Is Inc 20A Mandatory?

by

Overview of Form INC-20A

Companies incorporated after 02/11/2018 with share capital must file Form INC-20A within 180 days of incorporation to declare commencement of business operations. The Form contains a declaration that memorandum of association (MOA) subscribers have paid for shares. Download the form from the Ministry of Corporate Affairs (MCA) website. If a bank statement is not available as proof of subscriber payment, a director declaration can be submitted instead. Filing is mandatory to start business activities and borrow funds. Late filing can result in penalties of ₹1,000 per day up to ₹1 lakh on the company and directors.

FAQs about Form INC-20A

  1. What is the meaning of Form 20A?
  2. Who should file Form INC-20A?
  3. What details should be furnished?
  4. Where can the form be downloaded?
  5. What is the due date for filing?
  6. What if a bank statement is not available?

Section 10A of the Companies Act 2013

Companies incorporated after 02/11/2018 with share capital must file Form INC-20A within 180 days of incorporation to declare commencement of business operations. Download the form from the Ministry of Corporate Affairs (MCA) website. The Form contains a declaration that memorandum of association (MOA) subscribers have paid for shares. If a bank statement is not available as proof of subscriber payment, a director declaration can be submitted instead. Filing is mandatory to start business activities and borrow funds. Late filing can result in penalties of ₹1,000 per day up to ₹1 lakh on the company and directors.

Leave a Comment