Commencement of Business
1. Every company having share capital incorporated after the commencement of Companies (Amendment) Ordinance, 2018 i.e. On 2nd of November 2018 have to file a declaration of Commencement of Business to the Registrar.
As per the Companies (Amendment) Ordinance 2019, the filing of form is applicable on companies incorporated on or after 12 January 2019.
2. The declaration states that every subscriber has paid the value of shares agreed to be taken by him along with the verification of the registered office.
3. Declaration shall be filed before the commencement of business within 180 days of incorporation.
4. Declaration shall be filed in form INC 20A.
5. Verification of form by PCS/PCA/PCWA.
6. Attachments to form INC 20A.
6(a) Submission of proof of payment of value of share.
6(b) Certificate of Registration issued by any sectoral regulators (if any).
7. Fees applicable as per The Companies (Registration Offices and Fees) Rules, 2014.
8. Penalty :-
8(a) Company Rs. 50,000/- and
8(b) Officer in Default Rs 1,000 per day maximum up to Rs 1,00,000
9. Consequences of Non Filing :-
Registrar may initiate action for removal of name from the Registrar of companies.
Source : http://www.mca.gov.in/
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