Producer Company Registration

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Brief of Producer Company Registration

Agriculture is regarded as the major backbone of Indian society. It provides livelihood to the majority population in India and further also supports the economy and provides employment to a large number of the population. In short, it could be said as agriculture plays an important role in Indian growth. On the other side, it could be seen that the agriculturists are not benefited the best although they provide major support in terms of the Indian economy, employment, and food supply. They are not aware of new technologies, knowledge, and appropriate funds to improve agriculture and many more.

To overcome this problem the Central Government introduced a Producer Company in the year 2002 in order to help out the producers i.e. agriculturists and farmers. And since then, the Central Government has been improving continuously the livelihood and status of producers.

What is a Producer Company?

The Shop Establishment Registration is a registration based on State Shop and Establishment Act. The same is needed while starting a shop, hotel, eateries, or any other commercial place. Further, obtaining registration under the Shops and Establishment Act is necessary for every new shop or establishment.

Furthermore, one is required to obtain this license within a period of 30 days starting from the day of commencement of work. Lastly, the validity of a Shop Establishment License is for one year, and the same can be renewed every year. However, the rules and regulations concerning renewal vary from one state to another state.

What are the objectives set out in the Shop and Establishment Act?

A Producer Company is a company incorporated under the companies act. It is created in order to improve the standards, income, and status of the agriculturist. It’s a corporate body that includes producers, farmers, and agriculturists. It is also said a mixture of a cooperative society and a registered company.

A Producer Company is also known as a Farmer Producer Company. The objective of the Producer Company must be engaged with the primary producers of its members such as production, harvesting, grading, pooling, selling, export, or import of the producer goods. In short, it could be said as the Producer Company works for the members registered under it with the purpose of improving their conditions of livelihood and providing them with the facility and knowledge for implementation of the agriculture industry.

A Producer Company can be formed by combining 10 individuals at a time or by bringing 2 or more institutions with the objective of upbringing the producing sector and specifying the objectives of the company as mentioned under the Companies Act.

A Producer Company is guided under the Companies Act, of 2013. And it has its own governance system and every member of the company has their rights for the governance to vote under the company irrespective of the shares they hold. Thus it could be said to be democratic governance.

Objectives of the Producer Company Registration

Producer Company Registration has the following objectives out of which all or any of them can relate to the company accordingly:

A Producer Company manages production, harvesting, procurement, grading, pooling, handling, marketing, selling, and export of primary produce, or import of required goods or services.
The Producer Company also performs processing of its member produce which includes preserving, drying, distilling, brewing, venting, canning, and packaging.
A Producer Company also helps its members in the manufacture, sale, and supply of machinery and other required equipment.
A Producer Company also provides education to its members for mutual assistance.
The Producer Company also provides various services to its members such as technical services, consultancy services, training research, development, and other similar services as required.
A Producer Company also helps in power generation, transmission, and distribution to its members accordingly; also aids in restoring, and conserving, the land and water resources.
Also provides an insurance facility for the producers or their primary produce.
The Producer Company Board also facilities the welfare provisions for the members
Financing procurement, processing, marketing, etc for the benefit of members.
Any other similar activities.

Benefits of Producer Company Registration in India

The following are the benefits of Producer Company Registration:

- Deposit Acceptance:

The Producer Company initially permits the members to accept fixed deposits or recessing deposits.

- Loan Against Security:

The Producer Company also provides loans to its members in return for securities in the form of gold, fixed deposits, or any other legal document securities.

- Profit within the organization:

The profit of the Producer Company remains in the organization itself and is distributed among the members of the organization accordingly.

- Tax saving:

The agriculture income is exempted from this point of view. Thus the profit generated in the organization is exempted from tax and its implications.

- Proper management:

In the Producer Company, the management is controlled by its director. Thus the management would be comparatively much better than a farmer handling a large business entity.

- Separate Legal entity:

The Producer Company has a separate legal entity. Due to this, it will go on as usual irrespective of the death of any of the members of the organization.

- Limited liability company:

In the Producer Company, the liability of the members is limited to only the unpaid amount of the shares they have brought, and not responsible for the company as a whole. Thus the members enjoy limited liability under the company.

- Obtain Advantage of Government Schemes:

The producer Companies are eligible to obtain the advantages of various government schemes for the producers at the center as well as at the state level.

Activities of Producer Company

The Producer Company performs the following activities:

The producer Company mainly handles the production of its members.
Provides education to the members regarding various facets.
Processing of products of its members.
Facilitate with machinery as per requirement.
Consulting services, providing technical support, and training to the members for production.
Accordingly electricity supply to members.
The welfare of its members is determined by the Producer Company Board.
Provide insurance to the members and their products.
Provide marketing, financing, and processing for member producers.

Types of Producer Companies

Following mentioned is the Producer Company’s classification:

- Production Businesses:

The Production Producer Company is engaged in the production, procurement, and manufacture of the primary producers of its members.

- Marketing Businesses:

The company which is engaged in marketing or promotion of the primary product or provides education facilities to the producer members will be termed as marketing business for the Producer Company.

- Technical Assistance Business:

Any entity which provides technical assistance, training and related education to the producers will be termed a technical business and can register itself as a Producer Company.

- Finance Business:

An entity that provides financial services to the producing company members for its producing activities can be registered as a Producer Company.

- Infrastructure Business:

The entity that facilities the infrastructure to producer members in the form of electricity, water, irrigation, or any other similar activity will lead the entity as a Producer Company and can be registered for the same in India.

