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A One Person Company (OPC) can convert itself into a private company by complying the procedure laid out under the Companies Act, 2013. By converting an OPC to a private company, the ownership of the company is getting transferred from the sole member to minimum two shareholders. The number of directors also to be increased to minimum two. The Registrar shall on an application made by the company, after satisfying himself that the relevant provisions of for registration of companies have been complied with, register the documents for conversion and close the former registration of the company and issue a fresh certificate of incorporation.
Condition Precedent
No OPC can convert voluntarily into a private company unless two years is expired from the date of incorporation;
Exception;
An OPC can convert into a private company within two years of its incorporation only if threshold limit (paid up share capital) is increased beyond fifty lakh rupees or its average annual turnover during the relevant period exceeds two crore rupees.
Procedure for conversion
Company shall obtain No objection in writing from creditors.
Pass a resolution for conversion of OPC to private company
An affidavit by the director(s) of the company confirming that all creditors of the company have given their consent for conversion,
file copy of the special resolution with the Registrar of Companies within thirty days
The company shall file an application in Form No.INC.6 for its conversion into private limited
Documents required
Altered Memorandum of Association
Altered Articles of Association
Copy of latest audited balance sheet and Loss Account
Copy of board resolution authorising giving notices to creditors
List of creditors; and
Copy of No Objection letter from secured creditors.
Effect of conversion
On approval of the application, the registrar will issue fresh certificate of incorporation.
The ownership will be transferred from sole member to multiple members.
The new company have no restriction on the capital or turnover.
The conversion shall not affect any debts, liabilities, obligations or contracts incurred or entered into, by or on behalf of the company before conversion and it may be enforced in the manner as if such registration had not been done.
