What is Commencement of Business Certificate and form INC 20A?
What is Commencement of Business Certificate and form INC 20A?
Form INC 20 A(Commencement of Business Certificate):
(1) A company incorporated
after the commencement of the Companies (Amendm
ent) Ordinance, 2[2019] and
having a share capital shall not commence any business or exercise any
borrowing powers unless—
A declaration is filed by a director within
a period of 180 of the date of incorporation of
the company in
such form and verified in such manner as
may be prescribed, with the Registrar that
every subscriber to the memorandum has paid the value of the shares agreed to
be taken by him on the date of making of such declaration; and
Penalty for Form INC 20 A for Commencement of Business:
- Company will be liable to pay Rs. 50,000
penalty for not filing the Form INC 20A
- Every officer who is in default is liable
to pay Rs. 1000/- per day of default upto a Maximum Rs. 1,00,000/-
- Registrar may initiate action for the removal of the name of
Company / Strike off company name
Important
note: MCA has now provided an additional time limit of 180 days for filing of
the aforesaid declaration. It means all the newly incorporated companies can
file form INC-20A within a period of 360 days from the date of its
incorporation.
[23A
Declaration at the time of commencement of business.
The declaration under section 10A by
a director shall be in Form No,
INC-20A and shall be filed as provided in the Companies
(Registration Offices and Fees)
Rules, 2014 and the contents of the said form shall
be verified by a company Secretary or a chartered Accountant or a cost
Accountant. in practice:
Provided that in the case of a company
pursuing objects requiring registration or approval from any sectoral
regulators such as the Reserve Bank of India, Securities and Exchange Board of
India, etc., the registration or approval, as the case may be from such
regulator shall also be obtained and attached with the declaration.]
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Director
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Email: Novationknowledgesolutions@gmail.com
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