Requirements for Producer Company Registration

The Producer Company Registration has the following requirements to be fulfilled:

For Producer Company Registration the limit of director’s minimum requirement is five and the maximum limit is fifteen directors.
The number of members requirement limit is 200 if the entity is proposed to work as a private limited company.
The minimum number of producer requirement is ten to register the company as a Producer Company and the maximum limit is not fixed.
For incorporating the Producer Company, fulfillment of the minimum paid-up capital requirement is a must.
For forming a Producer Company, any two or more producers can join the respective company to form.
The producer Company is not eligible further to be converted into a public company.

Documents required for incorporation of Producer Company

To incorporate a Producer Company following documents are must be considered:

PAN Card and Photographs of Producers.
PAN and photographs of the Directors and Shareholders.
Specimen Signature of directors.
ID Proof of the members of the Company.
Address Proof of the Directors, Shareholders, and all other members.
Bank statements, Utility bills in relation to the company
Proof of Producer.
Sarpanch Letter in relation to agriculture or its Khasra- Khatuni as proof of agriculture.
Registered Address proof in the name of the company.
NOC from the owner and its utility bill.
Proof of ownership of property, if the company is owned.
In the case of rented property, the rent agreement in the name of the company
ITR with Agriculture Income.

Procedure for Producer Company Registration

Following is the procedure followed to obtain Producer Company Registration:

STEP 1: Approval of Producer Company name:

The very first step to obtain a Producer Company Registration is to select an appropriate name for the company and to legalize the same into the online platform i.e., via Spice+ form.

STEP 2: Obtain DSC and DIN:

For the next step, it’s mandatory to obtain DSC i.e. Digital Signature Certificate, and DIN i.e. Director Identification Number. DSC is required to sign the documents via electronic form and DIN is required for the directors of the company. Both these certificates can be obtained by filing the same online Space+ form.

To acquire the DSC and DIN following documents are required to be uploaded by the proposed individual:

PAN Card of the Director.
Aadhar Card of the Director.
Photographs of the Director.
Email and Contact details of the Director.

STEP 3: Filling out the Application form through the online portal:

After name approval and obtain DSC and DIN, the applicant needs to fill up the online form via Spice+ form for registration. Following are the details required to be filled out in the form:

Details regarding the company.
Details of all the members of the company along with its subscribers.
Application of Director Identification Number.
Application for PAN and TAN.
Attach affidavit signed by directors and subscribers.

STEP 4: Drafting of MOA and AOA and other documents:

After obtaining the DSC and DIN following documents are required to be drafted:

The Memorandum of Association is to be drafted by mentioning all the objects which the company is required to fulfill.
And then the Article of Association is to be drafted mentioning in it all the by-laws that a company tends to follow up on.
All the subscribers of the company shall declare their legal competency by signing an affidavit.

STEP 5: Verification of the Documents attached:

In the next step, all the documents attached related to the company, producer proof, and proof of members, directors, shareholders, etc in the form shall be verified accordingly.

STEP 6: Certification of Incorporation:

After the completion of the verification process, the company is issued the Certificate of Incorporation by the ROC and the issuance of PAN, and TAN. After the successful issuance of the required certificates, the company is eligible to open a current bank account.

On the other hand, if in the verification process the ROC doesn’t satisfy with the attested documents, it is prescribed the same fault and issues to apply the application again, or also sometimes the default can be rectified at the time of mentioning it.

The time requirement for Producer Company Registration

To register a Producer company, it takes around 20 to 25 working days time in respect to the documentation and verification process in India.

Documents you will get after the Incorporation of the Company

Following are the documents that one will receive after the incorporation of the Producer Company:

CoI- Certificate of Incorporation of the Producer Company.
Separate PAN Card in the name of the company.
TAN of the company
Articles of Association
Memorandum of Association
DIN for Directors of the company.
Digital Signature Certificate for Directors and required members and shareholders.
EPF Registration for eligible employees.
ESIC Registration documents.
Master data for the company.

indiabuzsolution Assistance for Producer Company Registration

indiabuzsolution is one of the leading cloud-based technology companies which provide legal services and many more related services. We provide Producer Company Registration and other related registration to it with the minimum time period and cost. The services we provide for Producer Company Registration are as follows:

We provide our best professionals to guide you for Producer Company Registration and other related registrations.
You just need to book an appointment with our professionals and they will help you out with your query related to Producer Company Registration.
The client needs to submit the required documents and information related to Producer Company Registration, and our professionals will prepare the application in a prescribed format.
We have qualified experts in the field through which we guarantee you the result in the minimum time period.
We also provide various other requirements for Producer Company Registration such as obtaining DSC and DIN, drafting of MoA and AoA accordingly to meet your requirements, EPF Registration for your employees, ESIC Registration, filling the form via the online portal, etc.
Your documents and other important registration are secure with our professionals.
We provide quick reminders and updates about the status of Producer Company Registration.
Other related legal advice and guidance.

How to contact indiabuzsolution for consulting

One can contact indiabuzsolution Professionals for registering the Producer Company Registration as follows:

Get in touch with the indiabuzsolution professionals via contacting us through call or you can text at the official site of our company and leave your contact number, our professionals will reach out to you as soon as possible.
Afterward, you need to submit all the required information for the Producer Company Registration and submit the prescribed fee.
You will get your Certificate of Incorporation and related documents in 20 to 25 working days. This also depends upon the verification and document submission.

Who are indiabuzsolution?

indiabuzsolutionis a platform that helps people in filing online legal forms. It provides a full range of accounting, Legal Compliances, Tax & Regulatory and certification, etc. It also helps in registering companies and provides professional assistance. You can get any kind of legal advice or if you won’t get your company registered then we are just one call or text away. Following are the reasons, you should choose indiabuzsolution-

indiabuzsolution provide professional assistance, for example, Charted Accountants and Company Secretary, etc.
Client access and track the progress of work at any time.
We try our best to provide you the smooth client counseling.
We provide free legal advice as well.
We provide our service in a time-bound manner, so that money and time of the client can be saved.

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