Convert Private Limited Company to One Person Company in India

As per the Companies Act, 2013, a Private Limited Company can be converted into a One Person Company (OPC). The Private Limited Company needs to have a paid up capital of less than INR 50 lakh and an annual turnover of not exceeding INR 2 crore. In addition, the OPC also need a nominee. A Resolution in the Extraordinary General Meeting (EGM) need to be passed for the approval of this conversion, before passing such resolution, the company shall procure a No Objection in writing from existing members and creditors.

The one person company shall file copy of the special resolution with the Registrar of Companies within thirty days from the date of passing such resolution in Form MGT – 14. [Rule 7(3)]

The company shall submit an application under the Form INC – 6 for its conversion into One Person Company (OPC) along with fees as provided in the Companies (Registration offices and fees) Rules, 2014, by attaching the following documents, namely:-

(i) The directors of the company shall made a declaration through an affidavit duly sworn in confirming that all members and creditors of the company have given their approval 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;

(ii) the list of members and list of creditors;

(iii) the latest Audited Balance Sheet and the Profit and Loss Account; and

(iv) the copy of No Objection letter of secured creditors. [Rule 7(4)]

On being satisfied and conformed to requirements stated herein the Registrar shall issue the Certificate.

Advantages of One Person Company

Limited Liability

In case of Sole Proprietorship firm, the personal possessions of the directors remain at risk during failure. On the other hand, the shareholder’s liability in a One Person Company is limited to his shareholding.

Legal Status

The format of OPC is very much similar to Private Limited Company. Therefore OPC also gets the corporate status which encourages the entrepreneur to hire quality workforce and retain themby giving corporate designations, such as directorship.

Our strong domain expertise and customized work approach make us a leader in the segment. Trademark Bazaar provides full-fledged assistance to business owners looking to convert to One Person Company. We take a consultative approach to our service delivery and provide a solution that becomes the best fit for you in all aspects.

About Trademark Bazaar

The most preferred partner in India for those looking to set up their own business. Give your business dream a flying start with us as we are right here to make it realistic and possible in a cost effective manner. Set up in the year 2017, our aim is to make it easy and affordable for entrepreneurs to make their boats sailing in the right manner. Right from the beginning, we are poised towards infusing unprecedented levels of ease and value in the company incorporation procedure.

We help entrepreneurs in meeting legal and regulatory requirements by partnering them at each & every stage of their business life cycle.

Setting up a Business :-

Setting up a business in India is quite a mountainous job for many due to huge complexity. Be it a Private Limited Company, Public Limited Company, Limited Liability Partnership, Sole Proprietorship, One Person Company or any other company format, choosing the right procedure and meeting all statutory guidelines is utmost necessary for a smoother drive ahead. At Trademark Bazaar, our business incorporation experts would guide you through the most appropriate business model basis your distinctive needs, budget and other factors. Our personalized and consultative approach towards business incorporation makes us a leader in the segment.

Intellectual Property :

Securing your business assets is another important aspect for a business owner. Intellectual property elements such as trademark, copyright, and patents need to be obtained in a prescribed manner from the respective authority so as to gain full control of your products/services. At Trademark Bazaar, we are all set to provide full-fledged assistance in regard to Intellectual Property management. Irrespective of your industry type and product category, our professionals are ready to provide value-oriented services in a cost effective manner.

Convert Private Limited to One Person Company