In view of the COVID-19 outbreak, the Government has granted companies an additional 180 days to file the Declaration of CoB in the Form INC-20A.
Time-limit to file Declaration of CoB Raised
As per the Companies Act 2013, every newly incorporated company is required to file a declaration of commencement of business (CoB) in the form of INC-20A.
- This form is to be filed within 180 days from the date of the company incorporation, stating that all subscribers to the memorandum have paid the value of the shares agreed to be taken by them.
- In the wake of COVID-19 Outbreak, the Ministry of Corporate Affairs (MCA) has introduced Special Measures under Companies Act, 2013.
- As per these Special Measures, MCA has now provided an additional time-limit of 180 days for filing of the declaration of CoB in INC-20A. Read the MCA Circular.
- This means that all the newly incorporated companies can now file form INC-20A within a period of 360 days (180+180) from the date of company incorporation.
So now, the newly incorporated companies are supposed to file a declaration for Commencement of Business within 360 days of incorporation. This additional period of 180 more days allowed for this compliance will surely give much relief to the businessmen hit due to the COVID-19 crisis.
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In case you need any kind of further guidance with regard to the Company incorporation please feel free to contact our business advisors at 8881-069-069.
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