India is one of the fastest-growing economies in the world, and the banking sector plays a vital role in the development of the country. Banks provide financial services to businesses, individuals, and governments, and help drive the economy forward. In this article, we will take a look at the top 10 banks in India. These banks are some of the largest, most trusted, and most respected banking institutions in the country.
1. State Bank of India (SBI):
State Bank of India is the largest bank in India, with over 25,000 branches and almost 50,000 ATMs. It is also the largest public sector bank in the country, and is owned by the Government of India. It offers banking services to more than 500 million customers.
2. HDFC Bank:
HDFC Bank is the second largest bank in India. It was founded in 1994 and has more than 5,000 branches across the country. It offers a wide range of banking and financial services, including consumer banking, corporate banking, insurance, investment banking, and wealth management.
3. ICICI Bank:
ICICI Bank is the third largest bank in India. It was founded in 1994 and has over 5,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.
4. Axis Bank:
Axis Bank is the fourth largest bank in India. It was founded in 1993 and has over 4,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.
5. Kotak Mahindra Bank:
Kotak Mahindra Bank is the fifth largest bank in India. It was founded in 1985 and has over 3,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.
6. Bank of Baroda:
Bank of Baroda is the sixth largest bank in India. It was founded in 1908 and has over 3,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.
7. Punjab National Bank:
Punjab National Bank is the seventh largest bank in India. It was founded in 1895 and has over 2,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.
8. Canara Bank:
Canara Bank is the eighth largest bank in India. It was founded in 1906 and has over 2,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.
9. Bank of India:
Bank of India is the ninth largest bank in India. It was founded in 1906 and has over 2,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.
10. Union Bank of India:
Union Bank of India is the tenth largest bank in India. It was founded in 1919 and has over 2,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.
These are the top 10 banks in India. They are some of the largest and most trusted banking institutions in the country, and they offer a wide range of banking and financial services.
Construction business can be done both government or in a private sector in India for private sector business you need to apply for vendor code to the top construction companies in India who will assign you the particular construction work in the particular area through a work order and you may also apply construction work for a government projects by applying the e procurement website of State government or Central government,
please note that for government contractor you need to apply for empanelment as a contractor with the each of government departments.
Procedure for registration of a construction company in India
In this article we will discuss about registration of construction company in India, the construction industry is a very high growth industry right now and it is expected to remain high in the next coming years, the construction business is a capital intensive business and you may require to buy an equipment to carry on the business process human need labor and most importantly you have to decide your category of construction whether you want to be a general contractor or you want to acquire a specific niche for your business.
Construction Company can be registered in the following type of business is structures in India
Proprietorship Firm
Partnership firm
Limited limited partnership
Private Limited company
Public limited company
You can your start your construction business with any of the above mentioned legal entities in India
You can choose to register any one of the legal entities in India in this article we will share you the information about registration of private limited company for construction business in India.
As private limited company is the most popular form of business structure for doing the construction business in India and it is now very easy to register a private limited company
Procedure for registration of private limited company for construction business in India
Decide name of the company
The name of the company e will be like ABC construction Company Private Limited, ABC construction Private Limited, ABC infra Private Limited, ABC infrastructure Private Limited.
Objects of Company should have Construction and Infra Activities
Memorandum of association of private limited company contains the main objects that are required to be carried on while pursuing the activities of the company, the main object of the company should contain the construction activities and infra activities so that company can legally do the construction business in India as per its charter documents.
Prepare documents required for construction company registration
Following documents are required for registration of a construction
Pan Card
Aadhar card
Bank Statement with current address
Photograph
Mobile no
Email id
Electricity bill office address
Rent agreement office address if office address is on rent
NOC from owner
Please note that minimum two members and persons are required for registration of a private Indian company so that the documents required will be of minimum two persons who will be directors of the company and also the shareholders, you can have different scenario use as per your requirements that who will be directors, who will be shareholders, how much shares will be held among the directors for shareholders
Find company secretary or any other professional for your registration process of your construction company
Now you can find the company secretary who will assist you in guiding the registration process for your private limited company for construction business also incorporation documents are required to be attested by the professional company secretary, chartered accountant or cost accountant in practice
Choose choose bank account in which you want to open a bank account for a company
The MCA has eased the incorporation and business process as now it is mandatory to have a bank account for every new company at the time of incorporation only so you need to choose the bank account in which you want to open a bank account and once your company is registered you will get a bank account number on your email id and Bank officials will contact you.
