Webstar Services is a trusted company providing all the necessary services to help businesses and organizations comply with Section 8 of the Companies Act, 2013. The Section 8 Company is a type of non-profit organization registered under the Companies Act, 2013. It is formed to promote art, commerce, science, sports, education, research, social welfare, religion, charity, protection of environment or any other object of public interest.
What is Section 8 Annual Compliance?
Section 8 Annual Compliance is an important aspect of managing a Section 8 Company that needs to be taken care of. It is the process of filing annual returns and documents with the Registrar of Companies (RoC) as required by the Companies Act, 2013. The annual compliance includes filing of financial statements, annual returns, and other documents such as the directors' report, auditor's report, etc. with the RoC on or before the due date.
Why is Section 8 Annual Compliance Important?
Section 8 Annual Compliance is important because it helps maintain the legal status of the company and ensures that the company is in compliance with the laws and regulations of the Companies Act, 2013. Failing to comply with the requirements of the Companies Act, 2013 can lead to penalties, fines, and even imprisonment. Additionally, it helps to maintain the company's records and documents, which are necessary for the smooth functioning of the company.