Commencement of business restrictions require declaration of paid-up capital and registered office verification; failure triggers penalties and removal power. A company with share capital must not commence business or exercise borrowing powers until a director files a prescribed declaration that subscribers have paid for their shares and the paid up capital meets the statutory minimum, and until the company files verification of its registered office. Non compliance exposes the company to penalties and officers to daily fines, and if no declaration is filed within one hundred and eighty days and the Registrar reasonably believes the company is not carrying on business, the Registrar may seek removal of the company's name from the register.