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PRODUCER COMPANY

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Producer Company

Producer Company" means a body corporate having objects or activities specified in section 581B and registered as Producer Company under the Companies Act,1956.

Advantages Of Producer Company

  • Credit facility is available to any member for a period not exceeding six monthsin connection with the business of the Company.
  • NABARD provides support and financial assistance to meet the needs of Producer Companies.
  • Tax benefit and exemption to a producer company is available depending upon the activity it carries on.
  • Loans and advances are provided to the producer member against security, repayable within a period not exceeding seven years.
  • A registered producer company is entitled to accept deposits from or give loans to its agriculturist members, at reasonable rates of interest.

OBJECTS OF THE PRODUCER COMPANY

  • Production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the Members or import of goods or services for their benefit. Provided that the Producer Company may carry on any of the activities specified in this clause either by itself or through other institution;
  • Manufacture, sale or supply of machinery, equipment or consumables mainly to its Members.
  • Rendering technical services, consultancy services, training, research and development and all other activities for the promotion of the interests of its members.
  • Insurance of producers or their primary produce.
  • Welfare measures or facilities for the benefit of members as may be decided by the Board.
  • Financing of procurement, processing, marketing or other activities specified in clauses (a) to (j) which include extending of credit facilities or any other financial services to its Members.
  • Processing including preserving, drying, distilling, brewing, vinting, canning and packaging of produce of its Members;
  • Providing education on the mutual assistance principles to its members and others.
  • Any other activity, ancillary or incidental to any of the activities referred to in clauses (a) to (i) or other activities which may promote the principles of mutuality and mutual assistance amongst the members in any other manner.
  • Generation, transmission and distribution of power, revitalization of land and water resources, their use, conservation and communications relatable to primary produce.
  • Promoting techniques of mutuality and mutual assistance

MINIMUM REQUIREMENTS FOR COMPANY REGISTRATION

  • Minimum 5 directors required.
  • Minimum Paid-up capital of Rs. 5 Lac.
  • A Producer Company can have only equity share capital.
  • Minimum 10 members required.
  • Combination of 10 or more individuals and 2 or more institution
  • Name of the company shall end with the words "Producer Company Limited"

DOCUMENTS FOR COMPANY REGISTRATION

  • Copy of PAN Card of directors
  • Copy of Aadhar Card/ Voter identity card of directors
  • Utility bills-viz-Electricity/ Water bill (Business Place)
  • Passport size photograph of directors
  • Copy of Rent agreement (If rented property)
  • Landlord NOC (Format will be provided)

STEPS FOR COMPANY REGISTRATION

1. Application of DSC and DIN

All the prospective directors have to apply for Digital signature and DIN. Digital signature is an online signature used for filing and DIN refer to Directors Identification number issued by MCA. If the directors already have DSC and DIN, then this step can be skipped.

2. Application for Name approval

Up to 4 name options can be given in 1 RUN (Reserve Unique Name) name approval request .Provide maximum 4 names in order of priority for your company name for approval of MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business.

3. Company Registration Form & MoA & AoA Submission

Once name is approved, one need to get the Memorandum & Articles of Association approved. Here are all the other documents required in order:

  • Copy of Rental Agreement (along with NOC from owner)/Sale Deed
  • Latest Utility Bill
  • Affidavit from director and shareholders

With these ready, you can submit the company registration form INC-32 (also known as Spice).

4. Get incorporation certificate:

Once MOA and AOA are approved, company incorporation certificate is issued by MCA on submission of all the above-mentioned documents to the ROC. On arrival of the company incorporation certificate, your company is registered. Incorporation certification is a proof that company has been created. It also includes your CIN number.

5. Apply for PAN, TAN and Bank account:

The moment company is incorporated, application for PAN & TAN needs to be made with NSDL. Then you need to apply for PAN and TAN. Post this, for opening of bank account submit the Incorporation certificate, MOA, AOA and PAN along with resolution with a bank to open your bank account.

Our Package

Company Registration package includes:

  • DSC for one director
  • Drafting of MoA & AoA
  • Company Incorporation Certificate
  • TAN of Company
  • DIN for directors
  • Registration fees and stamp duty
  • PAN of Company

FREQUENTLY ASKED QUESTIONS

  • HOW MANY DIRECTORS ARE REQUIRED TO REGISTER A PRODUCER COMPANY?

    Minimum of five directors are required to register a Producer Company

  • WHO CAN BECOME MEMBER OF PRODUCER COMPANY?

    Any individual/ company can become the member of Producer Company.

  • CAN NRI/ FOREIGN NATIONAL BECOME A DIRECTOR IN PRODUCER COMPANY?

    NRI or Foreign national can become a director in Producer Company after acquiring DIN..