Business Commencement Declaration
Every company must file a declaration in Form INC-20A within 180 days of incorporation, and before commencing operations. This is to declare the registered address along with the bank statement listing the paid-up capital made by the shareholders.
Before filing the declaration, the company must deposit the total subscribed share capital as per the MOA into the registered company bank account. Business operations must commence only after the approval of the INC-20A.
Non-compliance of this filing attracts a penalty of INR 50,000 and all defaulting officers will have to pay a penalty of INR 1,000/- per day for default. The maximum penalty is INR 1,00,000 and closure of the company.
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Minimum Requirements
- Comply with the new MCA provision notified on January 26, 2019
- Operations to commence only after approval of INC-20A
- Share capital to be deposited in the company’s registered bank account
Documents Required
- Bank statement listing the capital deposited with no other transactions in the bank account
- DSC of one Director of the Company
- Professional Certification by a CA / CS / CMA
- Applicable Government fee for filing
