#companyact

Learn about the key provisions and regulations outlined in the Company Act 2063 in Nepal.

INC-20A: Declaration for commencement of Business 

 1. Why INC-20A came and Its Applicability? Incorporate Company Without Depositing Amount in Company Bank Account with the name of Subscribers. Applicability: 

 • company incorporated on or after 02//11/2018 AND,

 • Having share capital   

• shall not commence its business or exercise any borrowing powers unless a declaration is filed by the directors within 180 days from date of incorporation of company in INC form 20A. 

2. What details are required to be furnished in “Form 20A”?

 • Declaration that all the subscribers to the MOA have remitted the total value of the shares agreed to be taken by them  in the Companies Bank Account.

 3. What are the attachments to the form 20A?

 • Subscribers proof of payment for value of shares 

• Bank Account statement of Company having all credit entries for receipt of subscription money received from all subscribers to MOA. 

• In case bank Statement is not Available , we can use NEFT / IMPS receipts as valid proof 

4. What  are the Consequence if form is not Filed within time?

 • Registrar may initiate action for the removal of the name of Company 

• Company cannot borrow money 

• Company cannot start business

 • Company liable to pay Rs. 50,000 

• Every officer who is in default liable to pay Rs. 1000/- per day of default  upto a Maximum Rs. 1,00,000/-.

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