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There are certain parameters prescribed under Rule 8 of the Companies (Incorporation) Rules, 2014 and the proposed name should fulfill such parameters. However, acceptance of the proposed name is subject to the discretion of the officer handling the case.
It is not mandatory to have a commercial space for maintaining a registered address. Any premises, either owned or rented or leased, can be the registered address of the Company.
An Individual or HUF or Limited Company is eligible to become a member of Section- 8 company registration in India.
a) The Main object of such a company should be related to the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any such other object and
b) profits or other income earned from the activities carried on by the company should be applied to promoting its object;
c) No dividend shall be distributed by such a company to its members.
Proviso to Section 2(85) of the Companies Act, states that a company registered under section 8 of the act, can't be considered a small company.
According to the Company Act, 2013, it is mandatory for the section 8 entities to conduct AGM in accordance with prescribed guidelines.
As per the provision of Income Tax Act, it is mandatory for every company to get its financials audited by the auditor of the Company. Hence Section 8 companies are not exempted from statutory audit.
It will take 10-15 working days to incorporate a company if you have all the required documents/information in order.