PRIVATE LIMITEDC TO OPC

ABOUT PRIVATE LIMITEDC TO OPC

A private limited company with paid-in capital of 50 million won and sales of less than 20 billion won can be converted into a one-person company. Private limited companies must first be approved by shareholders by special resolution at an extraordinary general meeting (EGM). The company must obtain proof of no objections from  existing members and creditors before making a decision. The shareholders of the proposed one-person company must be individuals resident in India. You must have been in India for at least 182 days in the previous  year. Private limited companies must nominate candidates for the proposed one-man company through a memorandum. Candidates must obtain their consent  before being appointed. Minors cannot be candidates for sole proprietorships. A  shareholder of a company cannot register one person and another, or be a candidate for one person and another company.

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