The eForm INC-20A (Declaration for the commencement of business) is needed to be filed according to Section 10A (1) (a) of the Companies Act, 2013 and Rule 23A of the Companies (Incorporation) Rules, 2014.

As per the latest section which is being inserted after section 10 of the companies act 2013, section 10A states that an organization incorporated on or after 02/11/2018, having share capital would not begin its commerce or carry out any borrowing powers aside from if a declaration has been filed by the directors in 180 days from date of incorporation of the corporation in eform inc-20A (notified on 26/01/2019), with the Registrar of Companies that “each subscriber of the MOA has paid the value of the shares taken by him as agreed by him as per the Incorporation documents” and the form shall be verified by a Company Secretary or a Chartered Accountant or a Cost Accountant.

Given that on account of a corporation pursuing objects that needed registration or approval from any sectoral regulators like the Reserve Bank of India, Securities and Exchange Board of India, and so forth., the registration or approval, as the case might be from such regulator is required to be obtained as well as attached along with the declaration.

Document Required for Registration 

The declaration that every one of the subscribers towards the MOA has remitted the entire value of the shares agreed to be taken by them in the Companies Bank Account are needed to be provided in eForm inc-20A.

Also, the attachments that need to be attached with the eform inc-20A are;

• Certificate of Incorporation (CoI).
• Proof of payment by subscribers for the value of shares taken by them.
• An individual is required to attach the Bank Account statement of Company having all credit entries for receipt of subscription money received from every one of the subscribers to MOA.
• For Non-Banking Financial Company (NBFC), a Certificate of Registration issued by the RBI is also needed.