Documents Required for Section 8 Company in Udaipur

A Section 8 company is a type of nonprofit organization established under Section 8 of the Companies Act, 2013, in India. This seeks to further social welfare, the arts, sciences, education, religion, charitable causes, etc. Due to its rich cultural past and charitable traditions, the lovely city of Udaipur in the state of Rajasthan has seen a growth in the formation of these businesses. We’ll discuss the article documents needed to form a Section 8 company in Udaipur in this article.

Contents

Section 8 Company: Objective

Section 8 company activities focus on promoting art, science, business, social welfare, education, and charity, among other things. It is not allowed to share its profits with its members, but it is allowed to reinvest them in order to achieve its motifs. Government licensing is required for Section 8 businesses, and there are rules governing their operations as well. 

Documents Required for Section 8 Company in Udaipur

In the registration of a Section 8 company in Udaipur, some essential documents are needed. The checklist for incorporation of section 8 company includes:

• MOA: MOA is an important document that describes the goals and range of the company’s operations. The Memorandum of Association for a Section 8 Company must expressly indicate that the profits or other money will only be used to further the specified goals and will not be transferred to the members.

• AOA: The AOA (Articles of Association) establishes the guidelines or the internal administration of the business. It outlines rules for the election of directors, the conduct of meetings, the taking of decisions, etc.

Also, read: All you need to know about the Difference between MoA and AoA

• Board Resolution: A board resolution is a formal record of decisions made by the board of directors. It is required to authorize the incorporation process, appoint the first directors, and approve the MOA and AOA of the company.

• Promoters’ Declaration: The Section 8 Company’s promoters are required to file a declaration declaring that they have not been found guilty of any crimes or prohibited from holding office under the Companies Act of 2013. They should reaffirm their resolve to uphold the Act’s requirements.

• Affidavit by Promoters: Each promoter must submit a separate affidavit indicating that they have never been found insolvent, declared bankrupt, or found guilty of a crime. Additionally, it should attest to their dedication to carrying out their responsibilities as corporate directors.

• Consent to Act as Directors: To serve as directors, the proposed directors of the Section 8 Company must express their approval in writing. Each director shall sign and date this declaration.

• Proof of Address: The company must provide proof of its registered address, which can be in the form of a utility bill, rent agreement, or ownership documents. The registered address will be used for all official correspondences.

• Identity Proof: The identity proof of all directors and promoters, such as PAN Card, Aadhaar Card, or Passport, must be submitted along with the application. This is essential for verifying the personal details of the individuals involved in the company.

• Address Proof: Along with the identity proof, the directors and promoters must also submit address proof, such as a driving license, voter ID card, or utility bill. This is required to confirm their residential address.

• NOC from the Owner: If the registered address of the Section 8 Company is a rented property, a No Objection Certificate (NOC) from the owner of the property must be obtained. This is to certify that the owner has no objection to the registered office being situated at the given address.

• Annual Income & Expenditure: A projected income and spending statement for the company’s next three years should be made. This will reveal whether the group can sustain its operations and meet its declared objectives.

• Governing Body Information: The proposed Section 8 Company must submit information on the people who will make up the governing body or managing committee. Their names, addresses, places of employment, and other pertinent details are included.

• PAN & TAN: The Income Tax Department must issue each business with a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN). To file income tax returns and abide by tax laws, several documents are required.

• Digital Signature Certificate (DSC): All the proposed directors and promoters must obtain a DSC, which is an electronic form of signature recognized by law. This is used for signing electronic documents and forms submitted to government authorities.

Also, read: Section 8 Company under the Indian Companies Act, 2013 in Agra

Takeaway

These are some of the essential documents required for setting up a Section 8 Company registration online in Udaipur. To achieve a successful incorporation process, it is essential to properly collect and submit all required paperwork. Additionally, it is advisable to get professional advice to make sure that all legal requirements are being followed.

In case of any query regarding the Documents Required for Section 8 Company in Udaipur, feel free to connect with our legal experts at Legal Window at 72407-51000.