A company incorporated on or after 02.11.2018 and having a share capital shall commence any business or exercise any borrowing powers only after complying the following requirements:
FILING OF REGISTERED OFFICE (FORM INC-22)
Filing of Form lNC-22 is not required in case where the company has filed required details for verification of Registered office address as Permanent Address maintains its registered office at the given correspondence address.
Open Bank AccountIt is preferable to open a Bank Account in the name of the Company immediately after incorporation to deposit the subscribed capital of company.
Infusion of Capital by All subscribersAll subscribers to Memorandum to bring value of the shares agreed to be taken by him. The amount can be brought in to company either in cash or as deposit to company bank account.
Filing declaration with Registrar of CompaniesA declaration to be filed with Registrar of Companies confirming that all subscribers to Memorandum to bring value of the shares agreed to be taken by him. This declaration has to be filed within 180 days of incorporation of company.
Verification of Registered OfficeFiling of INC-22 is required for verification of its registered office if the company was registered with a temporary address while filing SPICe Form INC-32.
Penalty for Non-Compliance
If a company makes any default in complying with the above requirements, the company shall be liable to a penalty of fifty thousand rupees and every officer who is in default shall be liable to a penalty of one thousand rupees for each day during which su
Closure of Company By ROC
If the company has not filed the declaration within a period of 180 days of the date of incorporation of the company, the Registrar may initiate action for the removal of the name of the company from the register of companies on the reasonable belief that
The Company has to prove that all the subscribers of Memorandum has paid the value of the shares agreed to be taken by him
Bank Statement reflecting the credit of subscribed capital
Any other Proof of infusion of Capital
Required in case the company was registered with a temporary address while filing SPICe Form INC-32.
Rent Agreement in the Name of Company (if any)
Proof Address of Registered Office
NOC from the owner of premises
How it works
All the subscribers of memorandum to bring agreed capital
File Declaration with Registrar of Companies
Complete verification of Registered office address
It is applicable to all companies incorporated on or after 02.11.2018 and having a share capital
As per Section 10A of the Companies Act (as inserted by the Companies Amendment Ordinance 2018) every company incorporated after 02.11.2018 can commence the business activities ONLY AFTER filing a declaration to the Registrar that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him and filing the verification of registered office
The declaration for Business Commencement has to be filed by the company within a period of 180 days of the date of incorporation of the company