The companies registered under section 8, cannot distribute profits or assets to its members.
The voting rights to the members of section 8 company are on the basis of the number of shares, almost like that of other companies.
There is no minimum level of capital prescribed; hence a section 8 company is often incorporated with the capital as required by it.
It is necessary that at least one director of the company must be resident in India. A person is known to be a resident when he stays in India for at least 182 days in the FY.
As the application for Company Incorporation is filed online, the method starts with the issuance of Digital Signatures of class two.
The Company name should not be similar to an existing company and it must be unique.
Before the central government, an application must be filed for grant of license to register a company without Limited in their name.
An application is made to the ROC office for incorporation of section 8 company, and allotment of PAN and TAN.
Every shop and the commercial establishment are required to obtain establishment registration with the Labour Department within 30 days of starting their business. It is mandatory for all states in India.
No one should be adversely affected by health hazard and nuisance by the improper carrying of trade a License is necessary from the municipality within 30 days of starting the business.
Specific legislation have been passed by majority state governments to impose a tax on profession, employment of calling of any nature, however, and the fees for it is Rs. 2500 per annum.
GST Registration is mandatory for each business engaged in providing services or supply of products, where the turnover exceeds Rs. 40 Lac.
During a business of producing, trading, storing or dealing in any manner of food items, then the state level FSSAI registration or Central License is mandatory based on the turnover.
This location-based Drug License is granted by the State Government based on fulfilling certain norms and criteria. No entity can start or continue sale/trade of medicine without drug license.
Private Security Agency may be a lucrative business with immense potential; however, it can be started or continued only after obtaining a license from the competent authority as designated by the state government.
IEC is a ten-digit pan based registration with the DGFT. IEC is a mandatory prerequisite to start a business of Import or Export in India. Only one IEC code can be issued against a pan.
Disclaimer : 1) Class 2 digital signatures with 2 year validity on secure USB token. 2) Upto 3 name options can be given in 1 RUN name approval request. 3) Statutory Auditor fee is payable on actuals directly to the Independent Auditor appointed by the Board of Directors. Onfiling will only be responsible for accounting, preparation of financial statements and filing of returns on behalf of the Company.
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