1Is it mandatory to file form INC 20A?
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.
2Who shall file “Form INC 20A”?
Every company that is incorporated on or after 02/11/2018
and having a share capital is required to file INC 20A
3Who shall not file “Form INC 20A”?
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 to file it.
4What is the due date of filing form INC 20A ?
The due date for filing the declaration is within 180 days from the day of company incorporation.
5Is it s one-time filing ?
Yes, the declaration is a one-time mandatory filing for companies incorporated post 02/11/2018.
6What is the Government fee for filing the form?
The Government fee depends on your authorised capital, however a minimum fee is Rs. 200/- for a share capital less than one lakh.
7Can I do business without filing the form?
No, You cannot start the business without filing this form.
8Is this a one-time process or to be done annually?
It is one-time filing compliance.
9What is the consequence of not filing the form?
MCA will charge penalty to the company as well as to its directors who commence the business without obtaining the declaration. Further, MCA may also strike off the company.
10What are the attachments to the File INC 20A? .
The Bank Account statement of a Company having all credit entries for receipt of subscription money received from all subscribers to MOA is to be attached with the form. One can also attach IMPS or NEFT receipts.