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Commencement of Business (INC 20A) New
Commencement of Business (INC 20A) is a declaration form that every newly incorporated company in India is required to file with the Registrar of Companies (ROC) before starting its business operations. The form confirms that the company has complied with all the requirements of the Companies Act, 2013, and is ready to commence its business activities.The form must be filed within 180 days from the date of incorporation of the company, failing which the company may face penalties or even be struck off from the Register of Companies.
Expert in Commencement of Business (INC 20A) New
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Overview of Commencement of Business (INC 20A) New
Form INC 20A has been recently introduced and is widely discussed among corporate circles. Under the Companies (Amendment) Ordinance, 2018, any company registered in India with share capital must obtain a commencement of business certificate before conducting any business or borrowing activities.
- This certificate can be obtained through Form INC-20A, which has reintroduced the concept of Commencement of Business Certificate via the Ministry of Corporate Affairs (MCA) website.
- Form INC-20A is a declaration that must be filed by the directors of the company at the time of business commencement.
- It needs to be verified by a Chartered Accountant (CA), Company Secretary (CS), or Cost Accountant in practice.
- Companies incorporated after November 2, 2018, must file Form INC-20A within 180 days from the date of incorporation.
Advantages of Commencement of Business (INC 20A) New
|Fund raising||Upon filing Form INC-20A within 180 days of incorporation, a company becomes eligible to exercise its borrowing powers. Failure to file within the stipulated time may prevent the company from borrowing funds|
|No penalties||Filing Form INC-20A within 360 days of incorporation can save companies from hefty penalties, which may include a penalty of Rs. 50,000 for the company and Rs. 1,000 per day of default up to a maximum of Rs. 1 lakh for directors|
|Builds credibility||All information related to the company is available in the public database, which can help authenticate the existence of the business and improve its credibility|
The process for filing Form INC-20A is as follows:
Step 1: Obtain Digital Signature Certificate (DSC) for the Director(s) of the Company.
Step 2: Log in to the MCA portal using your credentials.
Step 3: Click on the E-forms tab and then click on the Form INC-20A.
Step 4: Fill in all the necessary details such as the name of the company, CIN, registered address, details of the directors, and the date of commencement of business.
Step 5: Attach the required documents, including bank statements, proof of paid-up capital, and board resolution approving the commencement of business.
Step 6: Get the form certified by a Chartered Accountant (CA), Company Secretary (CS), or Cost Accountant in practice.
Step 7: Submit the form and pay the requisite fees.
Step 8: After submission, the Registrar of Companies (RoC) will verify the form, and if everything is found to be in order, a Commencement of Business Certificate will be issued.
It is important to note that the form must be filed within 180 days of the date of incorporation of the company.
1. Certificate of Incorporation of the Company
2. Memorandum of Association (MOA) of the Company
3. Articles of Association (AOA) of the Company
4. Bank statement showing the receipt of the subscription money from the subscribers to the Memorandum of Association
5. Board resolution authorizing the commencement of business and authorizing the filing of the form
6. Copy of the utility bills (electricity, telephone, gas bills) of the registered office address of the Company
7. Copy of PAN card of the Company
8.Copy of the identity and address proof of the Directors of the Company
9. Details of the Company’s registered office, such as the address, email address, and phone number
10. Details of the Company’s subscribers, such as their names, addresses, and shares subscribed.
FAQ's Commencement of Business (INC 20A) New :-
In accordance with the 2018 Companies (Amendment) Act, all Indian registered companies with share capital are obliged to get a commencement of business certificate before starting any company or using any borrowing authority. Any business formed after November 2, 2018, must get a Start of Business Certificate because The Companies (Amendment) Ordinance 2018 was introduced on that date.
A firm incorporated on or after 02/11/2018 must file the obligatory INC-20A form with MCA. The Declaration of Start of Business is another name for it. The directors of a company with share capital must file it within 180 days of the company’s incorporation date.
Companies that fail to start their business operations within a year of incorporation and do not file Form INC-20A within 180 days as required by Subsection (1) of Section 10A may be struck off if they wish to discontinue operations without paying any further costs or penalties.
The company will be charged 50,000 for failing to file the aforementioned declaration. Additionally, each and every officer who is in default must pay a fine of up to Rs. 1,000,000 for every day they are in default.
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