Commencement of BusinessForm (INC 20A)

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Commencement of Business Form (INC 20A) Appointment

What is Commencement of Business Form (INC 20A)?

Following registration with the Ministry of Corporate Affairs in India, the business shareholders must deposit the necessary share capital with the firm. The number of shares or money shall be equal to the number subscribed in the Memorandum of Association at the time of the Company's incorporation. The critical element is that the share capital can be put in the corporation either in cash or in a bank account, or both.

Once a casual Auditor vacancy occurs as a result of resignation, the following measures must be followed.

What are the implications of failing to file INC-20A?

When a corporation or its directors fail to file the Form INC 20A within 180 days of its incorporation, the corporation or its directors may be subject to severe fines.

  • In the event of a default in submitting INC 20A with the ROC, the Company shall be obliged to pay a penalty of Rs.50,000.

  • In the event of a default in filing INC 20A with the ROC, the Directors/other officials of the Company shall be liable to pay a penalty of Rs.1,000/- each day from the date of default, subject to a maximum of Rs.1Lakh.

  • In the event of a failure to file an INC 20A with the ROC, the ROC may begin removing the Company's name.

  • The firm cannot commence operations without first obtaining a certificate of commencement of business; the Company undertakes any transaction or business activity before receiving the certification of the start of operations may be considered illegal.

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    Benefits

    Get a free consultation for Private Limited Company registration by scheduling an appointment with Legal Time.

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    Requirements

    Minimum two directors
    Minimum two shareholders
    At least one director should be from India
    Maximum 200 shareholders

    Documents Required

    PAN CARD

    Need Pan Card of all Shareholders and Directors, Foreign Directors must be required a valid Passport with validated or apostilled

    PHOTOGRAPH

    Updated Passport size photos of all Participators / Shareholders and Directors.

    IDENTITY PROOF

    Need identity proof: - Aadhar Card/ Voter ID/Passport/ Driving License of all Shareholders and Directors.

    ADDRESS PROOF

    Updated Electricity Bill/ Telephone Bill / Bank Account Statement of all Shareholders & Directors.

    FOR REGISTERED OFFICE

    Rent agreement

    Valid Rent agreement, Utility bills:- telephone bill, electricity bill, and municipal (It should be last 2 Months) NOC From Owner.

    NOC From Owner.

    Post Company Registration Requirements?

    Once the Company registration is completed, you have to take the necessary steps in order to make a strong presence in the industry.

    Mandatory Compliances

    GST Registration

    Trademark/Patent Registration

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