What is INC – 20 A Filing?
INC – 20A Filing
INC – 20 A is a mandatory form that has to be filed by any company that incorporated on or after 02/11/2018 with Ministry of Corporate Affairs, which is also known as ‘Declaration of Commencement of Business’. The directors of the company are liable to file INC – 20 A within 180 days from date of incorporation of the firm, which having a share capital. Declaration Certificate of Commencement of Business filed by Directors of the company, once the company receives Certificate of Incorporation. Opening a Current Bank Account in the name of the business is mandatory to deposit the share capital subscribed in MOA by each partner.
Consequences of non-filing
Company is liable to pay Rs. 50,000 penalty.
The registrar may initiate action for removal of the name of the Company.
Company would not be able to start its business or borrow money.
Every officer who is in default is liable to pay Rs. 1000/- per day of default up to a Maximum Rs. 1,00,000/-.
Documents Required for INC – 20 A Filing
Registration Certificate
Certificate of Incorporation from MCA (Certificate of Registration by RBI/Other regulators – Applicable for NBFC)
Proof of Payment of Subscribed Capital
Bank Statement/ NEFT/IMPS Receipts
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The Process of Filing INC – 20 A
- 1
Day 1
Collection of Information · Discussion and Collection of required documents · Verification of information and documents provided · Drafting of required documents for filing · Attachment of supporting documents
- 2
Day 2
Preparation and filing of online form · Online filing with Professional Certification · Sharing approval by e-mail · *Subjected to Government Processing Time
Frequently Asked Questions
Yes, it is mandatory to file Declaration of Commencement of Business by filing form 20A; to establish that the company has received the paid up share capital amount and is eligible to start its business and borrow money in its name.
Companies that are limited by guarantee i.e. the ones not having share capital or the ones incorporated before 02/11/2018 are not required filing it.
Yes, the declaration is a one-time mandatory filing for companies incorporated post 02/11/2018.
The due date for filing the declaration is within 180 days from the day of company incorporation.
Every company that is incorporated on or after 02/11/2018 and having a share capital is required to file INC 20A
No, you cannot start the business without filing this form.
MCA will charge penalty to the company as well as to its directors who commence the business without obtaining the decleration. Further, MCA may also strike off the company.
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