MANDATORY TO SUBMIT DECLARATION FOR COMMENCEMENT OF BUSINESS BY COMPANIES REGISTERED ON OR AFTER 2nd DAY OF NOVEMBER, 2018:

MANDATORY TO SUBMIT DECLARATION FOR COMMENCEMENT OF BUSINESS BY COMPANIES REGISTERED ON OR AFTER 2nd DAY OF NOVEMBER, 2018:
 
Companies registered on or after November 02, 2018 is required to file the declaration for the commencement of business with the Registrar of companies.
 
TIME LIMIT: The declaration for the commencement of business shall be filled within 180 days from the date of getting CERTIFICATE OF INCORPORATION.
 
REQUIREMENT TO SUBMIT FORM INC-20A:
Bank Statement of the Company showing Initial capital Amount and signed by both the Directors of the Company withstamp.
 
PENALTY IF NOT FILED THE ABOVE MENTIONED FORM:
The company is liable to pay Rs. 50,000
Directors are liable to pay Rs. 1000 per day and maximum up to 1 lakh after the expiration of 180 days from the date of registration.

CONSEQUENCES IF FORM IS NOT FILED WITHIN TIME-

• The company cannot start its business
• The company cannot borrow money
• The company may be closed by the Registrar of Companies.
• ROC may remove the name of the company from the Registrar of Companies