es, one can voluntarily convert OPC into a Private Company or a Public Company. But for voluntary conversion, minimum 2 years must be passed from the date of incorporation of OPC.
In following cases one has to mandatorily convert OPC into company.
- If the paid up share capital exceeds Rs. 50 Lakh
- If average annual turnover of 3 years exceeds Rs. 2 crore
In above case one has to convert the OPC into a company within 6 months.
The steps to convert OPC into a company are as under:
- Pass a board resolution and a special resolution
- The MOA and AOA is to be altered to enter the clauses of private limited company
- One must take necessary steps to increase the number of members and directors to minimum requirement. Minimum 2 shareholders and 2 directors are needed
- File form with MCA with necessary attachments
- Apply for new PAN
- Change in other registrations taken by company
- Change in stationery of the company
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