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of <h1>Starting business for share-capital companies: Section 11 filing of capital receipt and office verification scrapped; penalties removed.</h1> Section 11 of the Companies Act, 2013 is omitted with effect from 29-05-2015 by the Companies (Amendment) Act, 2015. The omission removes the statutory requirement for companies having share capital to file a director's declaration confirming receipt of subscribers' share capital meeting specified minimum paid-up thresholds, and to file verification of the registered office, as conditions precedent to commencing business or exercising borrowing powers. It also removes the associated penalty and continuing daily fine for default, and eliminates the Registrar's power under this section to initiate removal of the company's name for failure to file the declaration within 180 days where there is reasonable cause to believe the company is not carrying on business or operations.
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