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Strike off Section 8 Companies Online In India

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Strike off Section 8 Companies

Section 8 companies is established to promote art, commerce, sports, science, education, social welfare, charity, religion, protection of natural resources, or any such other object. Such companies are obligated to allocate their profit to serve the said objects only. The concept of dividend distribution among members does not work in Section 8 Company.  The overall business affairs of section 8 companies revolve around charitable goals. Section 8 companies fall under the Companies Act, 2013, and it is identical to trust and society. Section 8 company is ideal for promoters seeking to serve charitable intentions. Such companies cannot use a term like private limited or public limited in their name as it is prohibited under the governing Act. 

Why voluntary strike off is not available to Section 8 companies?

Unlike other registered companies, a Section 8 entity does not have a straightforward procedure for shutting down their business operations. To serve this objective, first, they need to convert into a normal company and then surrender their license before the governing authority. The requirements have been cited under the governing legislation.

Reasons to strike off Section 8 Companies

Conditions under which strike off route can be opted by the
Section 8 Company;

  • The company has failed to undertake its operation within one year of its incorporation.
  • The company has remained non-operational for the preceding two financial years and has failed to seek for the status of Dormant Company u/s 455 of the Act.
  • The object of Section 8 Company has been changed, and the company is finding it hard to align with it. 

Benefits relating to strike off section 8 companies

The section below discusses the common benefits of striking off section companies in India:

Avoid Compliance

Once registered, Section 8 company is liable to follow the ever-evolving compliances under the Companies Act, 2013 for its entire lifecycle. This may be a problem for a company lacking sound management for addressing such compliances. This is one of the prominent reasons why companies opt to strike off their existence.

Avoid Fines

A company that fails to comply with compliances on time typically ends up paying hefty penalties and fines. Some penalties are so severe that they restrain directors from serving another company. Being non-operational is another reason that could create such conditions for the company. Ideally, striking-off is the only solution to such a problem. 

Low Cost

The cost of running a business that does not have an income is much higher than striking off the company. Therefore, striking off a section 8 company that does not have any activities or is dormant is a viable option for it. 

Mandatory Documents for Striking Off Procedure

  • Special resolution and notice convening the meeting
  • Memorandum of association (MoA);
  • Articles of association (AoA);
  • Board resolution
  • Special resolution and notice of the general meeting 
  • Certificate issued by practising CA/CS/CWA 
  • Statement of the company’s asset and liabilities authenticated by the auditor 
  • Company assets valuation report by a registered valuer 
  • NOC by all the creditors, if any 
  • A declaration by the company’s directors 
  • Certificate of Incorporation
  • PAN
  • Memorandum of Association of company
  • Article of Association of company
  • Last year audited balance sheet & profit & loss A/c
  • Audit report
  • Copy of newspaper advertisement
  • Digital Signature Certificate of existing director

Procedure to strike off section 8 companies 

As mentioned earlier, Section 8 companies do not have a standard procedure to close their business affairs. Strike off section 8 companies only come to an effect after the following the given procedure 

1. Application with MCA for Conversion 

Company conversion is the first step in the strike off procedure. To serve this purpose, the applicant firm needs to submit a prescribed application with the Ministry of Corporate Affairs along with the documents mentioned above. 

2. Application and Documentation scrutiny 

Upon receiving the application and documents, the said authority shall make some legal checks against the rules mentioned under the governing legislation. 

3. Approval by MCA for conversion

If the authority does not find any errors or discrepancies during the verification, they will grant their approval for conversion to the applicant firm. 

4. Application for Strike off the private limited company as converted 

In this step, the applicant can address the formalities for striking off the company name. For this, they are required to file the prescribed application with the Ministry of Corporate Affairs along with standard documentation and standard fees. 

5. Approval for Strike off

Approval for Strike off shall be granted by the authority after making in-depth verification of the submitted application and supported documents. 

Outcome relating to strike off section 8 companies

  • Strike off section 8 companies imply that the company shall no longer be able to continue their business journey on the legal front i.e. they will cease to exist after following this process
  • The certificate of incorporation is deemed to be cancelled
  • No further operations can be executed, and neither the annual return would be possible.
  • The company’s name shall be discarded from the register of companies by ROC.

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Frequently Asked Questions

  1. Private Limited Company

    By virtue of section 2(68) of the Companies Act, 2013, Private Limited Company is a type of company which offers limited liability with certain restrictions defined in regulations:

    • restricts the right to transfer shares
    • Limits the numbers of its members to 200
    • Prohibits any invitation to the public to subscribe for any shares in, are debentures of the company(No Public Trading of Shares)
    • Prohibits any invitation or acceptance of deposits from persons other than its member
    • The word ‘Private Limited’ must be added at the end of its name
  2. One Person Company

    One Person Company popularly known as OPC introduced in India under the Companies Act, 2013. The concept of OPC is a fusion of sole proprietorship and private company which intends to permit single economic entrepreneurship to take the advantages of a corporate form of organisation.

  3. Limited Liability Partnership

    Limited Liability Partnership is a corporate entity registered under Limited Liability Partnership Act, 2008. It is a form of partnership firm that enjoys limited liability. It is a hybrid form of a partnership that includes the features of a company. Compliances for a company are applicable to LLP.

No, the whole incorporation process is online. You can send the scanned copy of all the required incorporation documents via e-mail. All the forms and documents are filed electronically and even signed digitally.

The company name should be selected with utmost care. The rules for selecting a company are:

  • The name should be ended with the words “Private Limited” in case of private company, “OPC” in case of one person company and “LLP” in case of limited liability partnership which is mandated by law.
  • The name must be unique.
  • Follow the naming guidelines for better chances of approval.
  • The name should be suggestive of the main objectives to be taken by the business entity.
  1. Private Limited Company
    • Appointment of auditor
    • Statutory audit of accounts
    • Filing of annual return
    • Filing of financial statements
    • Holding Annual General Meeting (AGM)
    • Prepare directors’ report
    • Filing of income tax return
  2. One Person Company
    • Appointment of statutory auditor
    • Holding Board Meetings (BM)
    • Filing of financial statements
    • Filing of annual return
  3. Limited Liability Partnership
    • Filing of financial statements
    • Filing of annual return
    • Filing of income tax return
    • Appointment of auditor
    • Filing of LLP annual return

You don’t need a proper office to incorporate a business entity. You can register your residential address as a registered place of your business with MCA for which some address proof along with the NOC (No Objection Certificate) has to be filed with the prescribed form.

NRIs only allowed to incorporate limited business entities in India including private limited company and limited liability partnership. Also, there is no requirement to obtain the prior approval from the government or RBI. But, in order to register a private company or an LLP at least one director/partner must be a resident of India. However, the private limited company is ideal for NRIs.

In order to execute the idea into a long-term business, choosing the right form of business is important. For start-ups, Private Limited Company is the best option for the following reasons:

  • Limited legal compliances
  • No minimum capital contribution
  • Need only 2 directors and shareholders (both can be the same person)
  • Funding can be raised
  • Limited liability of the members

As per the relevant Act, there is no minimum requirement for Paid-up Share capital or contribution to incorporate a private company, one person company or limited liability partnership. However, each shareholder/partner should subscribe to a minimum one share of Rs.10 face value.

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