Private Company To OPC Conversion
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Conversion From Private Ltd. To One Person Company
The Companies Act, 2013 was expected to simplify the provisions but on the contrary it brought lot of restrictions on doing business. Therefore the private companies are converting themselves into One Person Company.A One Person company can be easily managed with less compliance to be followed, conversion of the Sole Proprietor firm or Partnership or Private Limited Company to One Person Company would benefit most people.
A private company having paid up share capital of rupees 50 lakhs or less or average annual turnover during the relevant period is rupees 2 crore or less may convert itself into OPC.An application for its conversion into OPC is filed to the Registrar along with the requisite documents and the prescribed fees.
Advantages of One Person Company (OPC) Business Firm
The greatest benefit of private limited companies is limited liability. Private limited companies, according to Apex, are treated as a single entity, making the company responsible for all debts. If anything happens to the company, its members are not personally affected; members are only liable for unpaid shares.
Less Compliance and management
One Person Company have to face less compliance burden under various acts as compared to private and public limited companies , hence One Person Company can more focus on other functional and core areas.
Continuity of Existence
Private limited companies enjoy permanent succession because the company is its own legal entity. Shareholders and employees act “as agents of the company”
You, only the owner helpful in quick decision-making, controlling and managing the business without following any elongated processes and methodologies as adopted in other companies. The sense of belonging inspires to grow the business further.
Like a Private company, One Person Company can raise funds through venture capital, financial institutions, angel investors etc. A One Person Company can raise funds thus graduating itself to a private limited company.
Benefits of being a Small Scale Industries (SSI)
An One Person Company can avail the various benefits provided to Small Scale Industries like lower rate of Interest on loans, easy funding from bank without depositing any security to a certain limit, manifold benefits under Foreign Trade policy and others
- Affidavit by all the Directors conforming that the Company is eligible to be converted.
- List of members and list of creditors
- Copy of No Objection letter of secured creditors.
- Latest Audited Balance Sheet on the Profit and Loss Account
|Convert Your Private Limited Company into One Person Company (OPC) @Just Rs 12,999/- (All inclusive)|
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Procedure For Conversion
Conducting The Board Meeting(1-3 Working Day)
- The Board meeting of the company will be conducted to approve the resolution and call the Extra Ordinary General Meeting (EGM) for passing the special resolution.
Holding Extra Ordinary General Meeting(1-3 Working Day)
- Hold the Extra-ordinary General meeting (EGM) and pass the necessary Special Resolution, for Conversion of Private Company into One Person Company (OPC).
Filling Forms & Approval(2-3 Working Day)
- Alteration of MOA and AOA and filing of the requisite forms will be done with the ROC for the conversion
Frequently Asked Questions
Can an OPC be converted into a Private Limited Company?
There are two ways: Voluntary conversion After two years from the date of incorporation, an OPC can convert itself into a Private or Public company.
Compulsory Conversion When the paid-up capital exceeds Rs. 50 lakhs or, the Annual turnover for the relevant financial year exceeds Rs. 2 crores, then in such cases, the company has to compulsorily convert itself into Private Limited Company or Public Limited Company.
Who is eligible to act as an member of OPC?
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC. The term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.
A person can be a member in how many OPCs?
A person can be member in only one OPC.
What if a member of an OPC becomes a member in another OPC by virtue of being a nominee in that other OPC?
Where a natural person, being member in One Person Company becomes a member in another OPC by virtue of his being a nominee in that OPC, then such person shall meet the eligibility criteria of being a member in only one OPC within a period of one hundred and eighty days, i.e., he/she shall withdraw his membership from either of the OPCs within one hundred and eighty days.
Which Form is to be filed in case of withdrawal of consent by the nominee of an OPC or in case of intimation of change in nominee by the member?
Form INC-4 shall be filed in case of withdrawal of consent by the nominee or in case of intimation of change in nominee by the member.