Section 8 Company Registration
The main purpose of registering a business as a Part 8 business is to promote non -profit purposes such as goods, trade, arts, charities, education, religion, environmental protection, social welfare, sports research, etc.
To enter a section 8 company, a minimum of two directors is required. In addition, there is no minimum paid -up capital requirement in the case of Article 8 companies.
In India, a non -profit organization can be registered with the Registrar of Companies or as a non -profit company under section 8 of the Companies Act 2013.
Company profits, if any, are used to advance the company’s goals and are not distributed in the form of dividends to shareholders.
Article 8 of the Company is the same as Article 25 of the old Companies Law 1956. In accordance with the new Companies Law 2013, Article 25 is now Article 8.