The main reason to convert an OPC (One Person Company) to a Private Limited Company (Pvt Ltd) could be to have better access to capital and a wider range of financing options, which can help the business grow and raise funds.
There is NO minimum waiting period for an OPC to convert into a Private Limited Company (or any other type of company, other than a Section 8 company). An OPC can now be converted voluntarily at any time after its incorporation.
There is NO minimum paid-up capital requirement for an OPC.
There is NO turnover limit that mandates or restricts the voluntary conversion of an OPC into a Private Limited Company.
All secured debts of the OPC must either be fully paid off or a No Objection Certificate (NOC) must be obtained from all secured creditors before initiating the conversion process. While it's prudent to clear all debts, legally, the explicit requirement for NOCs or repayment primarily applies to secured creditors. Unsecured debts will generally transfer to the new Private Limited Company, though the conversion process involves public notice which allows any creditor to object.