Submission of incorporation application for registration of as Private Limited Company (construction Company)
Once the above formalities are completed now you are required to apply for incorporation of a private limited company online through Spice + , if you have appointed any professional company secretary or chartered accountant or a cost accountant then he will process your incorporation form.
Registration of Private Limited Company by registar of Companies
Once the above application is approved by the registrar of companies then you will receive the certificate of registration of a company and your private limited company is now registered
What legal documents I will get once the company is registered
Along with the legal registration of a private limited company you will get the following documents aur certificates issued from various departments along with the company registration
How to enroll with Limited companies for construction company in India
Now if you are doing the construction work initially you need to enroll as vendors with different Limited companies that is big construction companies in India, these companies will provide you a construction work according to the profile of your company if they finds it good you can start initially with a small amount of work
Preparation of company profile of Construction Company in India
I need to create a business profile of your company business profile should mention all the details regarding company its directors and promoters the past experience and future prospects of the director’s and the expertise in education qualification of directors
Following points to be mentioned in a profile of construction company
Name of the company
Address of the company
Details details of directors along with their experience and education qualification
Projects undertaken or association if any
Details of past experience
References
Any other relevant details
Search for the project manager of company and book appointment
Now search for the project manager of a company in which you want to get the work and book appointment with him for meeting
When the meeting is fixed you need to submit your profile and ask him to provide particular work at the site.
Get Ebook on Construction Company
Legal Guide
Business Entity Selection
Procedure for registration of a construction company in India
How to enrol with Limited companies for construction company in India
Preparation of company profile of Construction Company in India
Search for the project manager of company and book appointment
Submit quotation for the project work of construction company
Now you are required to submit the project quotation to the project manager for a company designated officer
Issuing of work order by company
Once company is satisfied with your profile and your quotation then company will issue a work order , work order will mention all the terms and conditions regarding payment and work to be done so I need to carefully read the details conditions of the work order.
Acceptance of work order
Once you are satisfied with the work order terms and conditions and payment terms then you can accept the work order and send the acceptance to the company
Start your construction activities
Now start your construction activity activities at a particular site provided in the work order.
Issue of work contract invoices to company
for the work completed you need to issue the particular work contract invoices that you got to the company time to time and get the payment for the work done.
Filing of your GST returns
Now file your GST returns according to the work order invoices your issued and input credit you have claimed this can be done by maintaining the regular books of accounts of your company for that you may hire an experienced accountant in this purpose also you can take help of fast legal team for completing your accounting and GST return filing work.
Buy Construction Equipment Online – Click here
If you want to register your construction company you can contact us by filing the below form
Every LLP (Limited Liability Partnership) is required to file its Annual Accounts (Statement of Accounts and Solvency ) , Annual Return and Income tax Return every year within the stipulated time, even LLP having nil turnover or LLP has not carried out any business operation during the reporting period.
Annual Filing requirements with Registrar of Companies for Financial Year 2019 :
Filing of Annual Return in Form 11 for Financial Year 2018-19:
Every LLP is required to File its Annual Return to ROC by 30th May of Every Year, failure to file Annual Return will attract Additional Fee of Rs. 100 per day with no upper limit. ( Delay of 30 days will cost you Rs. 100*30= 3000)
Filing of Annual Accounts and Solvency in Form 8 for FY 2018-19:
Every LLP is required to file its Annual Accounts with ROC by 30th Oct of every year, failure to file Annual Accounts will attract Additional Fee of Rs. 100 per day with no upper limit. ( Delay of 50 days will cost you Rs. 100*50= 5000) this is in addition to Additional fee to be paid for Form 11 , if not filed.
LLP Income Tax Filing Requirement for FY 2018-19 :
The due date for filing income tax return in case of a LLP for A Y 2019-20 is 31st July, 2019 . It is applicable for income earned from April 1st, 2018 to March 31st, 2019. For LLP due date is September 30th (where audit is required), November 30th(where there are foreign transaction or specified domestic transactions).
Note : In case of LLP is registered on or after 01st of Oct than LLP may end Financial Year in next March. Like if LLP is registered on 05th of Oct, 2018 than First Financial Year of LLP may end on 31st March, 2020. This Limit is only for ROC Filing Purpose and LLP is required to file Income Tax Return Mandatory if Incorporated before 31st March of the Year.
