BUSINESS COMMENCEMENT FILLING
According to the Companies (Amendment) Ordinance 2018, there is a need for all the companies registered on or after 2 November 2018 to file a certificate of business commencement. Form 20A is a form of declaration filed by the directors within 180 days of the date of incorporation of the company. This is one of the most imperative compliances to follow because the penalties for non-filing is extremely high. The newly rolled out and most discussed among the corporate is Form INC-20A.
Those Companies registered in India after the commencement of the Companies (Amendment) Ordinance, 2018 and having share capital is required to obtain the commencement of business certificate before commencing any business or exercising any borrowing powers. One can say that the Ministry has reintroduced the concept of Commencement of Business Certificate via Form INC-20A on MCA.
Form 20A is a declaration that needs to be filed by the company’s directors and it should be verified by a Chartered Accountant or Company Secretary or a Cost Accountant in practice.
Frequently Asked Questions
Process of filing form INC 20A
The first step is to open a company bank account (or a current account) for all its financial transactions. For this following document are required: – Certificate of Incorporation MoA (Memorandum of Association) AoA (Articles of Association) Permanent Account Number (PAN)and Know Your Customer details of the company director/s
The company requires to collect the capital invested by the company shareholders, as mentioned in the final page of the company’s MoA, including the list of shareholders & amount invested by each.
Once the capital invested by each shareholder is collected, it is deposited into the company bank account. Now, before filing a declaration of commencement of the business, the company need to acquire a certified copy of the bank statement, showing proof of deposit.
This is the final step, the declaration of the commencement of business is made by filing form INC 20A. The form is digitally signed by the company directors & then certified by a valid CA or CMA.
Get CA Mantra’s Legal Assistance to File Form INC 20A in an Easy Manner.
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