The Companies Act 2013 created the concept of a Producer Company in India, with the goal of improving the lives of farmers and producers. A producer company is a group of producers, farmers, and agriculturists who come together to purchase, produce, harvest, grade, pool, handle, market, sell, or export their products or import goods and services for themselves.
Simply put, this sort of company is founded with the goal of improving the lives of people who work in agriculture by giving them with access to technology, markets, loans, and other resources. A producer firm can be made up of ten or more producers (those who work in the production or growth industry), two or more producer institutions, or a combination of ten or more producers and producer institutions. A company with just equity capital, a minimum of five directors, and an authorised capital of Rs. 5 lakh can be formed.
The following requirements must be satisfied in order to register as Producer Company: Producer company cannot be converted into a public company Minimum capital of 5 lakh rupees for registration Out of 10 members, 5 directors are required for incorporation Minimum 10 producers or individuals are required to form a producer company but there is no upper limit Or, at least two producer institutions are required to form a producer companyMinimum Requirements
Copy of each following document required -
Below is the process of registering your business as Producer Company-
Because the formation of a Producer Company is entirely digital, a Digital Signature Certificate is necessary. Directors and subscribers to the company's memorandum of incorporation must have a DSC from one of the certified agencies.
To apply for a name for a Producer Company, use the SPICe RUN form, which is part of the SPICe+ form. While filling out the name application, the company's industrial activity code and object clause must both be defined.
The company's registration details must be submitted into the SPICe+ form after the name has been authorised. It is a basic proforma for forming a corporation electronically. The details of the form are listed below:
When a company is founded, the SPICe e-MoA and e-AoA are two forms that must be completed at the same time.
The PAN, TAN, and Certificate of Incorporation will be issued if the Ministry of Corporate Affairs approves the above-mentioned papers. These documents must now be used to open a current bank account for the organisation.
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A minimum of 10 members or two producer institutions are required to form a producer company.
Any individual/organization can become the member of Producer Company including foreigners/NRI
The full operation should take 35 to 40 days to finish. This, however, will be contingent on whether you have all of your papers in order and the RoC's workload.
Minimum capital of 5 lakh rupees is required at the time of registration of a company.
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