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OPC to Private Company Conversion
- Conversion of OPC to Private Ltd. Company
- Work handled by professionals
- Completely online process
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OPC to private company conversion
It is good practice to start of small by way of one person company, but that does allow the business to scale up and reach maximum growth as the many of the features are missed out in a one person company registration, especially for people who are looking into the startup route as it is very easy to get the seeding funding from the angel investors as all the basics are legally established a growing business must consider when they are exploring. If the company is going too venture offshore and they are awaiting investment from the same then private limited is the way to go. Conversion of opc to private company can either voluntary or suo moto.
OPC to private limited conversion can be done voluntary only after two years of the incorporation, although there will be compulsory conversion of opc when the paid up share capital of the OPC exceeds 5 lacs or turnover 2 Cr. Before conversion of OPC to private limited, the directors and member minimum quorum of 3 has to be attained, and also the memorandum and articles of association has to be altered. Once the registrar of companies is satisfied with the documents, a fresh incorporation of certificate will be issued.
At Unilex Consultants we provide you a hassle free Conversion of opc to private company which would be dealt by our professionals within a time frame. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.
Advantages of converting Pvt ltd to public ltd
Increase the number of OPC members – The OPC only has one member. Thus, if the OPC wishes to expand the number of members, it can do so by changing to a private limited company and increase in the number of members to 200.
Raise Capital – The advantage of the public limited structure is that you can leverage it to raise capital from the general public through shares.
Greater Credibility – Public limited Company has greater credibility than any other form of entity.
External Funding – If an OPC wishes to be externally funded, it should change to a private limited company, as major investors and venture capitalists prefer to support private limited companies over OPCs.
Documentation for converting OPC to Pvt. Company
Last ITR of OPC
Last year financials of OPC
KYC of proposed Directors
Utility bill of address of company
Process for converting OPC to Company
- Step-1: Gathering information
- Step-2: Preparing documents
- Step-3: Filing necessary ROC forms
- Step-4: Company Incorporation
Legal Framework in relation to Conversion of OPC into Private Company
Section 18 of the Companies Act, 2013, Companies (Incorporation) Rules, 2014, and Companies (Incorporation) Second Amendment Rules, 2014 discuss about the Conversion of OPC into a Private Limited. After the coming of Companies (Incorporation) Second Amendment Rules, 2014 amended the following conditions regarding the voluntary conversion of OPC into Private Company
(a) Ministry has waived off the condition of completing mandatory two years lean-on period for any OPC to convert itself into any other kind of company except Section-8 company. Now any OPC after April, 2021 can convert itself into any other form irrespective of its incorporation date.
(b) Also, earlier any OPC when it’s paid-up capital or turnover reaches 50 lacs rupees or 2 crore rupees respectively has to mandatorily convert itself into any other form after increasing the no. of members and directors to whichever number it wants which means there was certain boundary lines already drawn for OPC restricting its operations. Now any OPC can continue itself being an OPC even after crossing the abovementioned threshold limits.
Prerequisites to convert an OPC to Private/Public Company
- The applicant company needs to prepare and audit its Profit and Loss A/c, Balance Sheet, Financial Statements and other Books of Account.
- Before undertaking conversion, the applicant company must file all returns and documentation with the ROC.
- On the issuance of a share certificate, a private business must pay its stamp duty.
- A private company is required to file TDS Returns for all deductions. A private corporation is required to file its GST Returns.
- The company must implement all of the provisions of the professional tax.
What Are the Post Conversion Requirements?
- Applying for a fresh PAN card is necessary
- Updating business letterheads and related stationery with the company’s new name is required
- The company’s bank account details must be updated
- Notification should be provided to tax authorities and relevant parties about the conversion to a public limited company
- Promptly produce printed copies of the new MOA and AOA
Yes, any OPC can be converted to a private limited company by following the legal process and fulfilling the requirements set forth by the Ministry of Corporate Affairs.
No, converting an OPC to a private limited company is not mandatory. The decision to convert depends on the growth and expansion goals of the business and the advantages it seeks to gain.
The time frame for the conversion process may vary depending on the efficiency of document preparation, filing, and the approval process by the Registrar of Companies. It typically takes a few weeks to complete the conversion.
There might be tax implications when converting to a private limited company. It is advisable to consult with a tax professional or chartered accountant to understand the specific tax implications and plan accordingly.
Yes, after the conversion of OPC to private company, the ROC will issue fresh COI.
There is no Set capital required as mentioned by 2013 governmental laws, if there is a additional capital involved we can sort it out via additional stamp duty.
A: Certain parts of the conversion process can be done online, such as filing the Application with the Registrar of Companies (RoC). However, some steps, such as obtaining the Director Identification Number (DIN), may require physical documentation and processing.
After all the documents are filed, the ROC calls the attorney on a specific date for scrutiny and making the corrections in the MOA and AOA filed. On complying with the same, the certificate of incorporation is granted to the attorney
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