COMMENCEMENT OF BUSINESS FORM INC-20A TO BE FILED WITHIN 180 DAYS--FOR ALL COMPANIES INCORPORATED ON OR AFTER 02.11.2018
DECLARATION OF COMMENCEMENT OF BUSINESS BY COMPANY
A company incorporated on or after 02.11.2018 and having a share capital shall commence any business or exercise any borrowing powers only after complying the following requirements:
Filing a declaration with the Registrar of Companies that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him on the date of such declaration. This declaration has to be filed by the company within a period of 180 days of the date of incorporation of the company in Form No.INC-20A
Filing of INC-22 for verification of its registered office if the company was registered with a temporary address while filing SPICe Form INC-32.
FILING OF REGISTERED OFFICE (FORM INC-22)
Filing of Form lNC-22 is not required in the case where the company has filed required details for verification of registered office address as Permanent Address maintains its registered office at the given correspondence address.
PENALTY FOR NON-COMPLIANCE
If a company makes any default in complying with the above requirements, the company shall be liable to a penalty of fifty thousand rupees and every officer who is in default shall be liable to a penalty of one thousand rupees for each day during which such default continues but not exceeding an amount of one lakh rupees.
CLOSURE OF COMPANY BY ROC
If the company has not filed the declaration within a period of 180 days of the date of incorporation of the company, the Registrar may initiate action for the removal of the name of the company from the register of companies on the reasonable belief that the company is not carrying on any business or operations.
PROCESS TO BE COMPLETED BEFORE STARTING BUSINESS
Open Bank account in the name of the Company
All the subscribers to MOA to bring the value of the shares agreed to be taken by him.
File a Declaration with ROC
Ensure the Filing of Registered office details with ROC.
Latest Bank Statement of the Company.
Certificate of Registration issued by the RBI / SEBI / Any Other Regulatory Authority (IF APPLICABLE).
NOTE:- If Company has not filled Form No.INC-20A with stipulated time then Company will not be able to file any other Forms require under the ACT on MCA Portal.
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