Form INC-20A (Certificate of Commencement of business)

As per Section 10A of Companies Act 2013 any company incorporate on or after 02/11/2018,having share capital shall not start its business or exercise any borrowing power unless a declaration is filed by the directors with in 180 days for the date of incorporation of company in form 20A.
In E-form 20A 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 such contents of the said form shall be verified by a Company secretary or a Chartered Accountant or a cost accountant, in practice .

Provided that in the case of a company pursuing objects requiring registration or approval from any sectoral regulators such as the Reserve Bank of India, Securities and Exchange Board of India, etc., the registration or approval, as the case may be from such regulator shall also be obtained and attached with the declaration.

Important Point in Regarding FORM INC-20A-

1. Filing of Form INC-20A is mandatory to obtain certificate of Commencement of business.
2.All companies incorporated on or after 02/11/2018 and having share capital shall file Form INC-20A.
3. Those companies who incorporate before 02/11/2018 and limited by guarantee not having share capital shall not require filing form INC-20A.
4.Due date for the first time filing Filing Form INC-20A is within 180days from the date of incorporation.
5.If form INC-20A is not filie on time then company liable to pay Rs.50000 as a penalty and Every officer who in default liable to pay Rs.1000/- per day of default up to Maximum Rs.100000.
6.For Non filing Form INC-20A within Time then Company cannot start business and company cannot borrow money.