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Producer Company Registration is for farmers and primary producers to help them to gain easy access to credit, production technology, market, and inputs.
Get registered with us Online. Price starting from INR 57499/- only.
India is an agriculture-based country with around 62% of its people depending directly or indirectly upon agriculture. Indian farmers are completely unorganized and they are not able to use the latest technologies in the agricultural sector production. Due to this, farmers account for 12% of all suicides in India. An expert committee has been set up by the government to look in this matter.
A Producer Company is a company registered with the object of agriculture production, post-harvesting processing activities, procurement, selling and distribution, export of primary production of the members or import of goods for their benefit. In India, Producer Company can be set up by the 10 or more individuals or by the combination of 10 or more individuals and 2 institutions. The main object of the Producer Company is to deal with agricultural activities and post-harvest processing activities. It is mainly a cluster of farmers who come together to improve their income and standard of living. Producer Company is a kind of body corporate whose main objective is defined under Section 581B of the Companies Act 1956.
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 minimum 5 directors and an authorized capital of Rs. 5 lakh.
Greater credibility is offered by Producer Company as compared to other unregistered organizations of agriculturists or farmers.
A producer company is a separate legal entity, and there is a limited liability of its members.
Duly registered producer company can sell or own a property in its own name and it is entitled to accept deposits from or give loans to its agriculturist members at very reasonable rates of interest.
Through the filing of simple forms with the concerned ROC, we can make changes in the Board of Management of a producer company swiftly.
A Producer Company is eligible to accept deposits in the form of recurring deposit or fixed deposit. It can also disburse loan among the members and farmers at a reasonable rate of interest.
To meet the requirement of the Producer Company, financial assistance is provided by the NABARD (National Bank for Agriculture & Rural Development).
♦ Photograph of all the Directors and Shareholders♦ PAN Card of all the Directors and Shareholders♦ ID Proof of all the Directors and Shareholders (Driving License/Passport/Voter ID/Aadhar Card)
♦ Electricity Bill, or any other utility bill for the address proof of the Registered Office
♦ Copy of bank statement
♦ Email ID and mobile number
♦ Rent agreement on the name of the company (No Objection Letter (NOC) from the landlord with his/her consent to use the office as a registered office of a company must be submitted)
A Compliance Manager will get in touch with you to obtain your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for processing. Our expert team will verify documents and proceed with registration formalities. All throughout the process, your dedicated Compliance Manager will keep you updated on the progress of Company Registration.
Once you submit your documents along with Checklist, we will proceed with the application of your Digital Signature and subsequently name approval. You may give up to three names of your choice. Names should be unique and suggestive of Company’s business. We will proceed with name approval through a form called “RUN” as prescribed by MCA. Name approval is received usually 1-2 days.
Once a name is approved, we will draft MOA (Memorandum of association) and AOA (Articles of association). We will file incorporation documents with MCA through a form called “SPICe” along with subscription statement. Usually, MCA approves the forms within 2-3 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.
In Producer Company, “Producer” or “Producer institution” can become a member.
The name of the Producer Company ends as Producer Company Limited which seems to be a Public Limited Company however as per section 581C of the Companies Act 1956, Producer Company registration shall be considered as body corporate which will under any circumstance not be deemed as Public Limited Company.
After obtaining the prior approval of the board of directors, a member of the Producer Company transfer shares along with the special rights (if any).
Yes, a Foreign National or an NRI can become a Director of a Producer Company in India after obtaining Director Identification Number (DIN). However, it may be noted that at least one Director on the Board of Directors must be a Resident India.
With 3 months of becoming a member of the Producer Company, the member shall nominate a person in a specified manner to which shares will vest in case of death.
With Creatick Consulting, Producer company incorporation usually takes 30 days. This is subject to government approvals time and completeness of your documentation.
Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at firstname.lastname@example.org or call us @ +91 8409671011