Eligibility to Apply for NGO/NPO Section 8 Company
A person or an affiliation of people are eligible to be registered as Section 8 Company if it holds below-mentioned intentions or goals. The goals should be confirmed to the satisfaction of the Central Authorities.
- When the corporate intends to advertise science, commerce, schooling, artwork, sports activities, analysis, faith, charity, social welfare, safety of the setting or alike different goals;
- When the corporate holds an intention to speculate all of the earnings (if any) or some other revenue generated after incorporation within the promotion of such objects solely;
- When the corporate doesn’t intend to pay any dividend to its members.
Incorporation of a Section 8 Firm
Corporations Act, 2013 offers with the process of Incorporation of a Part 8 Firm and as per this part, an utility in Kind No. INC.12 needs to be submitted together with the below-mentioned paperwork to the Registrar of Corporations.
Kind no. INC – 13 – Firm’s Draft Memorandum of Affiliation (MOA) and Articles of affiliation (AOA) in Kind No. INC – 13 (as laid out in Act) together with the affixation of subscribers’ images.
Kind no. INC-14 – A Declaration is to be affixed in Kind no. INC-14 that the draft MOA & AOA are compliant with the provisions & norms of part 8 and the necessities as per Part 8 have been duly taken care of.
Observe: The declaration needs to be made on stamp paper & ought to be notarized by an Advocate, a Firm Secretary, a Chartered Accountant or a Value Accountant, practising the occupation.
Kind no. INC-15 – A declaration in Kind no. INC-15 on stamp paper & notarized by every member of the corporate who’s making use of.
Kind no. INC-9 – Kind no. INC-9 kind first administrators in addition to every subscriber, on the related State’s stamp paper and appropriately notarized.
An estimation of the corporate’s future annual revenue and expenditure for the following three years, mentioning the sources of the revenue and the aim of the expenditure.
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