Company registered under section 8 company must have
Objects like promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, and protection of environment or any such other object.
Must apply its profits, if any, or other income in promoting its objects, and
Intends to prohibits the payment of any dividend to its members
When a registered private limited company wants to convert themselves to section 8 company then have to seek approval from its existing member in AGM/EGM after passing a special resolution in that meeting.
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Each company in India has to follow a set of compliances as set by different other regulatory bodies. The ‘Company Annual Compliance’ regimes need companies to gather their business information and update the regulatory bodies such as Ministry of Corporate Affair (MCA), Income Tax Department other regulatory bodies.
After this company need to file MGT-14 within 30 days from the date of the resolution to the registrar of the company and for further Process Company need to comply following steps
Procedure to Convert Private Company to Section 8 Company?
Firstly make an application for name approval through RUN
Make application in form no.RD-1 for seeking the approval for conversion of private limited to section 8 company along with this form INC-12 application for granting a license under section 8 company) accompanied by the following documents:
MOA & AOA of the company (MOA should be as per the section 8 company norms)
Declaration, as given in the form no.-14 by an advocate, CA, CS in practice that MOA & AOA have drafted in conformity with the provision of section 8 and rules, made thereunder and as per all the requirement of the act and rules made thereunder relating to registrations of the company under section 8 and matter incidentals or supplemental thereto have been complied with.
The financial statements, the Board’s Reports & the audit reports relating to the existing company (of 3 yrs preceding the date of application or 1 yr if the company has functioned only 1 yr)
Detailed assets statement (with the values thereof), and the liabilities of the company, as on the date of the application or within 30 days preceding that date.
Future annual income and expenditure estimate of the company for the next 3 years, specifying the sources of the income and the objects of the expenditure
Certified copy of the resolutions passed in general/ board meetings approving the registration of the company under section 8
Each of the person’s declaration making the application in Form No.INC.15
The company shall publish a notice in Form No. INC 26 at its own expense within a week from the date of making the application; A copy of the said notice shall be sent forthwith to the Registrar,
The notice shall be published at least once in a vernacular newspaper in the principal vernacular language of the district in which the registered office of the proposed company is to be situated or is situated, and circulating in that district, and at least once in English language in an English newspaper circulating in the district and on the websites as may be notified by the Central government
The Registrar may require the applicant to furnish the approval or concurrence of any appropriate authority, regulatory body, department or Ministry of the Central Government or the State Government(s);
If any authority raised objection and after considering the objections, if any, received by registrar within thirty days from the date of publication of notice, and after consulting any authority, regulatory body, Ministry or Department of the Central Government or the State Government(s), as it may, in its discretion, decide whether the license should or should not be granted
The license shall be in Form No.INC.17. Or Form No.INC.16, as the case may be, and the Registrar shall have the power to include in the license such other conditions as may be deemed necessary by him.
Company may receive direction from registrar to insert in its memorandum, or in its articles, or partly in one and partly in the other, alike conditions of the license which may be specified by the Registrar in this behalf.
At Corpseed, we are committed to offer our services to the entrepreneurs and businesses as a very cost-effective proposition. We believe that a customer is always right and the focus of any business activity should be to serve the customer with utmost loyalty. All our services come with SLAs (Service Level Agreements) for on-time service delivery and money back guarantee to ensure high level of customer satisfaction.
At Corpseed, our valued customers are always kept in the loop as far as service delivery timeline is concerned and we inform our customers every time a milestone is achieved during each stage of service request processing. But we also believe that we may come across a customer who is not satisfied with our efforts. For that we have a very responsive Customer Care Department which work 24x7 to attend to and solve customer complaints. We also have a money back guarantee for those, who want their service charges to be refunded.
At Corpseed, We believe it is our responsibility to protect our customer information from unauthorized access. We have put systems and processes in place to make sure that the customer information is safe with us during its storage and transfer between in house and third party servers. We continuously test our systems and processes for security breach and vulnerabilities are identified and fixed at a regular basis.
If a customer is not satisfied with the service we provided and if he contacts our customer care helpline and files a formal complaint within 15 days of service delivery date, Corpseed would refund the entire or partial amount of Professional Fee charged for that particular service.
If a customer is having issues with our service delivery process, he has various alternatives available at his disposal to register his grievance with us. He can either email his complaint at email@example.com or he can call our 24x7 Customer Care Helpline. Also, any customer is always welcome to visit our office to lodge a complaint with the senior management.
A customer can buy our services directly from our online platform, for which he need to make online payment. Once he clicks on "Apply Now", a new window will open, a customer is required to submit the information in the respective fields and click "Make Payment". A unique ticket number will be auto generated, the customer need to quote this number as reference for any enquiry regarding his service request.
All the monetary transactions performed on Corpseed online platform are secured with SSL System Protocol. We encrypt the customer information such as credit card and bank account details, before these are transmitted anywhere. We adhere to PCI DSS for data security standards for payment processing.
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