One person company (OPC) is a new form of business introduced by Companies Act, 2013. It is hybrid form of business where a sole proprietorship concern can get a corporate outlook. By converting a private limited company into OPC, one can avail the benefits that OPC has to offer such as complete control over operations, less compliances and management etc.
Procedure for Conversion
A private limited company can be converted into OPC only if it has not more than 50 lakh rupees paid up share capital or average annual turnover is 2crores or less during the immediately preceding 3 financial years.
Following documents are to be attached with form MGT14
Following documents are to be attached with form INC6
E-form MGT14 has to be filed first as SRN No. of form MGT.14 will be used in form INC.6
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