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A private company can convert itself into an OPC by complying the procedure laid out under the Companies Act, 2013. By converting a private company to an OPC, the ownership of the company is getting transferred to the sole member. 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.
Conditions precedent
The authorised and paid up capital of the company shall be fifty lakhs or less.
The average annual turnover during the relevant period is two crore rupees or less
The activity of the company is not falling under NBFI or investment in securities of other body corporate.
The sole member and the nominee must be Indian Citizen and resident in India; and
He shall not be a member or nominee of an OPC.
Procedure for conversion
Company shall obtain No objection in writing from members and creditors.
Pass a special resolution for conversion of private company to OPC
An affidavit by the directors of the company 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 and
Average annual turnover is less than two crores rupees.
File copy of the special resolution with the Registrar of Companies within thirty days
The company also shall file an application in Form No.INC.6 for its conversion into One Person Company
Documents required
Altered Memorandum of Association
Altered Articles of Association
Copy of latest audited balance sheet and the Profit and Loss Account
Copy of board resolution authorising giving notices to members and creditors
Copy of address proof and identity proof of nominee and member
List of members and list of creditors;
Copy of No Objection letter of secured creditors; and
Consent of the nominee
Effect of conversion
On approval of the application, the registrar will issue fresh certificate of incorporation.
The ownership will be transferred to sole member.
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.
