Producer Company Registration
A Producer Company is a type of company that is registered under the Companies Act, 2013. It is a type of organization that is formed by farmers, agriculturists, and rural entrepreneurs with the primary objective of pooling their resources and working collectively for their mutual benefit.
Easy Process and Documentation
Required Paperwork
- Identity and Address proof of directors and shareholders
- PAN Card of directors and shareholders
- Proof of Registered Office Address
- MOA and AOA of the company
- Bank Account Details
- Board Resolution for authorizing the signatory to file for registration
- NOC from the landlord
- Declaration of compliance with the provisions of the Companies Act
Process, Service Charges, Time duration
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- On an average Procurement takes four to six weeks.
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What Is Registration of Producer Companies?
According to the Companies Act of 1956, the Producer Company in India must have objectives that are connected in some way to all of the following:
- production, harvesting, procurement, sorting, pooling, handling, marketing, selling, exporting of primary produce of the Members or import of commodities or services for their benefit are all activities that fall under the purview of this cooperative.
- processing, including preserving, drying, distilling, brewing, vinting, and canning of produce produced by its members; packaging of produce.
- manufacture, sale, or supply of machinery, equipment, or consumables primarily to its Members;
- providing education on the principles of mutual assistance to its Members and others;
- rendering technical services, consultancy services, training, research and development, and all other activities for the promotion of the interests of its Members;
- generation, transmission, and distribution of power; revitalization of land and water resources, their use, conservation, and communication Generation, relatable to primary produce
WHAT IS THE NIDHI COMPANY REGISTRATION PROCESS?
Step 1
Get the MCA-issued DSC(Digital Signature Certificate) and DIN(Director Identification Number DIR 3 form) for the company’s directors by filling out a straightforward form on LegalDocs.
DOCUMENTS REQUIRED FOR PRODUCER COMPANY REGISTRATION
Proof of the director’s identity (PAN card or Aadhaar card)
Address evidence
Directors’ photographs in passport format
Copy of rental contract, if any
Electricity Bill Property documents
Step 3
registration, i.e. incorporation of the company through form numbers INC 7,8,10,9,22,DIR 12,2 at the MCA along with the necessary documents for the registrar of companies.
DOCUMENTS REQUIRED FOR PRODUCER COMPANY REGISTRATION
Documentation of the director’s identity, such as a PAN card or an Aadhar card
Evidence of address
photos of the directors in the size of a passport
A copy of the lease contract, if there is one.
Bill for the Electricity Property documents, if there are any
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CONDITIONS NECESSARY FOR A PRODUCER COMPANY
Any ten or more persons, each of whom is a producer, or Any two or more Producer institutions,
A group of ten or more individuals and Producer institutions who want to form a Producer Company with certain objectives.
Minimum of 5 and maximum of 15 directors
A minimum capital of Rs. 5,00,000/- is required.
THE ADVANTAGES OF PRODUCER COMPANY REGISTRATION
- A producer company in India, unlike a private limited company, can have an unlimited number of members.
- The Registrar of businesses has authority over proceedings of amalgamation, merger, or division of a production company, whereas the court has jurisdiction over private limited businesses.
It cannot be turned into a public business, but it can be turned into a multi-state co-operative organisation. - A production company is a separate legal entity that provides the benefits of limited liability and perpetuity.
- Producer corporations provide better credibility than unregistered organisations of agriculturists/farmers.
- Changes in the Board of Management of a producer business can be done quickly by completing a few simple paperwork with the relevant ROC.
Only a properly registered production firm may sell or own property in its own name. - A registered producer company has the complete authority to accept deposits from or make loans to its agriculturist members at fair interest rates.
It should be noted that, while the IT Act does not provide any specific benefits or exclusions to Producer Companies per se, some tax benefits can be obtained based on the type of agricultural activity carried out. For example, if green tea leaves are grown and sold directly without further processing, the income derived from such an activity is considered agricultural income under the IT Act and is 100% tax free; however, if the green tea leaves are further processed and tea is manufactured, only 60% of the income derived from such an activity is considered agricultural income and the tax exemption is available only on the said 60% of such income. As a result, it is evident that a producer company’s tax exemption is dependent on the activity it engages in.
