Conversion of Proprietorship to One Person Company

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Conversion of Proprietorship to One Person Company

The concept of One Person Company (OPC) was introduced very first time by the Companies Act, 2013. It is one of the easiest forms of corporate entities to manage. One Person Company (OPC) is a Company where there is only single person as Shareholder and which can be contrasted as Private Companies. One person company is an improved and better form of a sole proprietorship firm. This business structure gives the single promoter a full control over the company and at the same time limiting his liabilities to safeguard his personal assets thus conversion of sole proprietorship into One Person Company is a good business decision. Appointment of a nominee is mandatory in case of OPC.

Advantages of converting Proprietorship to One Person Company

Complete Control of the Business

The owner of One Person Company has Complete Control of the Business.

Separate legal entity

A One Person Company is a separate legal entity.

Funding Opportunities

OPC is registered just like a private company and private companies are the trusted form of business which makes it easy for them to get funding from the financial institutions.

Minimum Compliance

Minimum Compliance requirement as there is no requirement to hold an annual or added ordinary general meeting. There is no requirement to wait for anyone’s approval as there is only one person who is the single authority to make decisions.

Limited Liability

The OPC gives the company a structure similar to a private limited company and hence make it organized with the benefit of limited liability. A sole proprietorship does not provide an organized structure.

Eligibility to form a One Person Company

– Single Person to act as both Shareholder and Director

– Unique Name is required.

– Must be an Indian Resident

– Nominee Person.

How we Work?

Step 1

Fill-up our Contact Form and Submit

Step 2

Our Expert/ Legal Professional will contact you and provide brief guidance into the related context

Step 3

All Required Documents and Details to be provided as discussed by you

Step 4

Our Expert will start Drafting of required documents for registration process

Step 5

Drafting of MOA & AOA, Payment of Stamp Duty and Notarisation of required documents.

Step 6

Application for DSC and DIN of the Directors

Step 7

Once all required documents are prepared, Our Expert will file Form SPICe+ Form with ROC.

Step 8

On Successful filing of Form with ROC, Certification of Incorporation will be issued to you by ROC.

Documents Required for One Person Company registration

Photograph

Latest passport size photograph in jpg format of Director/ Shareholder and Nominee.

PAN card

PAN card copy of Director/ Shareholder and Nominee.

Identity Proof

Aadhaar Card/ Voter ID/ Passport/ Driving License of Director/ Shareholder and Nominee.

Directors Address Proof

Aadhaar Card/ Voter ID/ Passport/ Driving License/ Bank Statement not older than 2 Months/ Utility Bills not older than 2 Months of Director/ Shareholder and Nominee.

DSC

In case not having a valid DSC, then for obtaining DSC of Director/ Shareholder, alongwith above documents, DSC Application Form and Video Verification as per the latest guidelines of DSC issued by CCA is required.

Office Address Proof

Copy of Electricity bill or Sale Deed or rent agreement and latest self- attested electricity bill in case of rented accommodation not older than 2 months.

NOC from owner

No Objection Certificate to be obtained from the owner(s) of registered office.

Unique Name

Four-Five Unique names in Preference order indicating the business of the Proposed Company.

Business

Description of main business activity intended to perform

Consent of nominee

Written consent of nominee is required to be filed with the Registrar of Companies (RoC)

Note – In case of Foreign Nationals or NRIs, all documents need to be notarised and apostilled from the Country where the Foreign Nationals or NRI is presently residing or by the Indian Embassy in the Country where such person is presently residing.

Frequently Asked Questions

1. What is the minimum number of shareholders in a OPC?

One individual.

2. What is the minimum and maximum number of directors in a One Person company?

One.

3. Is an office required for a One Person company?

An address in India where the registered office of the Company will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.

4. How to inform change in membership of an OPC to ROC?

The Company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, user needs to provide details of the new member of the OPC.

5. Can OPC become a member of another private Limited company?

Yes, the Act has not made any restriction for a One Person Company to become a member of another Private Limited Company.

6. Can an individual apply for more than one OPC at a time?

No, an individual can form only one OPC at a time. The rule is the same for the nominee director too.

7. Who is the nominee in One Person Company?

The requirement to appoint a nominee is prescribed in order to retain the character of Perpetual Existence i.e. Uninterrupted Existence of the One Person Company. A nominee shall be an individual and is to be appointed at the time of incorporation of OPC. In the event of death or incapacity to enter into any contract by existing member, the nominee will become the member of one person company.

8. Who is eligible to act as a member of an OPC?

Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC.

For the above purpose, the term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one financial year.

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