Top 10 Section 8 Companies in India

Do you want to know about the top Section 8 companies in India and their areas of work? Let us know in detail about the Section 8 companies in India, their features, the documents required to open them, and more.

Apart from profit-making companies, there are some companies whose main objective is not to earn profits by carrying out their regular business. Their objective is primarily charitable and non-profit. These types of companies are defined under Section 8 of the Companies Act 2013, so they are called Section 8 companies. Now lets discuss in detail about Top 10 Section 8 Companies in India.

For Section 8 Company Registration, you can always visit Vakilsearch. We have a team of legal experts who can provide complete guidance to register a Sec 8 company.

There is a minor difference between a trust and a Section 8 company. A Section 8 company is regulated under the Central Government, while a Trust is regulated under the State Government. 

With Vakilsearch, you can have your registered trust deed with you within 20 working days (with government approval). You just need to share a few required details with us, and we will make the interaction with the government and other paperwork very smooth. You will also get your queries resolved within a minimum time. 

Section 8 Company – Definition:

As per the Companies Act 2013, A Section 8 company aims to promote fields of arts, science, commerce, research, religion, sports, education, charity, social welfare, environment, or other similar fields. All the profits earned by the company go towards the enhancement of their business. They also do not pay any dividends to their members. 

Features of a Section 8 Company:

• Non-profit objectives – Their primary aim is not to make profits, so the objectives are purely charitable.
• No minimum share capital – They do not have a prescribed share capital.
• Limited Liability – All the members of these companies enjoy the benefit of limited liability. 
• Exemptions – As they have charitable objectives, they possess many exemptions and benefits from the Companies Act.
• Government License – These companies can only function with a Central Government License. The Government can also revoke this license if they find it necessary.

Top 10 Section 8 Companies in India

There are quite a few Section 8 companies in India, and below is a list of famous Section 8 companies in India:

1. Infosys Foundation – It is a non-profit organisation formed to support the underprivileged section of society. It mostly supports programs for primary education, rural development, and more.
2. Reliance Foundation – It is an Indian non-profit organisation whose objective is to provide sustainable growth in India regarding rural development, education, health, arts, culture, etc.
3. TATA Foundation – It was formed for the betterment of people dedicated to making a social impact. It raises hopes for a sustainable and promising future as their areas of work include nutrition, healthcare, livelihood, education, and more.
4. Reliance Research Institute – It is a research-driven organisation that focuses on higher education that includes basic, applied life sciences and related technologies.
5. Federation of Indian Chambers of Commerce and Industry (FICCI) – They provide surveys, reports, in-depth research papers, and analyses of every sector of the global economy.  It is a non-governmental trade association and advocacy group based in India.
6. Confederation of Indian Industries (CII) – This is a non-government trade association and advocacy group that engages in political, business, academic, political, and other leaders of society to shape regional, industrial, and global agendas.
7. Chamber Of Commerce For International And Indian Trade – Their main goal is to provide an increase in the trade, commerce, and investment flows in the Indian as well as International boundaries.
8. Pratham Education Foundation, Mumbai – It is an innovative learning organisation that was created to improve the quality of education in India. It works for the betterment of quality education for underprivileged children in India.
9. Health And Education Foundation, Mumbai – It is a private company focused on the betterment of the health and education conditions of India.
10. India International Trade Centre, Mumbai – They are involved in putting efforts to promote international trade, inward and outward investments, bilateral investments, and more. They focus on supporting medium and large enterprises, financial institutions, business alliances, etc.

Criteria and Documents Required to Open a Section 8 Company:

There should be a minimum of 2 shareholders minimum of 2 Directors (Directors and shareholders can be the same person). There is no requirement for minimum capital, and at least one of the Directors shall be a resident of India. Even a ‘One Person Company’ (OPC) can become a Section 8 company by converting itself into a private/public company and then re-convert such private/public organisation into Section 8. 

Documents Required for Directors:

1. Self-attested Copy of PAN Card – PAN card is a unique identification number issued by the Income Tax Department. Directors are required to submit their PAN during the process of incorporation.
2. Address Proof – A Director must submit his/ her address proof that includes his/ her name as per the PAN. It can be in the form of an election card/ voter identity card, driving license, ration card, Aadhar card, Passport, electricity bill, and telephone bill.
3. Residential Proof – The residential proof must include the name of the Director as per the PAN. They can be in the form of a bank statement, telephone bill, electricity bill,  or mobile bill.
4. Passport Size Photograph – The Directors must submit their passport photo during the incorporation process.

Documents Required for Registered Office:

• No objection letter from the owner of the address to use the premises and address of the registered office of the company.
• The electricity bill/ gas bill/ telephone bill/water bill must be signed by the owner of the premises/ address.

For any confusion or query, you can always connect with Vakilsearch and get your doubts resolved.

Conclusion

Follow the above steps and compliances if you want to form a Section 8 company and we also cover the details of Top 10 Section 8 Companies in India. Forming a Section 8 company has become easier with Vakilsearch as they have dedicated business advisors to guide you, and you will get clarity in every step.

Also Read:

• Section 8 Company Registration – Complete Guide
• Eligibility For Section 8 Company Registration
• Section 8 Company – Benefits