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When director of any Private Limited company leaves their position and it fails to fulfill the minimum requirement of having minimum 2 director then it is suggested by advisors to convert their Private Limited company to one person company in which only one shareholder/director is needed. The provision came under section 18 of the Company’s Act 2013 which grants the provision to convert the already registered Private Limited Company. Even after the conversion, there will be no affect on the liabilities and responsibilities of the company the resulting OPC will be liable for them.
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One person company is a separate legal entity so its liability is limited to its share capital. Since it is one person company it gets various exemptions from Govt.
Since the company is run by a single person make’s it manageable and decision-making process is fast.
There is no need hold annual general meeting or to comply with other legal needs which are essential for private limited company.
To incorporate this company only one director and 1 nominee is requiring as member can also be director it is easy to incorporate
Copy of Notice of EGM (Extraordinary General Meeting)
Certified Copy of Board Resolution
Special Resolution
Altered MOA and AOA
Affidavit of Declaration from Directors
list of Members and Creditors
Copy of NOC from creditors and Shareholders
Latest financial statements (Audited)
The process of converting a Private Limited company to a One Person Company includes obtaining the necessary approvals and licenses, registering the company with the Registrar of Companies, obtaining a Digital Signature Certificate and a Director Identification Number for the sole director, and obtaining a PAN and TAN for the company.
After conversion, the shareholders' rights will be affected as the One Person Company has only one shareholder who also acts as the sole director of the company.
Conversion to a One Person Company can have an impact on the company's financials as the company will be subject to lower compliance requirements and fewer regulatory burdens, which may result in cost savings.
Yes, a One Person Company can convert back to a Private Limited company, but it is subject to certain conditions and the approval of the Registrar of Companies and the Ministry of Corporate Affairs.
Conversion to a One Person Company usually does not affect the company's employees, as they continue to work for the company under the same terms and conditions of employment.