To incorporate a producer company a minimum of 10 persons are required over the age of 18 years. Activity performed in the producer company must be agriculture related.
Producer Company is a company registered under the Companies Act, 2013, which has the objective of production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the Members or import of goods or services for their benefit. Produce are things that have been produced or grown, especially by farming. Therefore, a Producer Company deals primarily with agriculture and post harvest processing activities.
Over 85% of the Farmers in India are small and marginal farmers with land holdings of less than 2 hectares. This fragmentation in farmers and farm lands, leads to disorganization and it is not viable for Indian farmers to adopt the latest technologies. By organization of these farmers into producer companies, economies of scale can be unlocked and the livelihood of farmers can be improved. Thus the concept of producer company is aimed at empowering farmers by creating clusters of farmers organized as a Producer Company.
Overview of Producer Company in India and the procedure for registration of a Producer Company. IndiaFilings can help register a Producer Company in India.
List of documents required for company registration in India. Documents required for Indian or Foreign Director, registered office and shareholder in company.
The concept of Producer Company was introduced to allow farmers cooperatives to function as a corporate entity under the Ministry of Corporate Affairs. NABARD provides special assistance and loan for Producer Company or Producer Organisation through the Rs. 50 crore Producer Organisation Development Fund.
Difference between authorised capital vs paid up capital explained in detail with an illustration. Visit IndiaFilings to know more about authorised capital.
The Ministry of Corporate Affairs has re-introduced the concept of commencement of business certificate in 2019. All companies registered are now required to obtain commencement of business certificate before commencing any business or exercising any borrowing powers.
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Open a new or link your existing ICICI bank current account with LEDGERS for seamless bank account reconciliation, account balance check and sending of payments through NEFT / RTGS / IMPS.
Opening a current account for a producer company is easier when compared to opening of current account for a sole proprietorship firm as a company is a registered legal entity – recognized by law. Therefore, once a company is incorporated, a bank account can be opened in the name of a company with the incorporation certificate of the company and identity/address proof of the Directors.
Identity proof and address proof is mandatory for all the proposed Directors of the Producer Company. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.
IndiaFilings.com can incorporate a Producer Company for in 20-30 days. The time taken for registration will depend on submission of relevant documents by the client and speed of Government Approvals. To ensure speedy registration, please choose a unique name for your Company and ensure you have all the required documents prior to starting the registration process.
Once a Company is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the Company will become a Dormant Company and maybe struck off from the register after a period of time. A struck-off Company can be revived for a period of upto 20 years.
A Digital Signature establishes the identity of the sender or signee electronically while filing documents through the Internet. The Ministry of Corporate Affairs (MCA) mandates that the Directors sign some of the application documents using their Digital Signature. Hence, a Digital Signature is required for all Directors of a proposed Producer Company.
Director Identification Number is a unique identification number assigned to all existing and proposed Directors of a Company. It is mandatory for all present or proposed Directors to have a Director Identification Number. Director Identification Number never expires and a person can have only one Director Identification Number.
The Director needs to be over 18 years of age and must be a natural person. The Director must be involved in farming activities.
An address in India where the registered office of the Company will be situated is required. The premises can be a commercial / agricultural / residential where communication from the MCA will be received.