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Company RegistrationProducer
Company Registration
A Producer Company is thus a body corporate having an object that is one or all of the following: production, harvesting, procurement, grading, pooling, handling, marketing, selling, the export of primary produce of the Members or import of goods or services for their benefit.
A Company that is registered with the Ministry of Corporate Affairs (MCA), for the purpose of agricultural production and processing activities, is called a Producer Company. It comprises a committee of a minimum of 10 people and 2 institutions.
A Producer Company was introduced in India with the Companies Act, 2013. It gives persons engaged in activities related to producing (what has been grown or produced, particularly by farming) the opportunity to form a company. A producer company can be formed by 10 or more producers (persons involved in, or in activities related to, produce or growth), two or more producer institutions or a combination of 10 or more producers and producer institutions. Such a company can only have equity capital, require a minimum of five directors and an authorised capital of Rs. 5 lakh. The procedure for forming a Producer company is similar to the one for forming a private limited company.
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Benefits of a
Producer
Company Registration
Limited Liability:
All businesses can run the risk of not being able to repay their liabilities. It is a necessary evil. In this event, a sole proprietor (or individual producer) would be personally liable for all the debts of the business. The members of a producer company, on the other hand, have unlimited liability as the company is an entity in itself. Therefore, only the amount invested in the business would be lost; the personal property of the directors would be safe.
Economies Of Scale:
Only 15% of India’s farmers own over two acres of land. The majority of farmers are, therefore, unable to safely unlock the advantages that come with economies of scale. With a producer company, multiple farmers can work as a collective and lower costs, reduce risk and even get access to better credit facilities. This enables better planning and bargaining power with buyers.
Better Management:
Rather than a single farmer managing the entire business, work within a producer company can be divided between its directors. The entity is managed by the Board of Management, which has a tenure of five years. Also, a Producer company has a separate existence, which means that it isn’t affected by the death of any of its members.
Documents Required for
Producer
Company Registration
TO BE SUBMITTED BY DIRECTORS & SHAREHOLDERS
- Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs).
- Scanned copy of Voter’s ID/Passport/Driver’s License.
- Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill.
- Passport-size Photograph.
- Specimen signature (blank document with signature [directors only]).
Note : Any one of the directors must self-attest the first three documents. In case of foreign nationals and NRIs, all the documents must be notarised (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).
FOR THE REGISTERED OFFICE
- Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill.
- Scanned copy of Notarised Rental Agreement in English.
- Scanned copy of No-objection Certificate from property owner.
- Scanned copy of Sale Deed/Property Deed in English (in case of owned property).
Note: Your registered office need not be a commercial space; it can be your residence, too.
Procedure For
Producer Company Registration
Complete our Simple Form
You are supposed to fill your details in our simple questionnaire and submit documents.
Obtain DSC and DPIN from us
We will provide you with DSC and DPIN. To proceed further, you need to give your approval.
Verification and Name Approval
For further procedures, details provided by you will be verified by our experts.
Document Submission
We will create all your required documents and applications and file them with ROC.
Your work is completed
Once your company is incorporated, we shall send you all the documents and DSCs.