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Section-8 Company

A NGO or Non Profit Organisation is an entity that operates for promotion of art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object.

In India, an NGO can be registered as any of the three structures being Company under Section 8 of the Companies Act, 2013, Trust or Society.

Section 8 Company form of a NGO is most popular form of NGO in India. It is easy to register, run or manage a Section 8 Company in comparison of a Trust and a Society.

Key Features of Section-8 Company

The key characteristics of an NGO section 8 company are:

Object

It operates for common welfare of masses at large, for promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object.

Profit Earning

The objective is not to earn profit. If any profit is earned during course of its operation, the same is not to be shared among owners/members rather utilised for attaining the objects for which NGO was formed.

Utilisation of funds and earnings

The profits, if any, or other income is used towards promoting of specific objects of NGO. Further there is restriction on declaration of profits as dividend to members.

Advantages of Section-8 company

a) Tax Exemption

Numerous Tax exemptions are provided to Section 8 Companies, specifically to the donors who are contributing to Section 8 Companies, they can claim the Tax exemption against the donation they made to a Section 8 company but there is need to register under section 12A of income tax Act for getting exemption.

b) No minimum capital requirement

There is no prescribed limit over section 8 companies for the minimum capital requirement unlike other entities such as public limited, but the capital structure can be altered at any stage whenever require for the growth of the company.

c) No stamp duty payable

A section 8 Company is exempted for the payment of stamp duty applicable for registration as applicable in case of other structures such as private limited or a public limited company.

d) Separate Legal entity

A Section 8 Company also holds its own identity like other companies structures and has its own separate legal standing from its member. A Section 8 Company also has a perpetual existence.

e) Credible

A Section 8 Company has more credibility as compared to any other Non-profit organization structure be it a Trust or Society. As it is a licensed by the central government it has more stringent regulations such as no change in MOA and AOA can be done at any stage or situation in a Section 8 Company. A section 8 company due its strict compliances as regard to functioning has a more reliable image in comparison to other legal structures.

f) No title required

Unlike the name’s requirements of the private limited or a public limited company, a section 8 company does not require to use a suffix next to its name.

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