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WHAT IS PRIVATE COMPANY TO ONE PERSON COMPANY (OPC) CONVERSION

A One-person company can be easily managed with less compliance to be followed, conversion of Sole Proprietor firm or Partnership or Private Limited Company to One Person Company would benefit most people.

Steps to Convert Pvt Ltd to OPC
Procedure for conversion of the Private company into a One Person Company:
The procedure for conversion of the private company into a One Person Company is regulated by Rule 7 of companies incorporation rules, 2014.

1. A private company other than a company registered under Section 8 companies Act 2013, who has a share capital of 50 lakhs rupees or those having an average annual turnover is 2 crore rupees during the relevant period, may convert their private company into a one-person company.

2. This Conversion shall be in accordance with Rule 7 of Companies (Incorporation) Rules, 2014.

3. The company shall obtain a NO objection in writing from existing members and creditors when passing a special resolution in the general meeting.

4. The company is required to file Special Resolution passed by shareholders for Conversion of Private Company into One Person Company (OPC) with a concerned Registrar of Companies. Hence, file form MGT.14 within 30 days of the passing of Special Resolution with the concerned Registrar of Companies with the documents.

5. The following documents should be attached along with fees:
• The directors of the company shall give a declaration by way of an affidavit duly sworn in confirming that all members and creditors of the company have given their consent for conversion, the paid-up share capital company is fifty lakhs rupees or less or average annual turnover is less than two crores rupees, as the case may be;
• The list of members and list of creditors;
• The latest Audited Balance Sheet and the Profit and Loss Account; and
• The copy of No Objection letter of secured creditors.

6. Concerned Registrar of Companies (ROC) will check the forms and attached documents filed by the Company for Conversion of Private Company into One Person Company (OPC). On being satisfied that Company has complied with prescribed requirements the Registrar of Companies (ROC) shall issue the Certificate to the effect of Conversion of Private Company into One Person Company (OPC).

Advantages of conversion of private company to OPC


Lesser compliances as compared to private company.
Lesser interference of stakeholders.
Smooth operations of the company.
Various exemptions under companies act 2013 for private companies.

Documents for private company to OPC conversion


Latest financial statements

MOA and AOA

List and affidavit from creditors

Affidavits from Directors

Various signed resolutions

Declaration from Directors for turnover and capital limit.

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Procedure for private limited Company to OPC conversion

Preparing Board meeting and EGM documents.

Drafting notices and resolutions.

Alteration of MOA & AOA.

Filing MGT-14 form to ROC.


Filing form INC-6 with the ROC.

New certificate of incorporation given by ROC on satisfaction.

Reasons for conversion of Private company to OPC

  • One of the co-founder or promoter left the private company, due to which it has to be compulsorily converted.
  • Various exemptions provided to one person companies under companies act 2013.
  • Lesser compliances under various acts, thus resulting in less yearly recurring cost.
  • Promoter wants complete control of the business and profit sharing.

FAQ’s ABOUT PRIVATE COMPANY TO ONE PERSON COMPANY (OPC) CONVERSION

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WHY CHOOSE KSHITIJ CONSULTANCY ?

Well with highly qualified professionals in our team along with the technology gives edge over others, as a result highly rated professional services with full customer satisfaction is assured. We help to grow and manage your business letting you to concentrate on your business.

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