We file your annual returns and prepare the minutes of board meetings
We file directors' disclosures to the Registrar
All the benefits of a Section 8 company, such as the ability to raise funds in the form of donations and contributions come easily with disciplined compliance.
A Section 8 company is a form of NGO registered under the Companies Act, 2013. According to which all Section 8 companies must adhere to the compliance levied by Registrar of Companies (RoC) and Income tax authorities. . Failure to fulfil their compliance requirements results in paying heavy penalties (up to Rs. 1 lakh a year) and chances are such organizations and their directors’ may even get blacklisted for a period of time.
A Section 8 company is formed with an objective of promoting commerce, arts, science, sports, education, research, social welfare, protection of the environment in the country. Though they are authorised to run business and earn a profit, the said profits can be utilised only towards the objectives and cannot be shared among the members.
A Section 8 company is required to appoint the First Auditor within 30 days from the date of its incorporation to take care of all financial filings of the company annually.
The first meeting of the Board of Directors must be conducted within 30 days from the date of incorporation. Thereafter, the Board of Directors shall hold at least one meeting within every six calendar months.
A Section 8 company must hold its first Annual General Meeting (AGM) within nine months from the close of the first financial year of the company.
Non-compliance may lead to a penalty punishable with a minimum fine of Rs.25,000/- up to Rs.5,00,000/- and/or imprisonment.
A Section 8 company is liable to pay corporate tax as prescribed by the Income Tax Act. But, it can claim certain income to be excluded in calculating the total income which is chargeable to income tax. The compliances to be fulfilled to claim such an exemption are:
We complete all the compliance requirements of a Section 8 company for a fraction of the price charged by offline company secretaries through the use of our powerful tech platform.
We make your interaction with the government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.