The economy of Pune is broad, having strengths in information technology, manufacturing, and automobiles. Its educational institutions and business-friendly atmosphere promote innovation and growth, including Section 8 company registration in Pune.
A Section 8 company in Pune can be formed to promote art, science, technology, sports, education, social research, religion, social welfare, charity and environmental protection, among other things. After successfully completing Section 8 company registrations in Pune, it can operate freely and avail the benefits of such registration.
Benefits of Section 8 Company Registration in Pune
Given below are the benefits of Section 8 company registrations in Pune:
- Tax Exemption on Section 8 company registration in Pune
- No Minimum Capital Requirement
- No Need for Paying Stamp Duty
- Separate Legal Entity
- Increased Credibility
- No Title Required
Basic Eligibility Criteria for Section 8 Company Registrations in Pune
The eligibility criteria for section 8 company registrations in Pune are as follows:
1. Minimum 2 People:
- At least 2 individuals are mandatory to hold the positions of shareholders/directors in the company.
- The number of shareholders cannot exceed 200 as per regulations.
2. No Minimum Capital:
- There is no specific minimum capital requirement prescribed for Section 8 companies.
- The capital amount is determined based on business needs and the registration fee is calculated as a percentage of the capital.
3. One Resident Director:
- A Section 8 company must have at least one director who is a citizen of India and a resident in the country.
4. Unique Name:
- The name of the Section 8 company must be distinct and not similar to any other existing company or trademark.
5. Social or Welfare Object:
- Section 8 company should focus on betterment in various fields, including:
- Social Welfare
- Protection of Environment
6. No Profit Distribution:
- Revenues earned by Section 8 companies must be utilised solely for the objectives on which the company is formed.
- Members of the company are not allowed to use the funds for personal purposes and profit distribution is not permitted.
Documents Required for Section 8 Company Registrations in Pune
Given below are the essential documents needed for section 8 company registrations in Pune:
- PAN Card of the Directors and Shareholders
- Aadhaar Card
- Latest Bank Statement
- Telephone Bill or Electricity Bill
- Voter ID or Driving License or Passport
- Passport Size Photo of all the Directors and Shareholders
- Copy of the Rent Agreement, in case the property is on rent for the registered office.
Procedure of Section 8 Company Registrations in Pune
Given below is the process for Section 8 company registrations in Pune:
Step 1: Secure DSC from the MCA authorised agencies
Step 2: Visit the MCA Portal to File Spice+ Form
- The form has two vital parts, Part A and Part B.
- Part A: Register the proposed company name.
- Part B: Offers various services, including company incorporation, DIN allotment, PAN allotment, TAN allotment, GSTIN allotment, EPFO allotment, ESIC allotment, Opening of Bank Account for the Company and Profession Tax Registration.
Step 3: Upload Mandatory Documents and Submit the Form
What are the Compliances Post Section 8 Company Registration in Pune?
Given below is the list of compliances post section 8 company registrations in Pune:
1. Annual Compliances:
- A Section 8 company must adhere to annual compliances similar to other companies.
- Failure to comply may result in the company being treated as dormant and could be struck off from the register.
2. CSR Compliances:
- Section 8 companies are required to fulfil Corporate Social Responsibility (CSR) compliances.
- CSR activities must be carried out as part of the company's commitment to social welfare.
Why Choose Startupfino for Section 8 Company Registration in Pune?
Startupfino is a company that specialises in providing comprehensive services on Section 8 Company Registration in Pune. We can assist you with everything from initial guidance to ensuring that you meet all relevant criteria of eligibility and necessary documents and also in keeping your Section 8 Company in Pune in good legal standing.