Section 8 Company Registration in Andaman and Nicobar Island

Section 8 Company Registration in Andaman and Nicobar Island - An Overview

The Companies Act, 2013 governs the Section 8 Company Registration in Andaman and Nicobar Island. These unique entities, also known as not-for-profit organisations, are established with the primary objective of promoting social welfare. Section 8 companies are dedicated to specific causes and are legally prohibited from distributing dividends to their members.

• Increased Social Impact

  By registering a Section 8 company in Andaman and Nicobar Islands, you can actively contribute to charitable causes and make a significant positive difference in society.

• No Minimum Capital Requirement

  Unlike other company structures, Section 8 companies do not need to meet a minimum capital requirement for registration. This makes it easier for organisations with limited financial resources to get registered.

• Flexibility in Operations

  Section 8 companies have more operational flexibility than traditional non-profit structures like trusts and societies. This enables them to adapt and respond efficiently to changing situations.

• Corporate Identity

  When you register as a Section 8 company, you gain corporate status, which can be beneficial for forming partnerships with other firms and collaborating with government entities.

• Simplified Registration Process

  Registering a Section 8 company has been streamlined and made more straightforward. With Vakilsearch as your registration partner, you can complete the process quickly and without unnecessary hassles.

Documents Required for Section 8 Company Registration in Andaman and Nicobar Islands

Not-for-profit organisation registration in Andaman and Nicobar Islands or Section 8 company registration in Port Blair can be done by submitting the documents:

• Memorandum and Articles of Association (MOA and AOA)
• Director's identity proof (PAN, Aadhaar, etc.)
• Address proof of registered office
• NOC from the landlord (if the premises are rented)
• Director's passport-sized photographs
• Declaration of compliance with Section 8 regulations
• Statement of assets and liabilities of the proposed company

Checklist for Section 8 Company Registration in Andaman and Nicobar Island

Charitable causes and Section 8 company registration in Andaman and Nicobar Islands requires the firms to fulfil the following criterias:

• Choose a unique name for the Section 8 Company
• Obtain approval from the Registrar of Companies (ROC)
• Prepare the Memorandum of Association (MOA) and Articles of Association (AOA)
• Appoint at least two directors
• Obtain their Director Identification Numbers (DIN)
• Obtain Digital Signature Certificates (DSC) for the directors
• Gather all necessary documents like address, identity and residential proofs
• File the application for incorporation with the ROC
• Pay the required fees and documents
• Obtain the Certificate of Incorporation from the ROC
• Apply for the company's Permanent Account Number (PAN)
• Apply for Tax Deduction Account Number (TAN)
• Comply with all post-registration formalities, such as opening a bank account and obtaining necessary licenses
• Ensure regular compliance with applicable regulations and tax obligations

Eligibility Criteria and Legal Requirements for Forming a Section 8 Company in Andaman and Nicobar Islands

1.Objective: The primary purpose of the company should be to promote charity, education, science, art, social welfare, or other specified causes.

2.Profit Utilisation: The company must intend to utilise its profits for promoting its stated objectives.

3.Directors and Members: A minimum of two directors and two members (shareholders) are required for the company.

4.Unique Name: The proposed name of the company must be distinct and not identical to any existing company.

5.Registered Office: The company must have a registered office address located in Andaman and Nicobar Islands.

6.Licenses and Approvals: Obtain any necessary licenses or approvals, if applicable.

7.Compliance: Adhere to all regulations and requirements outlined in the Companies Act of 2013.

8.Document Preparation: Prepare and submit the required documents, such as the Memorandum of Association (MOA) and Articles of Association (AOA), in the specified format.

Process for Section 8 Company Registration in Andaman and Nicobar Island

Section 8 company registration process in Andaman and Nicobar Islands is legally complex. However, having proper insights from legal experts can simplify the whole process. At Vakilsearch we follow a much simplified process and offer a step-by-step guide for registering a Section 8 company in Andaman and Nicobar Islands as follows:

• Step 1: Name Reservation

  We will assist you in selecting a unique name for your Section 8 company and submit an application to the Ministry of Corporate Affairs (MCA) on your behalf.
  
  We will help you obtain Digital Signature Certificates (DSCs) for all the proposed directors. These DSCs are essential for online filing of documents with the MCA. We will file Form DIR-3 and get your DIN.

• Step 2: Digital Signature Certificate (DSC) and Director Identification Number (DIN)

  We help you prepare the Memorandum of Association (MOA) and Articles of Association (AOA) for your company. We ensure that these documents comply with the Companies Act, 2013.

• Step 3: Memorandum of Association (MOA) and Articles of Association (AOA)

  Our team will file Form INC-12. Our team guides you through the documentation process, including the submission of the MOA, AOA, declaration by promoters, and other documents.

• Step 4: Application for Section 8 Company Registration

  Once your application is approved you will receive the Certificate of Incorporation. This serves as legal proof of your company's existence

• Step 5: Incorporation

  Vakilsearch guides you through the completion of other mandatory compliances. It includes obtaining PAN and TAN. We also help in opening a bank account in your company's name. Our experts provide support and assistance throughout this process.

Why Vakilsearch?

We simplify Section 8 company registration in the Andaman and Nicobar Islands. Our team offers tailored assistance throughout the process. Our legal professionals ensure seamless compliance with specific regulations. By entrusting Vakilsearch, you can expect personalised guidance. Attention to detail and a hassle-free experience are assured.

Latest Update - 2023

• The Padma Awards for 2024 have been announced by the Ministry of Affairs in Andaman and Nicobar Island
• The minimum paid-up capital requirement for a Section 8 company in Andaman and Nicobar Island has been reduced from ₹1,00,000 to ₹50,000
• The company name must now include 'Section 8 Company' or 'Not-for-Profit.'

• The government has also introduced a few new initiatives to promote Section 8 companies on the island. These initiatives include:

  • A waiver of the stamp duty on the incorporation of Section 8 companies
  • A subsidy of up to ₹50,000 for the registration of Section 8 companies
  • A tax exemption on the profits of Section 8 companies used for charitable purposes.