The idea of incorporating a non-profit making company in India is not a new term as it has been in the business community since ages. In Companies Act 2013, it is mentioned in the section 8 and this is why it is popularly known as the Section 8 Company. The primary objective of incorporating such company is to encourage science, sports, art, education, research, social welfare, religion and environment protection etc. where profit doesn’t play any vital role.
As far its structure is concerned, it is much alike a trust or society as it is registered under the Central Government’s Ministry of Corporate Affairs. A Section 8 Company enjoys many privileges and exemptions under Company Law.
A Non-profit Organization is a Company which Has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object;
Intends to apply its profits, if any, or other income in promoting its objects; and
Intends to prohibit the payment of any dividend to its members
We, at uksandasociates, make it easy for our clients to incorporate a Section 8 company by providing all necessary legal and professional support in respect to incorporation and business management. Our highly talented legal professionals are experts in lending you full support to help you realize your business dream.