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PRODUCER COMPANY REGISTRATION

A producer company is thus a hybrid between a private limited company and a cooperative society. It combines the goodness of a cooperative enterprise and the vibrancy and efficiency of a company. It accommodates the unique elements of cooperative business with a regulatory framework similar to that of a private limited company.

OFFER PRICE

Rs 8200 /- Plus Tax

Timeline - 10 to 15 Working days

WHAT IS A PRODUCER COMPANY ?

Producer Company means a body corporate having objects or activities as specified and registered as producer company under the act. It is a group of people involved in the production of primary produce or having one or more objectives relating to primary produce. In a producer company, you can make agriculturist members and accept deposits in form of RD/FD and provide them maturity as well as distribute loans to your farmer members and charge interest from them.

Main objective of the producer company is to facilitate the formation of co-operative business as companies and to make it possible to convert existing co-operative business into companies.

ADVANTAGES

Advantages of Producer Company

  • The Board of a producer company can be easily changed by filing simple forms with the Registrar of Companies. The Board controls the activities of the producer company.
  • Producer Company enjoy better avenues for borrowing of funds when compared to other forms of business such as sole proprietorship and partnership.
  • A producer company has ‘perpetual succession’, that is uninterrupted existence until it is legally dissolved. A producer company is unaffected by the death or other departure of any member.
  • NABARD has taken up the cause of supporting and to meet the needs of Producer Companies.t set up a Rs. 50 crore Producer Organisation Development Fund (PODF) in 2011.
  • Personal assets of the shareholders will not be at risk, in the event of the company facing financial distress. Liability of the shareholder is limited to the unpaid amount on his shareholding.
  • A producer company is a legal entity and a juristic person established under the Act. Therefore, a producer company has wide legal capacity and can own property and also incur debts.

DISADVANTAGES

Disadvantages of Producer Company

  • 10 or more Producers / 2 or more Producer Institutions can form a Producer Company But there is no upper limit on the number of members.
  • A minimum capital of Rs. 500,000 is required to incorporate a producer company.
  • There should be minimum 5 directors (maximum of 15) in a producer company.

DOCUMENTS

What are the Documents required for Formation of Producer Company?

  • PAN card and Residence Proof of directors of the company
  • Copy of Rental Agreement / EB Card Copy of Registerd Office
  • Copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
  • Passport-size photograph of the Directors
  • Specimen signature (blank document with signature - directors only)
  • Copy of Passport (In case of Foreign Director)

INCLUSIONS  

WHATS INCLUDED IN THIS PACKAGE ?

  • Verification of Documents
  • DSC and DIN for 2 Directors
  • Name approval and ROC fees
  • Drafting MOA & AOA
  • Following until Certificate is allotted
  • Applying PAN & TAN

PROCEDURES

What is the process for Producer Company Registration?

Applying DIN&DSC

DSC and DIN for all directors are required.

Name Approval

4-6 proposed names should be provided that should be unique and suggestive of company business.

MOA,AOA&AFFIDAVIT

Memorandum and Articles of Assocication should be drafted. Affidavit and declaration by first subscribers and Directors should be prepared

Company Registered

Once the application is duly filed and accepted by ROC, certificate of incorporation is issued and the company is all set to start it’s operations.

Apply for PAN, TAN and Bank accounts

Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.

FAQ's

Any person above 18 years can become a director. Non-residents can also become director of Indian companies

ID proof and residence proof of all the proposed directors, PAN card is mandatory for Indian nationals. No objection certificate from the owner of registered office or lease agreement must be produced.

Digital signature is process to authenticate and validate records electronically. DSC is required for every director of the company as the Ministry of Corporate Affairs (MCA) mandates digital signature of directors on some documents.

Authorized capital of a Company is the amount of shares a company can issue to its shareholders. Companies have to pay authorized capital fee to the government so as to be able to issue shares. Companies have to pay authorized capital fee for a minimum of Rs.1 lakh.

The PC intervention takes care of all that needs to be done and should be done locally, using their members and the local communities to add value, provide services, increasing their incomes, etc. The IPC could be located at the district, state, national or even to serve a few countries in the area, requiring sizable investments, eg a plant to produce, package and market corn, rice, wheat flakes, etc, processed and packaged spices, coffee, tea, etc, canned fruits, vegetables, juices, etc, branding, or export marketing calling for heavy expenditure and risks on travel, advertising, sales

Yes, it can certainly help enhance export of agricultural produce, particularly of ethnic products in several ways. Because the member farmers will be required to follow GAP and will not use synthetic pesticides it will address the problem of product rejection by importing countries due to pesticide and heavy metal residues. However, major focus of the PC will be to help implement mandate of the government to provide food, health and nutrition security to its masses, particularly in rural areas.

A private limited company must have a minimum of 2 directors while the maximum no. of directors can be upto 15.

Company’s proposed name should be unique i.e., it should not be identical to any existing name. Names that infringe others’ rights, trademarks or patents are likely to be rejected by ROC

Every Producer Company must hold a board meeting atleast once in every three months and an Annual general meeting (AGM) every year.

DIN is a unique identification number which is allotted to all the directors existing or proposed. DIN can be obtained by filing e-form DIN1 in MCA portal.

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OFFER PRICE

Rs 8200 /- Plus Tax

Timeline - 10 to 15 Working days

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