Fastlegal provides LLP Annual Filing Services all over India Online , to avail Fastlegal Services Please Call/Whatsapp at +919782280098, Email at mail@fastlegal.in
To Promote entrepreneurship to boost economy and increase employment , government of India Introduced Startup India Scheme, startup India Registration provides several benefits that has been provided to startups including tax holiday for period of 3 years to recognised startups.
To get recognised as startups , entity has to apply for recognition as startup on https://www.startupindia.gov.in/ , once application is submitted it is reviewed for “Department of Promotion of Industry and Internal Trade” (DPIIT) and if found eligible , the entity is registered as startup. Please note Income Tax Exemption on profits under Section 80-IAC of Income Tax Act is issued separately.
Meaning of “Startup”
An entity shall be considered as a Startup:
Upto a period of ten years from the date of incorporation/ registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India.
Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees.
Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.
Explanation: An entity shall cease to be a Startup on completion of ten years from the date of its incorporation/ registration or if its turnover for any previous year exceeds one hundred crore rupees.
Government Schemes & Benefits after startup india registration
Self Compliance under 3 environment and 6 labour laws
Income tax Exemption
Reduced Filing fee for Trademark
Reduced fee for Patent application
Easier Public Procurement norms
Easy Winding up
Reduced Compliance under Companies Act
Other Schemes launched by Government time to time
Following information are required for Startup India registration :
Name of Company
Name of Startup
Website address of Company
Name , age qualification of Directors and Promoter / Authorized Representative
Current Number of Employees including Founders
Trademark or other IP details
Is the startup creating an innovative product / service / process or improving an existing product / service / process ?
Is the startup creating a scalable business model with high potential of employment generation or wealth creation ?
Brief note supporting the options chosen above for innovation, improvement and scalability
Has your startup received any funding?
Any awards/recognition received by the entity , if yes , provide document in support
What is the problem the startup is solving ? 150 to 200 words minimum
How does your startup propose to solve this problem? 150 to 200 words minimum
What is the uniqueness of your solution ? 150 to 200 words minimum
How does your startup generate revenue? 150 to 200 words minimum
App Link /Pitch Deck etc if any
COI , MOA and AOA of Company
PAN of Company
Fastlegal Provides help in filing your Startup India Registration application , Place your request below to get in touch with our team members
The Rajasthan Government recently announced a new scheme called ” Mukhyamantri Chiranjeevi Swasthya Bima Yojana Rajasthan” for the welfare of citizens of Rajasthan, this scheme will provide medical help to people of Rajasthan by providing Free Treatment of up to Rs. 5 Lakh per year, per family. following are the full details for Mukhyamantri Chiranjeevi Swasthya Bima Yojana Registration
Step by Step Procedure for Mukhyamantri Chiranjeevi Swasthya Bima Yojana Registration
01
Login to SSO portal.
The first step to get enroll under Mukhyamantri Chiranjeevi Swasthya Bima Yojana is to log in to sso portal , either you can use your existing login details to register for a new account.
Click on AB-MGRSBY application
You will find lots of different applications on SSO portal, Now you need to select AB-MGRSBY application to proceed further for registration under Mukhyamantri Chiranjeevi Swasthya Bima Yojana
Click on Registration for Chiranjeevi Yojan
Here you need to click on Regitration for Chiranjeevi Yojan.
Select Category of Jan Aadhar
Now select your category Free or other/paid. also select you sub category and click on I agree button.
Enter you Jan Aadhar Number or Jan Aadhar Ack Number
Now Enter you Jan Aadhar Number or Jan Aadhar Ack Number and click Search Beneficiary Button.
Contact Details of Beneficiary.
After click on the Search Beneficiary Button Family detail will be shown on the screen.
Trademark Class 2 – Goods Description: Paints, varnishes, lacquers; preservatives against rust and against deterioration of wood; colorants; mordents; raw natural resins; metals in foil and powder form for painters; decorators; printers and artists
In this article we will discuss about How to Change Partners in an LLP, Changing partners in a Limited Liability Partnership (LLP) is a regulated procedure in India, governed by the provisions of the Limited Liability Partnership Act, 2008 and rules made thereunder. The process involves a number of steps, from obtaining the consent of existing partners to filing the necessary forms with the Ministry of Corporate Affairs (MCA). Here’s a comprehensive guide to help you understand and execute this process smoothly.
