OPC to section 8
OPC to section 8, Converting an OPC (One Person Company) to a Section 8 Company (also known as a Non-Profit Company) involves the following steps:
Obtain Consent:
Obtain the consent of the sole member (director and shareholder) of the OPC for the proposed conversion to a Section 8 Company. This consent is typically documented through a resolution or agreement.
Director and Shareholder Appointment:
A Section 8 Company requires a minimum of two directors and two shareholders. Therefore, you would need to appoint at least one additional director and shareholder. The new director can be an individual or a corporate entity, and the new shareholder can be an individual or another company.
Memorandum and Articles of Association:
Prepare new Memorandum of Association (MoA) and Articles of Association (AoA) for the Section 8 Company. These documents should clearly state the objectives, purpose, and activities of the company, emphasizing its non-profit nature. Ensure that the MoA and AoA comply with the legal requirements for a Section 8 Company.
Name Approval:
Check the availability of the desired name for the Section 8 Company and apply for name approval with the Registrar of Companies (RoC) or the relevant authority. Ensure that the proposed name complies with the naming guidelines and is not similar to existing names.
License Application:
Apply for a license under Section 8 of the Companies Act or the applicable legislation in your jurisdiction. The license is required to operate as a Section 8 Company and obtain tax benefits and exemptions available to non-profit organizations.
Compliance Requirements:
Comply with all the legal and regulatory requirements for converting the OPC to Section 8 Company. This includes filing the necessary forms and documents with the RoC or the appropriate authority, along with the prescribed fees.
Change of Name (if required):
If you want to change the name of the company during the conversion process, you will need to follow the prescribed procedures for name change, including obtaining approval from the RoC and updating all legal documents accordingly.
Obtain License and Certificate:
Upon successful processing of the license application and completion of all necessary compliance requirements.
The RoC or the relevant authority will issue a license and a Certificate of Incorporation as a Section 8 Company.
It’s important to consult with a legal professional or company secretary experienced in company law and regulations in your jurisdiction.
To ensure compliance with all legal requirements and to guide you through the specific process of converting an OPC to Section 8 Company. They can provide personalized advice based on your specific circumstances and the applicable laws in your country.
To visit:https://www.mca.gov.in
