A Section 8 company can be established for ‘promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object’, provided it ‘intends to apply its profits, if any, or other income in promoting its objects’ and ‘intends to prohibit the payment of any dividend to its members.
Requisites to incorporate under Section 8:
Minimum two shareholders;
Minimum two Directors (Directors and shareholders can be same person);
At least one Director shall be resident in India;
No Minimum capital required;
Income-tax PAN is a mandatory requirement in case of Indian nationals;
Any one of the Identity Proof (Voter ID/Aadhaar Card/Driving License/Passport); Passport is mandatory requirement for proof of identity in case of foreign nationals;
Any one Proof of Residence (Electricity Bill/Telephone Bill/Mobile Bill/Bank Statement);
Registered Office address proof (rent agreement along with latest rent receipt and copy of latest utility bill in the name of landlord and a no objection certificate from the owner of the premises, in case the premises are rented);
In case the premises are owned by a Director and Promoters, any documents establishing the ownership such as Sale Deed/House Tax receipt etc along with the no objection certificate.