Conversion of OPC into private limited company

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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 of converting OPC to Pvt Ltd.

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MEMBERS COUNT

In a private limited company there must be a minimum of 2 people involved who would be share the roles of both shareholders & directors and to a maximum of 200 members.

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LIABILITY

Legal protection for the shareholders are the main reason why businesses seek to go the private limited route.

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MIDDLE GROUND

Private Limited companies provide the best of two worlds having the legal protection as well as keeping the process simpler.

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CAPITAL LIMITED

The initial capital limits the shareholders with the company in terms of theoretical value of shares and any paid in return to the set company.

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BUSINESS CREDIBILITY

Unlike normal Partnership firms, LLP firms, companies are given more recognition as they are regulated in company point of view by law.

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CONTINUITY OF EXISTENCE

The company would exist in succession fashion as the governmental body treats it as a separate entity in terms of law.

Documentation for for OPC to private company conversion

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Passport size photograph of Directors

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Copy of Aadhaar Card/ Voter identity card

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Copy of PAN Card of the Directors

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Electricity/ Water bill (Business Place)

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Landlord NOC (Format will be provided)

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MOA/AOA of OPC

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Latest financial statements of OPC

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NOC from member and creditors

Packages



Note:


Process involved in registering a Conversion of OPC into private limited company

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1

Eligibility check and information

1-2 working days

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2

Document Review & Completion

3-4 working days

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3

Document Submission

1-2 working days

Ways of conversion of opc to private company

    Voluntary conversion
    - OPC could only be voluntarily converted to private company after 2 years of its incorporation.
    - OPC total paid up share capital should not exceed INR 50 lacs at the time of incorporation, and turnover should not exceed 2 crores.
    - NOC from creditors and member needs to be obtained and along with that a special resolution need to passed and filed with the ROC.
    - Application for conversion has to be filed in form INC 6 with registrar of companies
    Compulsory Conversion
    - Mandatory conversion of the OPC has to be made if paid up capital and turnover exceeds the above mentioned limit.
    - Within 60 days a intimation in form INC 5 has to be submitted to ROC regarding the mandatory conversion.
    - The conversion must take place within 6 months from the date, the paid up capital exceeded 50 lacs or the last day of the relevant period during which turnover exceeded or equals to 2 crores.
    - The process of conversion will be same as described above in voluntary conversion.

FAQs About OPC to private company conversion

Does the ROC issue fresh certificate of incorporation after conversion?
Yes, after the conversion of OPC to private company, the ROC will issue fresh COI.
What is a Private limited company ?
A private limited company is treated as a business entity dealt completely by private ownership. The provisions of company Act 2013. For the registration of a Private limited company it is mandatory to have four roles defined sorted namely 2 Directors and 2 Shareholders. It is not necessary to have four different people to be part of the establishment, a person can act as both the shareholder and one of the directors.
What is the Memorandum of Association (MOA) and the Articles of Association (AOA) of a company and what is the procedure in their regard?
On receipt of the name approval letter from the ROC the MOA and the AOA are required to be drafted. The MOA states the main, ancillary / subsidiary and other objects of the proposed company. The AOA contains the rules and procedures for the routine conduct of the proposed company. It also states the authorized share capital of the proposed company and the names of its first / permanent directors. After the MOA and AOA are required to be stamped.
Minimal Capital involved in registering as a private limited ?
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.
How is the certificate of incorporation issued?
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.
What are the things to expect after conversion ?
Members Count : In a private limited company there must be a minimum of 2 people involved who would be share the roles of both shareholders & directors and to a maximum of 200 members Liability - Legal protection for the shareholders are the main reason why businesses seek to go the private limited route. Middle ground - Private Limited companies provide the best of two worlds having the legal protection as well as keeping the process simpler. Capital Limited - The initial capital limits the shareholders with the company in terms of theoretical value of shares and any paid in return to the set company.

Why choose Unilex?

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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