Annual Compliance for Section 8 Company
Section 8 company is a Non-profit organisation that is registered under the companies Act 2013. It is mandatory for these organisations to use their profits only for promoting their objects and not to distribute it among members as dividend. Further, every section company is required to fulfil certain monthly, quarterly and yearly compliances.
To make sure that your non profit company has a good legal standing in the eyes of the governmental authorities.
When it comes to Section 8 Companies, it is assumed that you are looking forward to assist a lot of individuals in a non profit way. However, still, you would need to earn something in order to make sure that there is life in your organization. However, you won’t be any good for anyone if you are not following through the compliances.
As a result, you might be looking at lawsuits and other matters and in the end; your company might even be closed. Therefore, Annual compliances for a Section-8 are an important facet of running the company.
Required Documents for Section 8 company Compliance
- The Identification proofs of the directors
- The Pan cards of the directors
- Memorandum of association
- Articles of Association
- An estimate for future annual income and expenses for the next 3 years.
Benefits of Section 8 company Annual Filing
- Assists in preventing the financial penalties.
- Helps in building the customer trust and brand loyalty.
- The visibility of the operations of company increases.
- The credibility of the company improves.
- No government intervention is ensured.