What is the definition of a Producer Company?
A Producer Company Registration is a business established under the Companies Act of 2013 to help farmers better their living conditions. Producer Company Registration's goal is to benefit them by producing, harvesting, pooling, and exporting products and services. Agriculture and post-harvesting activities are the main topics of discussion. A "Producer Company" is described as a legal body that is registered as such under the Companies Act of 1956 and participates in the activities or pursues the goals outlined in Section 581B.
The basis of the Indian economy is agriculture, which employs more than half of the country's workers and accounts for roughly 17–18% of its GDP.
In order to address the urgent issues faced by farmers and other agricultural professionals, also referred to as producers, the concept of a producer company was developed in 2002. This article is about what a company is, how to register, and the advantages of doing so.
What are the Objectives of the Producer Company?
- The Producer Company Registration aim is specified below under section 581B Act, 2013
- Production, grading, harvesting, pooling, marketing, selling, export of primary production of members, or imports of products or services for their benefit are all allowed under the law, with the provision that the producer company can do it either or through other organizations.
- Preserving, brewing, distilling, canning, and packaging of its members’ produce are examples of processing activities.
- It offers its members the sale or supply of machinery, equipment, or consumables.
- Members are educated on mutual support.
- Technical and consulting services, training, research and development, and any other activities are available to members.
- Land and water resource renewal, as well as the generation, transmission, and distribution of power related to primary products.
- The Eligibility Requirements For Forming And Registering A Producer Company
- A producing business must have a minimum of ten individual members.
- A producer business can be formed by combining two or more producer institutions.
- For the purpose of forming the production firm, a mix of the above may be used.
- A production company is treated as a private limited company at the time of registration.
- Producer business cannot become or be considered a public limited company under any condition.
- There must be a minimum of 5 and a maximum of 15 directors in the producer company.
- The production company must have a minimum of 5 and a maximum of 15 directors
- The name of the business must end with "Producing Company Limited." Only people active in or connected to the manufacturing of primary items may own property
What Documents Are Required for Producer Company Registration Incorporation?
- A replica of the PAN Card of all the directors. Passport-sized images of each director.
- Replica of identity proof of all the directors.
- Copy of the lease (in case of rented property).
- Copy of property papers.
- Landlord's NOC (No Objection Certificate).
Step-by-Step Producer Company Registration Process and Documentation:
1. Approval of a name:
A name reservation must be requested using the SPICe part A form. For approval, two names can be supplied. For Online Producer Company Registration, apply for the name reservation. You must pay a fee of Rs. 1000 to the government. At the end of the proposed name, the words PRODUCER COMPANY must appear.
2. Certificate of Digital Signature:
The second step for Online Producer Company Registration is to obtain a signature certificate from all of the subscribers/ members (DSC). The following documents required to acquire a DSC are PAN, The Director’s Aadhaar Card, ID card for subscribers, Email Address, and contact details.
3. Draft The Necessary documents:
All of the goals that the company intends to pursue must be included in the Memorandum of Association (MOA). All of the company's laws must be included in the Articles of Association (AOA).
4. Application for Registration in SPICE Part B Submission:
Online Producer Company Registration is for the prospective company's subscribers, who must sign an affidavit stating their legal capacity to participate as shareholders.
A utility bill and a NOC are required from the owner whose address will be used as the company's registered office. If it is not acknowledged, a lease agreement will be given.
5. The Certificate Of Incorporation
After the certificate is issued for the Producer Company Registration in India the company will become a legal entity, much like a private limited company. Under no circumstances can it turn into a public limited company.
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