Description
To being the process of converting a private limited company into a OPC, a Board Meeting must be conducted to get in-principal approval of the Directors and fix date, time and place for conducting Extra-Ordinary General Meeting (EGM) to obtain the approval of the shareholders of the private limited company by means of.
What is the criteria for conversion of private limited company into one person company?
The following are the conditions for Conversion of Private Company into OPC: The paid-up share capital of Company is less than 50 lakh Rupees. In the past 3 consecutive years, the annual turnover of the Company should not be less than 2 crores Rupees. The Shareholder of the new OPC should have Indian nationality.
The One Person Company (OPC) can be converted into a Private Limited Company (PLC) as per Section 18 of the Companies Act, 2013 (‘Act’) and the provisions of Companies (Incorporation) Rules of 2014 (‘Rules’).
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