Producer Company Registration

Producer Company Registration

Market Price : Rs. 45,000

Offer Price : Rs. 31,500

Discount : Rs. 13,500 (30%)

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What is a Producer Company?

Producer Company is a body corporate as per the Companies Act, 2013 to serve the primary producers (farmers, artisans, etc.). It is formed to enable production, harvesting, procurement, grading, pooling, handling, marketing, selling, exporting of the primary produce of the members or import of goods or services for their advantage.

Salient Features of a Producer Company

Primary Producers: Primary producers or members who are connected with related businesses are the only ones who can be members.

Separate Legal Entity: A separate legal existence, independent of its members.

Limited Liability: Liability of its members is only up to shareholding.

Perpetual Succession: Existence continues despite changes in the membership.

Minimum and Maximum Members: Minimum of 10 but no maximum.

Minimum Capital Requirement: There is no minimum prescribed paid-up capital requirement.

Membership: Only primary producers or producer institutions can become members. Primary producers include farmers, agriculturalists, artisans, and other individuals involved in production activities. Minimum 10 individual producers or two producer institutions are required to form a Producer Company.

Objectives: Production, harvesting, procurement, grading, pooling, handling, marketing, selling, and exporting the primary produce of the members. Providing technical assistance, consultancy, training, and other support to producers. Promoting mutual assistance and cooperation among members.

Capital and Liability: Capital is contributed by the members, and the members' liability is fixed at the extent of their share capital.It is based on mutual aid and cooperative principles.

Governance: Led by a Board of Directors elected by the members. The board should consist of not less than five and not more than fifteen directors .Appointment of professional management for effective operations is possible.

Profit Distribution: The profits may be distributed among the members in the form of dividend or bonus shares.Surplus may also be utilized for the growth of the business, providing common facilities, and forming reserves.

Advantages of Producer Company

Limited Liability: The liability of the members is limited to their shareholding.

Separate Legal Entity: Offers a separate legal identity, distinct from its members.

Perpetual Succession: The company exists irrespective of membership changes.

Access to Resources: Enables access to financial resources, technology, and markets.

Benefits to Members: The members can share profits and benefits.

Tax Benefits: Entitled to different tax benefits and exemptions.

Procedure of Producer Company Registration

Digital Signature Certificate (DSC): Get DSCs for the proposed directors to sign online documents.

Director Identification Number (DIN): Apply for DIN for the proposed directors through the SPICe Form (Simplified Proforma for Incorporating Company Electronically).

Name Approval: File the RUN (Reserve Unique Name) application with the Ministry of Corporate Affairs (MCA) for name approval. Make sure the name is unique and according to MCA guidelines.

Incorporation Form: Submit the SPICe Form with the Memorandum of Association (MOA) and Articles of Association (AOA). Append the supporting documents, such as proof of address and identity for the directors.

Certificate of Incorporation: The Registrar of Companies (ROC), after checking, will issue a Certificate of Incorporation, statutorily validating the company as a legal body.

Documents Required for Producer Company Registration

Identity Proof of Directors and Members: PAN card, passport, driving license, or Aadhaar card.

Address Proof of Directors and Members: Bank statement, electricity bill, or telephone bill.

Proof of Address of Registered Office: Utility bill, rent agreement, or ownership document of the property along with an owner No Objection Certificate (NOC).

Memorandum of Association (MOA) and Articles of Association (AOA).

Declaration by every subscriber to MOA on Form INC-15.

Affidavit by the directors on Form INC-9.

Declaration by a professional giving assurance of fulfilling the requirements.

Corporate Verdict: Your Partner in Producer Company Registration

Corporate Verdict is a group of skilled professionals committed to helping entrepreneurs set up Producer Companies efficiently and economically. We are aware of the intricacies involved in the registration process and provide a hassle-free experience to our clients. Our services are:

Expert Consultation: Offering comprehensive advice on the viability and advantages of setting up an Producer Company.

Documentation Assistance: Helping in preparing and submitting required documents.

Compliance Support: Getting your Producer Company compliant with all statutory regulations.

Affordable Services: Providing economic services without compromising on quality.

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