Contribute to the betterment of farmers.
PRODUCER COMPANY REGISTRATION
@22990/-
Facilitate farmers and primary producers’ access to credit, production technology, and other resources for their upliftment and progress.
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PRODUCER COMPANY REGISTRATION ONLINE
Producer Company Registration in India at just Rs. 22,990/- (all inclusive)
Approximately 60% of India’s population relies on agricultural activities for their livelihood, making the country’s economy predominantly agriculture-centric. However, farmers and primary producers have long endured significant challenges and struggles. To address these issues, the Government of India established a committee led by Mr. Y.K. Alagh, an Economist. After a thorough analysis, a new concept called Producer Company registration was introduced in 2002. This innovative business entity aims to assist primary producers and farmers by providing them with access to essential resources such as inputs, credit, production technology, and markets. As a result, Producer Company Registration in India has gained considerable popularity.
The primary objective of registering a Farmer Producer Company is to facilitate the establishment of cooperative businesses as corporate entities. Additionally, it aims to enable the transformation of existing cooperative businesses into corporate entities.
A Producer Company is a legally recognized entity formed by farmers and agriculturists with the objective of enhancing their standard of living and ensuring the well-being of their collective resources, incomes, and profitability. It serves as a platform for farmers to collectively work towards improving their socio-economic conditions and achieving greater prosperity.
According to the regulatory guidelines under the Companies Act 1956, the incorporation of a Producer Company requires a minimum of 10 individuals or 2 institutions. These individuals and institutions should share similar business objectives related to activities such as production, grading, pooling, harvesting, procurement, handling, marketing, selling, export of primary produce, or import of goods or services. By joining forces, they can establish a corporate entity that serves their common goals and interests.
The process of farmer producer company registration can be complex and time-consuming, often taking up to 40 days for incorporation. However, by partnering with VakilTrust Legal Consultants, the incorporation of a producer company in India can be expedited and streamlined. Their expertise and assistance ensure a quick and efficient registration process for farmer producer companies, saving valuable time and minimizing administrative hassles.
Register your Producer Company in India effortlessly and at a highly affordable price of just ₹ 22,990. Take advantage of this opportunity to establish your producer company with ease and minimal financial burden.
BENEFITS OF A PRODUCER COMPANY
NON- TRANSFERABILITY OF SHARES
The transferability of shares is restricted i.e. a producer company cannot invite general public to endorse for shares, debentures or public deposits.
NUMBER OF MEMBERS
NUMBER OF MEMBERS For a producer company incorporation, there is no limit on the number of members. The company can have ‘n’ number of members.
NO MINIMUM SHARE CAPITAL
Another benefit of a producer company is that, it has no requirement of minimum share capital as per the recent amendments provided.
EQUAL VOTING POWER
Equal Voting Power or rights are given to each individual, irrespective of the shares a person is holding.
CREDIT FACILITY
Credit facility is available to any member for a period not exceeding six months (such facility must be in connection with the business of the Company.
LOANS AND ADVANCES
Loans are provided to the producer member against security, which is repayable within a period not exceeding seven years from the date of disbursement of such loans or advances.
NABARD LOAN
To meet the needs of Producer Companies, NABARD provides support and financial assistance. NABARD set up a Rs. 50 crore PODF (Producer Organisation Development Fund) in the year 2011, out of its operating surplus.
TAX BENEFIT
The members are eligible to enjoy the Producer Company tax benefits and are exempted from the tax as per the Income Tax Act, 1961 under section 10(1) which exempts the agricultural income
ENTITLEMENT TO BONUSES
In the same proportion as the shares are held by the members, they are entitled to get bonus shares as well. Hence, the members of a Producer Company are entitled to the bonuses.
HOW TO REGISTER A PRODUCER COMPANY IN INDIA?
PREPARATION OF DIGITAL SIGNATURE (DSC)
Firstly, we apply for DSCs of all the Directors & members as it is required for signing e-forms while Producer Company registration process. Digital Signatures are required for signing all the documents while incorporation of Producer Company.
FILING APPLICATION FOR DIRECTOR'S DIN
FILING APPLICATION FOR DIRECTOR'S DIN After the successful allotment of DSCs of the directors and members, we will apply for the DIN. DIN is a unique number which is allotted by the MCA to each of the directors of the Producer Company.