Step 1: Convene a Meeting of Existing Partners
Convene a meeting of the existing partners to discuss the proposed changes in the LLP’s partnership. It’s crucial to obtain the consent of the existing partners for the change. The decision must be recorded in the form of a resolution.
Step 2: Obtain Consent from the Incoming/Outgoing Partners
Once the existing partners have approved the change, you must obtain written consent from the incoming partner(s) who is/are willing to join the LLP and from the outgoing partner(s) who is/are willing to leave the LLP.
Step 3: Execute Supplementary LLP Agreement
Draft a supplementary LLP agreement that sets forth the terms and conditions of the new partnership structure. This agreement is an amendment to the original LLP agreement and should be executed on a non-judicial stamp paper of requisite value, as per the state laws.
Step 4: File Form 3 with ROC
File Form 3 (Information with regard to limited liability partnership agreement and changes, if any, made therein) with the Registrar of Companies (ROC) within 30 days of executing the supplementary LLP agreement. This form contains information about the amendments to the LLP agreement.
Document Checklist for Form 3:
Signed supplementary LLP Agreement
Consent of new partners
Consent for resignation from outgoing partners
Step 5: File Form 4 with ROC
Form 4 (Notice of appointment, cessation, change in name/ address/ designation of a designated partner or partner. and consent to become a partner/designated partner) must be filed with the ROC within 30 days of the change in partnership to provide notice of the appointment of a new partner and the resignation or cessation of an old partner.
Document Checklist for Form 4:
Consent to act as a partner or designated partner (from the new partner)
Resignation letter (from the outgoing partner)
Identity and address proof of the incoming partner
Step 6: Update LLP Stationery and Other Records
Once the ROC has approved the changes, update all business stationery, official records, and other places where the old partnership details are listed. This includes letterheads, invoices, the LLP’s official website, and signs if applicable.
Step 7: Inform Banks and Other Concerned Authorities
Inform all banks where the LLP holds accounts about the change in partnership. Provide them with the updated partnership agreement and resolutions, as required. Also, notify any other concerned authorities or government bodies about the change in the structure of the LLP.
Conclusion
Changing partners in an LLP requires careful attention to legal requirements and prompt filing of necessary documents. Always ensure that you adhere to the deadlines and keep a copy of the filed forms and acknowledgement receipts from the ROC for your records. It’s often advisable to seek professional help to navigate the process to prevent any legal issues that might arise due to non-compliance with the statutory requirements.
Insurance Broking business is gaining popularity in India due to increasing awareness about insurance and large untouched market, also many new insurance companies are now coming with different insurance products, while now Term Insurance, Health Insurance, and Vehicle Insurance is now a very important part of individual’s financial planning, Also if we consider the requirements of Insurance also in a business where Fire Insurance, Machinery, Keyman Insurance, Directors and Officers liability insurance are importantly required. Insurance Brokers play a very important role in the Insurance Industry as
An insurance broker is a professional who offers, negotiates, and sells policies. He acts as an intermediary between insurers and customers and receives compensation.
An important role of brokers is to help insurers to assess the types of risks they face. Risks include natural hazards such as bad weather, hurricanes, tornadoes, fires, and floods. At the same time, brokers act on behalf of and in the interest of customers. They do comparison shopping to find the best deals and offer policies from more than one insurance company. Brokers also help their clients to outline risk management strategies, which are suitable for their profile. There are different types of risk to look into, including natural disasters, car accidents, credit risks, cash flow problems, legal liabilities, and others
In this article we will discuss about the registration of Insurance Broking Company in India
Categories of the Insurance brokers
Following are the categories of Insurance Brokers:
Direct broker (life)
Direct broker (general)
Direct broker (life & general)
Reinsurance broker
Composite broker
Registration of Private Limited Company/LLP
In India, IRDA regulates the Insurance broking business in India and as per regulations of IRDA, an Insurance Broker should be registered as Private Limited Company /LLP in India
Name of Insurance Broking Company
The insurance brokers shall have the word ‘Insurance Broker’/ ‘Insurance Brokers’/‘Insurance Broking’ in the name of the Insurance Broker to reflect their line of activity and to enable the public to differentiate insurance brokers registered with the Authority from other non-registered insurance-related entities.
