File your INC 20A to commence your business.
INC-20A is a mandatory form required to be filed by companies incorporated on or after 02/11/2018 with the MCA. Known as the Declaration of Commencement of Business, this form must be submitted by the directors within 180 days from the date of incorporation for any company that has share capital.
Once the company receives its Certificate of Incorporation, the directors are responsible for filing the declaration certificate confirming the commencement of business. It is also mandatory for the company to open a current account in a bank and deposit the share capital subscribed to in the Memorandum of Association (MOA) by each promoter. Failure to comply with this requirement can lead to penalties or disqualification.
Bank statement/ NEFT / IMPS receipts.
Certificate of registration by RBI/ other regulators (applicable to NBFC)
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Company is liable to pay Rs. 50,000.
The registrar may initiate action for removal of the name of the Company.
Company would not be able to start its business or borrow money.
Every officer who is in default is liable to pay Rs. 1000/- per day of default upto a Maximum Rs. 1,00,000/-.
Late filing fees will be levied accordingly
Yes, it is mandatory to file Declaration of Commencement of Business by filing form 20A; to establish that the company has received the paid up share capital amount and is eligible to start its business and borrow money in its name.
Every company that is incorporated on or after 02/11/2018
and having a share capital is required to file INC 20A
Companies that are limited by guarantee i.e. the ones not having share capital or the ones incorporated before 02/11/2018 are not required to file it.
The due date for filing the declaration is within 180 days from the day of company incorporation.
Yes, the declaration is a one-time mandatory filing for companies incorporated post 02/11/2018.
The Government fee depends on your authorised capital, however a minimum fee is Rs. 200/- for a share capital less than one lakh.
No, You cannot start the business without filing this form.
It is one-time filing compliance.
MCA will charge penalty to the company as well as to its directors who commence the business without obtaining the decleration. Further, MCA may also strike off the company.
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File your INC 20A to commence your business.
