A private limited company can convert itself into a one-person company (OPC) if it has a paid-up capital of less than Rs. 50 lakhs and an annual turnover of less than Rs.2 crores or due to a co-founder or promoter leaving a private limited company. The process of converting a private limited company into an OPC will be followed by a Board Meeting, Approvals from shareholders, and Resolutions. OPC also need a nominee, further proceed with filing the forms with relevant documents, on being satisfied the Registrar will issue a certificate to the effect of conversion of private limited company into one person company.
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