## Commencement of Business (Sec 10A)
### Director's Declaration
A director shall file a declaration within 180 days of incorporation stating that:
- All subscribers to the MOA have paid the agreed value of the shares they subscribed to.
### Verification of Registered Office
The company shall also file verification of its registered office with the ROC, as required under Sec 12.
### Verification by Professionals
The declaration shall be verified by a CS / CA / CMA in practice.
### Special Entities (Sectoral Regulators)
For companies requiring approval from sectoral regulators (e.g., RBI, SEBI), the relevant approval or registration shall also be attached with the declaration.
### Penalty for Default
| Defaulter | Penalty |
|---|---|
| Company | ₹50,000 |
| Officers | ₹1,000 per day, up to a maximum of ₹1,00,000 |
### Failure to Submit Declaration — ROC's Action
If no declaration is filed within 180 days and the ROC believes the company is not operating, the ROC may initiate action to remove the company from the register under Chapter XVIII.
### Summary at a Glance
- Time limit: 180 days from incorporation
- Pre-condition: Subscribers have paid up
- Verification: by CS/CA/CMA in practice
- Sectoral approval: if applicable (RBI/SEBI)
- Consequence of default: Fine + possible strike-off