Online filing of Form 20A-Commencement of business.
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What Is Commencement Of Business INC-20A?
As per section 10A of Companies Act, 2013, company incorporated on or after 02-November-2018, having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the directors in Form INC 20A.
Without filing Declaration for commencement of business, newly incorporated company cannot start its business and further MCA compliance will also be stop to file.
The declaration for commencement of business in form INC 20A clarify that “every subscriber to the MOA has paid the value of the shares agreed to be taken by him on the date of making of such declaration” and contents of the form shall be verified by a Company Secretary or a Chartered Accountant or a Cost Accountant, in practice.
Apart from filing Form ADT 1, Declaration for Commencement of business is one of the initial compliance after incorporation of company which is mandatory and most important compliances to follow as the penalties for non-filing is extremely high.
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What Is Form INC 20A ?
As discussed above, filing declaration for commencement of business is mandatory; for the filing of declaration, company needs to fill the particulars of Form INC 20A and submit to the ROC. Form INC 20A is like an application made to ROC for filing declaration for commencement of business.
Further, form INC 20A should be signed by practicing professional (CA/CS/CMA) and one Authorized director.
Due Date Of Filing ROC Form INC 20A
The Form INC 20A (Commencement of business) should be filed by directors within 180 days from the date of incorporation of company.
Normal Fees For Filing ROC Form INC 20A
While filing Form INC 20A, the below government normal fees in accordance with share capital of the company shall be charged by ROC:
Sr.No | Share Capital Value of the Company | Fee in (Rupees) |
1 | Less than 1,00,000 | 200 |
2 | 1,00,000 to 4,99,999 | 300 |
3 | 5,00,000 to 24,99,999 | 400 |
4 | 25,00,000 to 99,99,999 | 500 |
5 | 1,00,00,00 or more | 600 |
Penalty For Non-filing ROC Form INC 20A
The Form INC 20A should be filed within due dates otherwise following penalty or late fees shall be charged:
Sr.No | Delay in Filing (No of days) | Penalty/Late Fees |
1 | Upto 30 | 2 times of Normal Fees |
2 | More than 30 to 60 | 4 times of Normal Fees |
3 | More than 60 to 90 | 6 times of Normal Fees |
4 | More than 90 to 180 | 10 times of Normal Fees |
5 | More than 180 | 12 times of Normal Fees |
Online INC 20A Filing Package
BASIC
₹ 999/-
(All Inclusive)
- Fom INC 20A filing for capital upto Rs 1 lakh.
STANDARD
₹ 1,499/-
(All Inclusive)
- Fom INC 20A filing for capital upto Rs 25 lakh.
PREMIUM
₹ 2,499/-
(All Inclusive)
- Fom INC 20A filing for capital upto Rs 1 crore.
Documents Required For Filing Form INC 20A
- Company documents (PAN Card & COI)
- Subscriber proof of payment for value of shares ie: bank statement of Subscribers.
- DSC of Authorised Director to sign the Form INC 20A.
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