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Certificate of Business Commencement FORM INC-20A

October 3, 2022
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In Companies (Incorporation) Fourth amendment 2018 MCA has re-mandated that every company registered after 02-11-2018 has to file a declaration in the Form-20A along…

In Companies (Incorporation) Fourth amendment 2018 MCA has re-mandated that every company registered after 02-11-2018 has to file a declaration in the Form-20A along with bank statement showing deposit of paid-up capital by the shareholders within 180 days from the date of incorporation certificate received.

Declaration:

The declaration shall contain the details that every subscriber has paid the value of shares agreed in the memorandum and the company has commenced its business operations. Company shall file this declaration in ROC within 180 days from the date of company incorporation.

And also the Company has to file INC-22 for verification purpose of the registered office If the company had introduced a temporary address for the registered office address at the time of company registration.

How to process:

Company shall open it’s current account
All subscriber shall deposit the amount against of shares value they hold as per the memorandum
The declaration shall be filed with ROC with above details
Company will ensure that the registered office details were filed with ROC having no status of temporary address.

Documents Required:

Bank Statement having entries of credits received from all subscribers as mentioned in the memorandum of the company

If sectoral regulator regulates the company
Regulator Name
Registration Number/Letter Number
Date of Registration

If the company hold the status of Non- Banking Financial Companies has to submit Registration Certificate issued by RBI

The consequence of non-compliance:

If any company is failed to file the INC-20A Form within prescribed time period ROC shall impose a penalty up to Rs.50000/- on company and Rs. 10000/- on Director, however, the penalty will be imposed on a daily basis by Rs. 1000/- per day and has to be borne by every officer in default. The penalty shall not be more than 100000/- and this is the maximum penalty if any company is failed to comply with this form. Furthermore, ROC may strike off the company.

Company will not be able to borrow money and take investment.

Form:

INC20 and INC22 ( INC-22 is only necessary to be filed if the registered office address of the company was introduced as temporary address of registered office address.

FAQ

Is it mandatory for all companies to file the Form INC20
Ans – Yes, This form is mandatory to be filed by all companies and needs to obtain commencement certificate.

Who is not required to file
Ans- Companies registered with limited by guarantee and not having a share capital
or
Companies registered before 2018 November 2^nd.

Due date of filing the form INC20
Ans- INC20 Form should be filed within one hundred eighty days from the day company has obtained incorporation certificate.

If the Bank statement is not available can form be filed?
Ans- Yes, the form can be filed with the details of NEFT/IMPS. The value of shares should be transferred to the company’s account from the account of the subscriber.

Why ROC has re-mandated INC20 Form
In the last few years, ROC has experienced that newly incorporated companies do not having any operation even not proceed for the opening of the current account and later companies become inactive.
Now new companies will have to wait to commence their business operation until they make a declaration to ROC in INC20 form.

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Certificate of Business Commencement FORM INC-20A

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