There must be a Minimum of two Directors for private or minimum three Directors for public companies. At least one of the Director should be an Indian Resident

Dividend is members’ Share of the Profit. By definition, a Section 8 Company is a Charitable organization/not-for-profit company. Hence a Section 8 Company cannot distribute dividends to its members.

There must be a minimum of two members for private or minimum seven members for public companies. In a Section 8 Company, there is no concept of members. The ownership of the company is divided among the Members of the company.

One has to obtain the license under section 8 of new companies with a charitable objective. The person who is desirous to incorporate a company under section 8 is required to file an application in form INC 12 along with the prescribed fees to Regional Director for a license. Only after obtaining this license can we apply for Certificate of incorporation for the Section 8 Company. If the Regional Director feels that the company being incorporated is not a charitable/not for profit organization, (s)he can reject the license and Incorporation won’t be completed.

Broadly, the name has three components:

• Unique component: This is the prime name of your company. It should be unique, not already been trademarked, and should not contain phrases and words that are blacklisted by the RBI. Even if a name meets these criteria, the RoC might reject the name application on grounds of it being similar to already existing names.
• Description of business: There should be a word or phrase which follow the Unique Component of the name which describes or indicates the main business of the Company. Some of the popular descriptive words are Technology/ies, Internet of Things, Chemicals, Builders, etc. The words bank, exchange, and stock exchange, unless approved by RBI or SEBI, would also be rejected.
• Suffix: There will be no Suffix for a section 8 company

Things to keep in mind while selecting the unique component of the name:

• It must be short and simple: The name must be concise and not be too long. People should be able to say it easily and they should be able to recollect your company’s name the first time they read it or hear it
• It must be meaningful: The name of the company should be related to the business. It must fit the company’s branding.
• It must be unique: The name of the company mustn’t be the same or identical to an already existing company or a trademark. One must preferably avoid the plural version

Broadly, the name has three components:

• Unique component: This is the prime name of your company. It should be unique, not already been trademarked, and should not contain phrases and words that are blacklisted by the RBI. Even if a name meets these criteria, the RoC might reject the name application on grounds of it being similar to already existing names.
• Description of business: There should be a word or phrase which follow the Unique Component of the name which describes or indicates the main business of the Company. Some of the popular descriptive words are Technology/ies, Internet of Things, Chemicals, Builders, etc. The words bank, exchange, and stock exchange, unless approved by RBI or SEBI, would also be rejected.
• Suffix: A Private Limited Company should Compulsorily have a Suffix Private Limited (Pvt. Ltd.). A Limited Liability Partnership Firm will have a suffix LLP and an One Person Company will have a suffix (OPC) Private Limited

Things to keep in mind while selecting the unique component of the name:

• It must be short and simple: The name must be concise and not be too long. People should be able to say it easily and they should be able to recollect your company’s name the first time they read it or hear it
• It must be meaningful: The name of the company should be related to the business. It must fit the company’s branding.
• It must be unique: The name of the company mustn’t be the same or identical to an already existing company or a trademark. One must preferably avoid the plural version

It mostly depends on the type of business the company is dealing with, but still, there are few popular compliances & registrations which are

1. Shops and establishment – If you are a retail business
2. ESI- if you have more than 10 employees ( in some state > 20) and minimum-salary is 15000/- PM
3. GST – whose turnover exceeds 40 lakhs ( I recommend you to register it anyway)
4. Professional Tax -if you hire any employees having min 15000 salary
5. Trademark – if you want legal protection for your intellectual property
6. Copyrights- if you have uniqueness in your business that you don’t want anyone to copy
7. Trade license – essential for every business that carries out trade.

There could more compliances that I might have missed, but again it mostly depends on the nature of the business

Yes, a private limited company must appoint an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation.

With the amendments to the Companies Act in 2015, there is no prescribed minimum paid-up capital amount. You can choose how much do you want to start your company with and go up to a maximum of the Authorised Share Capital (again decided by you). However, as a general practice, most entrepreneurs start the company with a paid-up capital of Rs 1 lakh.

Director: Any Individual over 18 years of age – Indian, NRI, Foreigner, Resident in India (May or may not be a shareholder in the company). At least one of the Directors must be a resident in India.

Shareholder: Any Individual over 18 years of age, Any body corporate (PLC, LLP, OPC, Public Company, Foreign Company, Trust, etc.). At least one of the shareholders must be a resident in India.

The term ‘resident in India’ means a person who has stayed in India for a period of not less than 182 days during the immediately preceding one financial year.