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PRODUCER COMPANY INCORPORATION / REGISTRATION

If you want to start your business of farming, animal husbandry, handicraft, fishery then you have only option is to incorporate Producer company.


All we need :


KYC of all director and Address proof of the company.

5 DSC and & 5 Din of Director

Apply for company name reservation and taking approval for company name

Preparation of MOA & AOA of company

Approval of RBI

Filling INC-32 for company incorporation.

Apply for PAN/ TAN


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What is producer company?

A Producer company is old concept introduced by company act 1956 and followed by company act 2013.the major activity done in producer company is related to farming, fishery, animal husbandry, handicraft etc.

A producer company can be formed by either:


10 or more producers (Producers means a person involved in the aforesaid activity)

Two or more Producer institution (Producer institution means institution relating to the activity of primary produce)

Combination of 10 or more producer institution and producers.


The producer company can run with the initial capital of rupees 5 lacs or more and all having in the form of equity, it is a kind of private company.


TYRES OF PRODUCER COMPANY

PRODUCER BUSINESS

It basically involved the activities of primary activity like production, procurement, or manufacture of primary procurement of its members.


MARKETING OF PRODUCER COMPANY BUSINESS

It involves a company related to the activity of marketing of produce of farmers, it also involves the activities related to the education to its members.


TECHNICAL ASSISTANCE SERVICE

It involves the activities related to the technical assistance to its members like education, help in research activities and provide all type of assistance to its members.


FINANCIAL ASSISTANCE:

In this type of Producer Company a member has provide financial assistance to members like giving loan, providing financial assistance to its members.


OTHER FORM OF BUSNIES ACTIVITES

It provides other form of business like handicraft, animal husbandry, handicraft etc.



PRODUCER COMPANY REGISTARTION PROCESS

STEP-1: : First we apply for DSC and DIN, for all 5 directors normally it takes 3 days, we only require some documents from you which you can provide us by scanned copy.


STEP-2: We than fill SPICE-32 for incorporation of your company along with Memorandum and article of association, normally it require 7 working days.


STEP-3: After completion all the activities the certificate of incorporation will be issued by ROC, the time limit will be depend on workload on ROC.




Documents Required for Producer Company Registration

TO BE SUBMITTED BY DIRECTORS & SHAREHOLDERS

Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)

Scanned copy of Voter's ID/Passport/Driver's License

Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill

Scanned passport-sized photograph

Specimen signature (blank document with signature [directors only])


Note: Any one of the directors must self-attest the first three documents. In case of foreign nationals and NRIs, all the documents must be notarised (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).


FOR THE REGISTERED OFFICE

Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill

Scanned copy of Notarized Rental Agreement in English

Scanned copy of No-objection Certificate from property owner

Scanned copy of Sale Deed/Property Deed in English (in case of owned property)



ADVANTAGES OF PRODUCER COMPANY:

LIMITED RETURN

It states that, initially every member shall receive only such value of the produce or products pooled and supplied as is determined by the Board of Producer Company and the withheld price may be in cash or in kind or by allotment of equity shares. Every such member shall be entitled to receive a limited return and may be allotted bonus shares.


PAYMENT OF PARTONAGE BONUS

Patronage bonus may be disbursed proportionately, if any, surplus remains after making provision for limited return and reserves. Patronage bonus refers to the payment by Producer Company out of its surplus income to the members in proportion to their respective patronage.

The approval of Board of directors is necessary for disbursing ‘withheld price’ whereas for disbursing the ‘patronage bonus’, either in cash or by way of allotment of equity shares or both, the approval of members at the general meeting is required.



FAQs on Producer Company

1. I need to be physically present during this process?


It’s a totally based on online process all you need to submit the document to us, and there is no need of physical appearance


2. How much time is needed for setting up a private limited company in India?


After submission of all documents, normally it takes 15 days to incorporate the company


3. What are the rules for picking a name for a private limited company?


There all following rules regarding name approval:


The name must not be identical with name of existing company.( like u can apply for name of your company TATA because its already in existence)

The name should not be offensive. ) its not hurt sentiment of any religious of person).

IT should not used any symbol, name of public office, government’s department and offices.


Your brand name and company name can be different. (For example: PAYTM IS BRAND NAME OF COMPANY ONE97 COMMUNICATION.)


4. What documents are required to complete the process?


All the director must have photo proof and address proof along with the proof of registered premises.If the registered office is situated in one the director premises or other person premises the an NOC must be filled that he had no objection on company registered office situated at his place.


5. What is a DSC?


Because the company registration is totally online process so the document must be sign digitally, A DSC is a electronic signature of the person which can used to filled electronic document.


6. Does a private limited company have continuous existence?


A Private company has one of the feature is Perpetual succession; it should go continuously without being effected by its member existence.


7. How much does it cost to run a private limited company?


It totally depend on the person running the company, the mandatory cost of running is Audit of company and annual account filling normally it takes 10-15 k, but if you want accounting and other aspect the cost can be 30000 PA or depend upon the turnover of the company.


8. Is it necessary to have a company's books audited?


Yes as per company act every company accounts must be audited by Chartered Accountant by a member of Institute of chartered accountants of India and company should appoint within 30 days auditor of the company.


9. What are articles of association and memorandum of association?


These are the bye laws of the company it should contain rules and regulation of the company or we can say charter of the company, it simply define Mission, vision, rules relating to the company