The whole process of the company formation may be divided into three direct stages, the sequence is:

The correct answer is: A. Promotion, incorporation by registration, commencement of business.

The three stages of company formation are:

1. Promotion. This is the initial stage of company formation, where the idea for the company is conceived and the necessary steps are taken to
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   bring it into existence. This includes drafting the company’s constitution, appointing directors and shareholders, and raising capital.
2. Incorporation by registration. This is the process of registering the company with the relevant government authority. Once the company is registered, it becomes a legal entity with its own rights and obligations.
3. Commencement of business. This is the stage at which the company begins to operate its business. This includes obtaining the necessary licenses and permits, hiring employees, and opening bank accounts.

The sequence of these stages is important, as each stage builds on the previous one. For example, the company cannot be incorporated until it has been promoted, and it cannot commence business until it has been incorporated.

It is important to note that the process of company formation can vary depending on the jurisdiction in which the company is being formed. In some jurisdictions, the process may be more complex and require additional steps.