Minimum Capital Requirement for Insurance Broking Business
Any applicant seeking to become an insurance broker shall have a minimum paid-up capital/contribution as mentioned below:
Category
Minimum Capital/ Contribution (Rupees)
Direct broker
Seventy Five Lakh
Reinsurance broker
Four crore
Composite broker
Five crore
The above Capital should be only in equity and not in any other form, further, the investment in the applicant by the promoters/ shareholders/ partners shall be from their own funds and not from any other sources.
Explanation: Own funds do not include funds arranged by way of borrowings or loans.
Net-worth requirements for Insurance Broking business
The net-worth of an Insurance Broker shall at no time during the period of the certificate of registration fall below:
Rupees fifty lakh for a direct broker,
50% of the minimum capital requirements or contribution or equivalent for reinsurance / composite broker.
Explanation: For the purposes of these regulations, “net worth” shall have the meaning assigned to it in the Companies Act 2013 and as amended from to time
Every Insurance broker shall submit net worth certificate duly certified by an Auditor every half-year to IRDA
Deposit requirements for Insurance Borking Business in India
Every insurance broker shall before the commencement of their business, deposit and keep deposited with any scheduled bank a sum equivalent to:
Rupees ten lakhs for Direct broker
10% of the minimum capital/ contribution specified under Regulation 19(1)for reinsurance / composite broker in fixed deposit, which shall not be released to them without the prior written permission of the Authority.
The deposit shall have a lien with the Authority
Such deposit shall not be pledged for taking any loan or overdraft facility by the insurance broker
Every insurance broker shall furnish to the Authority as and when called upon to do so a non-encumbrance statement from scheduled bank in which such fixed deposit is kept
The interest earned on the deposit shall not be subject to lien with the Authority
Professional indemnity insurance
Need to furnished, within 12 months for newly registered brokers
Other services that can be provided by Insurance Broker
Claim Consultancy and Risk Management can also be provided by Insurance brokers
Application Fee for Registration of Insurance Broker
Direct broker: Rs.25,000 and Rs.50,000/- after the grant of in-principle approval in case of a fresh applicant.
In the case of Renewal of Registration, the fee shall be Rs 1,00,000/- for a period of 3 years
Training Requirements
Fifty hours (50hrs) of theoretical and practical training from an institution recognised by the IRDA from time to time, and should have passed an examination, at the end of the period of training, conducted by the National Insurance Academy, Pune or any other examining body recognized by the Authority
25 hours if the applicant is CA, CS etc and should pass the examination within 1 year
Step by Step Procedure for Registration of Insurance Broking Business
Register Private Limited company by including word “Insurance Broker’/ ‘Insurance Brokers’/‘Insurance Broking
Increase Capital to Rs. 75 Lakh
Obtain Training and Pass Required Examination
Make a Deposit of Rs. 10 Lakh
Apply to IRDA for Licence
Follow up with IRDA
Insurance Broking Licence
Professional Indemnity Insurance
Fastlegal Provide Insurance Borking Business Registration Services in India, Please call at 9782280098 or email us at mail@fastlegal.in
RBI today announced to extend the EMI moratorium for another period of three months from 01st of June to 31st August 2020, this means that the existing EMI holiday applicable on loans including working capital limits are further extended to next three months, starting from June 2020.
RBI further announced that Working capital interest can further be treated as term loan outstanding and can be repaid in installments up to March 2021.
This is applicable to all types of borrowers including Individuals , Proprietorship, Partnership , LLP, Private Limited Company and others
In India, NGO can be registered as a society, trust, or Section 8 company. All the above structures are formed for carrying on non-profit activities to promote social welfare education and to provide medical relief to the society
Society Registration:
Information Required for Society Registration :
Minimum 7 Members are Required
There should be person whom members should Designate 1. President 2. Manager 3. Secretary 4. Treasurer
Objects of Society : Like Promotion of Education, Child Development, Water Management, Housing Society Etc.
Name of Society
Initial and Annual Membership Subscription Amount from Members.
If Society has scope of work for all over the state of Rajasthan than 4 Members from the different District are Required
Category of Members (General, OBC, SC etc)
Documents Required for Registration :
Aadhar Card of all the Members of Society( Aadhar Card is required and Aadhar must be linked for Mobile OTP )
Photo of all the Designated Person i.e. President, Manager, Secretary, Treasurer
Electricity Bill of Office Address of Society
Signed by Laws from Designated Persons
Authorization letter to Authorised person : who is handling the society Registration work : Company Secretary or Advocate.
