and Directors
- Aadhar card and Voter ID/ Passport/ Driving License of Shareholders and Directors
- PAN Card of shareholders and Directors
- Foreign nationals must provide a valid passport
Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholders and Directors
The above documents should not be more than 2 months old
- Latest Electricity Bill/ Telephone Bill of the registered office address
- No Objection Certificate to be obtained from the owner(s) of registered office
- Rent Agreement of the registered office should be provided if any
Estimated Statement of Income & Expenditure for next three years
All other incorporation documents to be provided in soft copy
Maintaining books of accounts as per Indian GAAP
Books of accounts have to be maintained under different statutes – Income Tax Act, Companies Act 2013 and GST Act. All the respective acts specify the nature of books to be maintained, retention period and other statutory requirements
Auditor has to be appointed within 30 days of company incorporation
First board meeting has to be conducted in 30 days of company incorporation and 1 such meeting has to be conduced every quarter
Annual General Meeting
Company may hold its first AGM within the period of 9 months from closing of its first financial year otherwise in other cases within the period of 6 months
Annual Return has to be filed in MGT 7
Issue of Share Certificate
Issue of share certificate (within 60 days)
Company must have its registered office within 30 days from the date of incorporation and all the times thereafter
Letterheads should have few mandatory fields as name, address, CIN No, Phone No, Fax, etc
Bank account of the company has to be opened on incorporation
Statutory Registers – These registers have to be mandatorily maintained
|MGT-1: Register of Members|
|MGT-2: Register of Debenture holders Register and Index of Beneficial Owner|
|MGT-3: Foreign Register of Members, Debenture holders, other security holders or beneficial owners residing outside India|
|Form SH-2: Register of Renewed and Duplicate Share Certificate|
|Form SH-3: Register of Sweat Equity Shares|
|Form SH-6: Register of Employee Stock Options|
|Form SH-10: Register of Shares or Securities Bought Back Register of Directors and KMPs Register of Deposits|
|Form CHG-7 Register of Charges|
|Form MBP-2: Register of Loans/Guarantee/Security and Acquisition by Company|
|Form MBP-3: Register of Investments not held in its own name|
|Form MBP-4: Register of Contracts or Arrangements in which Directors are interested|
Applying TAN of the company on incorporation
Applying PAN of the company on incorporation
A TDS Return is submitted on a quarterly basis to Income Tax Department. It is a summary of all the transactions related to TDS made during a quarter
Income tax return
Company are required to file their income tax return using Form ITR 6
Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST
GST returns have to filed on monthly, quarterly and annual basis
Every Company whose turnover exceeds INR 1 Cr. in case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act
Statutory Audit as the name suggests is a compulsory audit for all companies. Every entity which is registered under the Companies Act, as a Private Limited or a Public Limited company has to get its books of accounts audited every year
FC GPR ((Foreign collaboration – General Permission route) compliance
In case of Indian subsidiary of foreign company, the Indian company must report to Reserve Bank of India (RBI) the amount received from foreign company within 30 days of receipt of share application money/amount of consideration. The report must be submitted to the Regional Office of the Reserve Bank of India under whose jurisdiction its Registered Office is located
FC GPR (Foreign collaboration – General Permission route) certification
A certificate from Company Secretary / Chartered Accountant must be submitted by the company to the Foreign Exchange Department, Reserve Bank of India (RBI)
Transfer pricing rules and certificaion would be required
Any individual/company/LLP which has undertaken an international transaction with an associated enterprise is required to maintain documentation as per the rules. Also, any individual/company/LLP which has entered into an international transaction during a previous year is required to obtain an Accountant’s Report and furnish report before 30th November of the financial year
If a Company fails to comply with the rules and regulations of the Companies Act, then the Company and every officer who is in default shall be punishable with fine for the period for which default continues. In case of delays, additional fees is required to be paid and it inceases with time.
WHAT OUR CUSTOMERs SPEAK
It has been an absolute delight working with Manish and Stairfirst to support the set up and managing the compliance requirements for our Indian subsidiary. The team is super responsive, best at their game and acts as a trusted partner to guide you through the complex maze of regulatory needs. They have also been accommodating in some extra services we have requested few times at very competitive price. I will highly recommend working with them.
Stairfirst helped us set up Indian subsidiary of our UK Company in timely manner. They understood what we needed and got on with it. StairFirst has become a trusted partner which takes care of all our Annual compliance, RBI Clearances, Income tax and Corporate compliances, Accounting and Payroll services. I am extremely happy to recommend their services.
Team at Stairfirst is always responsive. Their knowledge on regulations and processes is amazing. This is crucial when making decisions while setting up a new business. Our experience with them has been positive. We look forward to continued relationship. Wishing the team more success ahead.