CHOOSING UNIQUE NAME FOR YOUR PRODUCER COMPANY
Meanwhile applying for your DSCs, our experts will help you in selecting Unique Name for your dream Farmer Producer Company Registration process online. This process completes in a single day.
PREPARING FORMS AND DOCUMENTS
After the approval of your Producer Company’s name, we at VAKILTRUST prepare all the e-forms and other specified documents that are required for farmer producer company incorporation process. Some documents needs to be signed by you physically, so we send you the format on which you put your signature and resend it for further process.
FILING E-FORMS WITH MCA
After the completion of all the formalities and documentation work that is required for the registration, we upload e-forms along with the attachments prepared in step-4 on the MCA portal for company approval and pay the producer company registration fee. This process takes 2-3 days which is subject to change as per MCA department schedule.
ALLOTMENT OF COI, PAN & TAN
Once the approval for your farmer producer company registration online is done by the MCA, it will allot a COI, PAN, TAN and other important documents as a proof that your Producer Company registration process is complete. CONGRATULATIONS!! Now you can open up a Current Bank Account and can start performing your business activities.
REQUIREMENTS FOR PRODUCER COMPANY REGISTRATION
CHECKLIST FOR FARMER PRODUCER COMPANY INCORPORATION
Before starting the Farmer producer company registration process, we must have to follow some basic point to be kept in mind to ensure a hassle free and efficient incorporation of producer company online:
- A minimum of 10 members (producers or farmers) can join together for farmer producer company registration process. There is no upper limit on the number of individuals that can join a producer company as a member.
- A minimum of 2 or more producer institutions can take part in producer company incorporation process online.
- A combination of above two points are also valid.
- For Producer Company Registration online, a minimum authorized capital of Rs. 5,00,000 is mandatory.
- A minimum of 5 directors and a maximum of 15 directors are required for producer company registration process.
- Note: A producer company registration can be converted into a Multi-State Co-Operative Society at a later stage but it can never be converted into a Public Limited Company.
- Atleast four board meetings must be held each year in a producer company. It is important to note that the meetings must be held once every three months.
- A full-time Chief Operating Officer (CEO) must be appointed by the board in a farmer producer company registration.
DOCUMENTS REQUIRED
BELOW IS THE LIST OF DOCUMENTS REQUIRED FOR THE REGISTRATION OF PRODUCER COMPANY:-
FROM ALL DIRECTORS AND SHAREHOLDERS
- PAN Card or Passport or Voter ID Card
- Latest Bank Statement/Telephone or Mobile Bill
- Voter’s ID/Passport/Driver’s License
- Passport-sized photograph of all directors and shareholders
FOR PROPOSED REGISTERED OFFICE (RESIDENTIAL OR COMMERCIAL)
- Copy of any Utility bill
- Scan copy of Rent agreement with NOC from the owner
Check Company Name Availability
Our systems will check availability of your Company Name
FREQUENTLY ASKED QUESTIONS
According to the law, a minimum of 10 members or 2 institutes or a combination of 10 members and 2 institutes are required for Producer Company registration online.
A Producer Company, as per clause (1) of section 581O of the Companies Act, 1956, must have at least five and not more than fifteen directors.
Under the provisions of Sections 581A to 581ZL of Companies Act, 1956, read with Companies Act, 2013, the formation and regulation of Producer Company is governed.
A Producer Company can be deemed as a Private Limited Company and not a Public Limited Company
There is no such limit on the number of members in a farmer producer company online registration.
Producer Company registration process is 100% online. Ministry of Corporate Affairs (MCA) send the DIN and Certificate of Incorporation by e-mail.
With VAKILTRUST, the incorporation of a Producer Company in India only takes 15 days. We provide fastest company registration services in India.
Yes, a Producer Company is a legal entity thus has a continuous existence.
Yes, from the very 1st year, a producer company must have its books audited. In case the turnover crosses Rs. 5 crore, the company must employ a full-time company secretary to manage its affairs.
The Minimum and Maximum period for directorship for a producer company is 1 year and 5 years respectively. However, a retired director shall be eligible for appointment.
The minimum authorized capital required for the registration of a Producer Company is Rs. 5 Lakhs.
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