A company incorporated with share capital cannot commence business or exercise borrowing powers until it files a statutory declaration affirming that all initial requirements under the Companies Act have been satisfied — codified in Section 10A of the Companies Act 2013 and Rule 23A of the Companies (Incorporation) Rules 2014.
The declaration must be filed with the Registrar of Companies in Form INC-20A within 180 days of incorporation. It is a statutory prerequisite for entering contracts, raising capital, rendering services, issuing invoices and exercising borrowing powers.
All companies incorporated on or after 2 November 2018 with share capital must file Form INC-20A within the prescribed timeline.
Failure to file on time prevents the company from lawfully commencing business and may lead to regulatory consequences.
Before filing Form INC-20A, the company must ensure the following are in place.
A bank account is opened in the company’s name.
Subscribed share capital per the MOA is deposited into the company’s bank account.
The registered office details are verified with the RoC, if not already done.
Form INC-20A must be signed by a director authorised by the Board and certified by a practising professional — a CA, CS or CMA — confirming compliance with statutory conditions.
Due date: Form INC-20A must be filed within 180 days of the company’s incorporation.
Verification of incorporation data, review of share-subscription and bank-deposit evidence, and confirmation of registered-office verification.
Drafting the board resolution authorising the filing and the director’s declaration under Section 10A, with supporting documentation.
Preparing Form INC-20A on the MCA portal, attaching the prescribed declarations, and certification by a CA/CS/CMA with digital signatures.
The acknowledgement receipt / commencement certificate is issued, and the company becomes legally eligible to begin operations.
Non-filing undermines legal status and may impact investor confidence and operational legitimacy.
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