Commencement of business for managing general agents requires start-up within the prescribed period, with limited extension on timely application. A Managing General Agent must commence business within 180 days from the grant of registration. If it cannot do so, it may apply at least 30 days before expiry for extension of time. The Competent Authority may consider the application and communicate its decision in writing, but no extension can exceed 18 months from the date of registration.