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Behind the Scenes of Form INC-20A: Lesser-Known Facts You Should Know!

Filing the INC-20A form is a crucial step for companies after their incorporation, and it's essential to do it within the prescribed timeline to avoid any penalties or legal complications. In this PDF mention the all fector which you should know if want to register your company.

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Behind the Scenes of Form INC-20A: Lesser-Known Facts You Should Know!

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  1. Behind the Scenes of Form INC-20A: Lesser-Known Facts You Should Know! Filing Form INC-20A, or the Declaration for Business Commencement, is a mandatory requirement for companies registered in India before they can commence their business operations. While many entrepreneurs are aware of this requirement, there are several lesser-known facts and nuances that can cause confusion and delay in the process. In this article, we'll explore 10 things that most people don't know about Form INC-20A and clear up some common misconceptions as well. What is the timeline for filing the INC-20A form? The Declaration for Commencement of Business, or the INC-20A form signifies that a newly incorporated company has started its business operations and is typically filed within 180 days of the date of incorporation. What are the consequences of not filing out the INC-20A form? Failing to file the INC-20A form within the prescribed timeline can lead to serious consequences for the company, like striking off its name from the Register of Companies. Moreover, the directors could be held personally liable for all the liabilities of the company.

  2. Can INC 20 A be signed physically or is it necessary to have a DSC? In order to sign the INC-20A online form, a digital signature certificate (DSC) of the authorized director is mandatory. The DSC can be obtained from any certified agency provided it is recognized by the Controller of Certifying Authorities in India. Is it necessary for the company to have a bank account before filing INC 20 A? Yes, it is necessary to have a bank account in the name of the company before filing the INC-20A form because the form requires the details of the company's bank account, such as the name of the bank, the branch, and the account number besides a copy of the bank statement or passbook as proof of the bank account. Can the registered office of a company be changed after filing the INC-20A? Yes, the registered office of the company can be changed after filing the INC-20A form by complying with the requirements and procedures specified under the Companies Act, 2013. The company must also update the necessary documents such as the memorandum of association and articles of association accordingly. Can a company that has not started its business operations file the INC-20A form? Yes, a company that has not started its business operations can still file form INC-20A with ROC. In fact, this form is specifically designed to be filed by companies that have recently been incorporated and have not yet started their business activities. The purpose of this form is to ensure that the company has fulfilled all the statutory requirements and is ready to commence business operations. Are there any exemptions or relaxations available for filing the INC-20A form? As of now, there are no exemptions or relaxations available for filing the INC-20A form. Every company that has been registered on or after April 2, 2014, and intends to commence business activities is required to file the form within 180 days of its incorporation. What is Form INC-20A applicability?

  3. It is mandatory for all types of companies to file the INC-20A form. As per the Companies Act, 2013, all companies that are incorporated on or after April 2, 2014, are required to file the INC-20A form as a Declaration of their business commencement. What are the documents required for filing INC 20 A form? The documents required for filing INC 20 A form include a Board Resolution approving the decision to file the form, a proof of the registered office address of the company, the company’s bank account statement showing that no other business related transaction other than deposition of capital by the shareholders has taken place, the PAN & TAN of the company, and finally, the DIN and DSC of the director authorized to sign the form. Final Thoughts Filing the INC-20A form is a crucial step for companies after their incorporation, and it's essential to do it within the prescribed timeline to avoid any penalties or legal complications. The process may seem daunting, but with the right knowledge and guidance, it can be completed very smoothly. By understanding the requirements and consequences of non-compliance, companies can stay compliant and focus on growing their businesses.

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