Update : Aadhar of Minimum 7 Members are required for Online Processing of Application, Please note that aadhar must be Mobile OTP enabled.
Time Required for Registration: 8-12 Working Days
Government Fee for Registration :
Normal Society i.e. Education : Rs. 10016/-
Water Management : Rs. 500/-
Cow Help : Rs. 100/-
Professional Fee varies from Rs. 5000-8000
Trust Registration
Activities to be carried on by trust is governed by trust deed, that is what is mention under the trust deed are the activities that a trust can carry on
Following charitable activities can be carried on generally by trust :-
Promotion of education
Promotion of health
Promotion of sporting activities
Promotion for betterment of society
To Increase self employment by skill development
To provide medical relief to organise medical camps and to arrange medicines for poor
To promote cleanliness, to preserve environment and plantation of trees etc
Step by Step procedure for Registration of Trust
Declaration of trust: any person can declare trust with some property for the purpose of promotion of its objects. The person who declared trust is called settler
Name of Trust: name the trust should end with the word “trust” I.e. you may have a name like “Shri shyam Charitable Trust”
Address of the trust the address of the trust will decide its jurisdiction for registration and applications for under income Tax Act.
Trustee: the settlor will declare the name of the trustees who sell accept all the terms mention in the trusted and act as a trustee to the trust.
Board of Trustees: the trustees will be known as board of trustees and will be e designated has President, vice president secretary and treasurer
Terms and conditions regarding managing of Trust funds
Powers of the trustees
Duration of trust etc..
Once the above mentioned things are settled we have to draft the trust deed and get it signed from the settlor and trustees of the trust.
The trust deed should be on non judicial stamp paper of rupees 500
The trust deed should also be notarized.
Application for registration of Trust deed to devsthan vibhag:
The Charitable Trust are registered under Rajasthan public trust act under the jurisdiction of devasthan vibhag, for registration with devsthan vibhag an application is required to be submitted along with trust deed and ID and address proof of trustees and settlor
Documents Required for Registration of Trust in Rajasthan
Aadhar Card and Pan Card Copy of Settler
Aadhar Card and Pan Card Copy of Trustees
Electricity Bill of Office of Trust
Rent Agreement of office of Trust in any
Photo of Settler
Photo of Trustees
Draft Trust Deed
Charitable Public Trust Deed
Ready-Made Trust Deed Draft Copy in Word
Just Change Basic Details like Name, Address, etc or make any changes you want
Section 8 Company is a Company Incorporated for the promotion of Commerce, Art, Science, Sports, Education, research, social welfare, religion, charity, protection of environment and intends to apply its profits if any in promoting its objects , not for-profit (NGO) under the Provisions of Section 8 Companies Act, 2013.
The Company under section 8 is registered without the word Limited/Private Limited at end of its name, and the words Foundation, Association, Institution, Chamber, Federation are added in the name of Section 8 company.
Presently section 8 company is a most accepted form of NGO due to transparency and governance structure available to the company with the compliance of provisions of Companies Act, 2013.
Activities of Generally carried out through Section 8 Company :
Educational Institute
Hospital and Research Center
Sports Academy
Charity Purpose
Environment Awareness
Legal Awareness
Federation
Association
Chamber, etc
Requirements for Incorporation of Section 8 company :
Required Minimum two Directors
Required Minimum two Shareholders/Members
PAN, Aadhar Card and Latest Bank Statement Copy of All the Directors and Members
Work Proposed to be done, Grounds on which work will be done
Proposed Income and Expenditure Account for three years ( Expected receipts and payments )
Electricity Bill, Rent Agreement / NOC for Registered Office Address of the Company
Procedure for Incorporation of Section 8 Company:
Application for Obtaining Digital Signature of proposed Directors
Application of Obtaining Director Identification Number (DIN)
Name Approval Application to Registrar of Companies
Application for obtaining Licence for Section 8 Company
Application to Registrar of Companies for Incorporation of Section 8 Company
Documents Required for Opening Bank Account of Section 8 Company:
Certificate of Incorporation issued by ROC
Memorandum and Articles of Association of company
PAN of Company
Board Resolution for Opening of Bank Account and Authorising One of the Directors or any other person to act as Authorised Signatory
