Producer Company Registration
A Producer Company is a business organization created for farmers and producers who are primarily interested in agriculture and associated industries. The key qualities include: Legal entities: Recognized as a firm under the Companies Act, which allows for more accessible loans and improved post-harvest management.
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INTRODUCTION
What exactly defines the Producer Company?
A producer business is essentially a firm registered to deal with the primary production of its active members in farming. The primary goal comprises not just manufacturing but also sales and exports. Part IXA of the Companies Act of 1956 applies to the creation of production companies until a specific Act is passed for them.
A producer company is formed when ten or more members are producers, or when two or more producer institutions combine. Like any other firm, the members’ liability is limited to the amount of unpaid share capital. The producer company is designated a private limited company under this Act; nonetheless, the number of members criterion does not apply to it.
ADVANTAGES
The advantages of registering a farmer-producer group
Exclusive User Rights
Active members of the production firm may be granted unique user privileges if specified in the company's Articles of Association. The corporation may issue relevant instruments to active members in relation to such rights. The term "special use rights" refers to any right that the active Member has to supply additional produce or any other right that relates to his produce.
Benefits for members
Initially, each member can only get the Board-determined value of the output. The delayed price may be paid later in cash or through the allocation of equity shares. Members are only entitled for a restricted return, but they may also receive bonus shares. The surplus might also be distributed as a patronage bonus.
distinct legal identity.
The producing firm, like any other corporation, has a separate legal identity. The assets, obligations, rights, debts, and privileges will vest in the corporation. The corporation can do business under its own name while also owning the premises. The change in members or directors has no effect on the entity's existence, assets, liabilities, or rights and duties.
Owners have little liability.
Members and producer institutions have limited accountability for the company's debts and commitments. Their personal assets are unaffected by any loss or wound up. Producers can invest in such enterprises with less risk since they know they will have minimal responsibility.
A LIST OF DOCUMENTS
Documents Needed for Producer Company Registration
Photograph
Current passport-size photos of directors, nominees, and shareholders
PAN Card
PAN Cards for Shareholders and Directors.
Identity Proof
Directors' and shareholders' driver's license, passport, or voter ID
Address Proof
A copy of the directors' and shareholders' most recent bank account statement, telephone bill, or electricity bill
Business Address Proof
The telephone and electricity bills for the Indian registered office location
NOC from owner
No Objection Certificate to be obtained from the owner(s) of registered office
Rent Agreement
If there is one, the registered office's rent agreement should be submitted.
Formulation of the Producer's Company Name
Special Name
Essentially, it establishes the company's brand and, ideally, is a newly invented term.
Type of Constitution
The suffix "Private Limited" must be included at the end of the company's name.
ACTIVE REGISTRATION ONLINE
Register a production firm in three simple steps.
1. Respond to Quick Questions
- Completing our questionnaires takes less than ten minutes.
- Give the necessary documentation and basic information for registration.
- Use safe payment gateways to process payments.
2. Relax While Our Team of Experts Completes Everything
- Dedicated Relationship Manager
- Acquisition of Electronic Signatures (DSC)
- Name Reservation Application
- writing of documents, such as the AOA and MOA
- The incorporation certificate
3. Your Business Is Listed
- It just takes 15-18 working days*.
THE ACTION
How to register a production company online.
Days 1
- Application for Certificate of Digital Signature
Days 2 - 4
- Verifying the availability of the name
- Application for Name Reservation under “RUN“
- Reservation of Name
Days 5 -7
- Drafting of MoA, AoA, and other necessary papers
- Payment of Stamp Duty
- Notarization of needed documents.
Days 9 - 10
- Application to award a license in form INC-12.
- Government approval processing time
- Form INC-16, license under section 8
Days 9 - 10
- Filing an application for business registration.
- Application for DIN Allocation
- Application for PAN and TAN of the firm
Days 11 - 12
- Government processing time
- Certificate Of Incorporation
Common Queries
The bare minimums needed to be registered as a producing firm are as follows:
1) The primary goal of the business must also be as specified in Companies Act of 1956, Section 581B.
2) The company’s shares must be subscribed for by at least 10 producers individually or by at least 2 producer institutes.3) The firm must have a minimum of five directors, one of whom must be a resident and citizen of India.
4) The company’s registered office has to be in India.
The quantity of funds required for this There isn’t a set minimum capital requirement for nonprofit companies. The quantity needed to launch and operate a firm may be introduced by the promoters.
- The company’s name ought to be developed in accordance with the naming criteria. A maximum of two distinct names may be submitted for a name reservation using the “RUN” web form. In the event that the names do not meet the requirements, the registrar may request that the application be resubmitted under an alternative name.
- No, the promoters do not need to be present in person to complete the registration procedure; it is all done online. All of the information and papers may be submitted to our portal or sent by mail.
Yes, once they have a Director Identification Number, foreign nationals or NRIs are eligible to hold directorships. Nonetheless, a minimum of one Director on the Board of Directors needs to be a resident and an Indian citizen.
