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.
| 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.
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