Convert Proprietorship to One Person Company
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INTRODUCTION
Convert Proprietorship to OPC
An enhanced version of a single proprietorship is a one-person business. One-person enterprises are excellent organizational models for medium-sized enterprises. Converting a sole proprietorship into a one person company is a wise business move since it is an enhanced and superior version of a single proprietorship. With this particular corporate structure, the sole promoter maintains complete control over the firm while minimizing his responsibilities to protect his personal assets. This company’s owner is a shareholder. As with Private Companies, OPC may also designate a different person as a director for its administration. In the event of OPC, the nomination process must be completed.
ADVANTAGES
Advantages of conversion from proprietorship to OPC
Separate Legal Entity hence limited liability
Safeguarding the individual assets of the business guarantees that the owner's liability is restricted to the amount of their own ownership.
Opens better business avenue's
OPC is preferred by large corporations over proprietorship enterprises for business dealings. OPC is registered in the same way as a private company, and since private corporations are the more reputable type of business, obtaining capital from financial institutions is a breeze for them. It boosts the trust that clients and suppliers have in the company.
An easy to manage structure
Because there is only one member, OPC's structure is controllable. An further regular general meeting or an annual meeting is not necessary. Since there is just one person with the ability to make choices, there is no need to wait for approval from anybody.
Organized Structure
The OPC provides the business with limited liability protection by giving it a structure akin to that of a private limited company. An ordered framework is not offered by a lone proprietorship.
A LIST OF DOCUMENTS
Documents required
Identity Proof
scans of the PAN cards for each director, nominee, and voter ID, passport, driving license, and Aadhar card.
Address Proof
Current utility or bank statement in the director's and nominee's names, no more than two months old
Registered Office Proof
In the event that the property is owned, the house tax receipt or registry proof, the owner's No Objection Certificate (NOC), and a utility bill that is no more than two months old, together with a notarized rent agreement, are required.
Consent of nominee
It is necessary to register the nominee's written approval with the Registrar of Companies (RoC)
Passport size photograph
Latest Passport sized photograph of the directors and nominee.
Do you require help? Fear not—experts are on hand to assist!
Dial : 7060840732 | 9084890415 or send an email to support@rsrindia.com
to reach us.
Convert into OPC in 3 easy Steps
1. Respond to Quick Questions
- Our questionnaires take less than ten minutes to complete.
- Give the essential information and paperwork needed to convert a proprietorship to a partnership.
- Pay using a safe and secure payment gateway.
2. Experts are Here to Help
- Dedicated Relationship Manager
- Procurement of Digital Signatures (DSC)
- Application for Name Reservation
- Documents drafting including MOA and AOA
- Certificate of Incorporation
3. Your Company is Registered
- All it takes is 12 – 15 working days*
Process of converting Proprietorship to OPC
Day 1
- Application for Digital Signature Certificate DSC
Day 2 - 4
- Checking Name availability
- Application for Name Reservation under “RUN“
- Reservation of Name
Day 5 - 8
- Drafting of MoA, AoA & other documents
- Payment of Stamp Duty
- Notarization of required documents
Day 9 - 10
- Filing application for company registration
- Application for DIN Allotment
- Application for PAN and TAN of company
Day 11 - 15
- Government processing time
Explore conversion of proprietorship to One Person Company registration in India
Frequently Asked Questions
- A private limited corporation and an OPC have the same capital requirements. Initially, ₹1 lakh in approved capital is required. However, none of this is truly required to be paid for. This implies that you won’t actually need to make any financial investments in the company. At incorporation, the capital should not exceed ₹50 lakh.
- As long as the annual compliance is consistently fulfilled, a company that has been incorporated will be active and operational. If the yearly compliance requirements are not met, the business will go into dormancy and could eventually be removed from the register. A company that has been struck off may be resurrected for a maximum of 20 years.
An OPC limited by shares needs to meet the standards listed below:
· A minimum of ₹1 Lac in authorized share capital is required.
o It is not permitted to transfer shares to another person.o An OPC is not allowed to extend any invitations to the general public to subscribe for the company’s securities.
The terms of any contract or offer made by the OPC limited by shares or by guarantee to the one member of the business who is also its director must be documented in writing. Additionally, the same needs to be included in a message or noted in the board meeting minutes that follow the initial communication.
Every contract an OPC enters into with a single member of the company must be reported to the Registrar within fifteen days of the date of approval.
No, a person is only allowed to form one OPC at a time. The nominee director is also subject to the same rules.
It is necessary for all directors, as well as the nominee and subscriber to the MOA (owner), to obtain the DSC (Digital Signature Certificate) and DIN (Director Identification Number) in order to form a One Person Company (OPC) in India. In order to register a private limited company online, the Registered Office must also be operational.
- The company’s promoter needs to ensure that the OPC’s suggested name for online registration is extremely distinctive. Additionally, any documentation pertaining to the Subscriber, Nominee, Directors, and Registered Office must meet the necessary standards.
- For additional information regarding naming a company, please click this link. Marking Your Company’s Identity Sensibly: Selecting a Name
