Producer Company Registration in India: A Comprehensive Guide
Looking to empower producers and farmers? A Producer Company is a unique legal structure designed to promote the interests of primary producers. This guide outlines the registration process and benefits of establishing a Producer Company in India.
What is a Producer Company?
A Producer Company is a cooperative society registered under the Companies Act, 2013. It's specifically designed to promote the interests of primary producers (farmers, fishermen, artisans, etc.) by providing them with a platform to collectively market their products, access credit, and share profits.
Benefits of Producer Company Registration:
Empowerment of Producers: Provides a platform for producers to collectively negotiate and market their products.
Tax Benefits: Enjoys certain tax exemptions and concessions.
Access to Credit: Can obtain loans and financial assistance at favorable terms.
Collective Bargaining: Enables producers to negotiate better deals with buyers.
Eligibility Requirements:
Membership: At least 100 members are required at the time of registration.
Minimum Capital: A minimum paid-up equity share capital of ₹5 lakhs.
Membership Composition: At least 75% of members must be primary producers.
Registration Process:
Member Details: Gather information for all members, including their names, addresses, PAN Cards, and proof of being primary producers.
Company Name Selection: Choose a unique and available name with the suffix "(Producer Company) Limited." Use the Ministry of Corporate Affairs (MCA) portal (https://www.mca.gov.in/content/mca/global/en/mca/fo-llp-services/company-llp-name-search.html) for name checks.
Document Preparation: Prepare the required documents, including:
Identity and address proofs of members
PAN Cards of members
Proof of registered office address (with NOC if rented)
Memorandum of Association (MoA) outlining company objectives
Articles of Association (AoA) defining internal regulations
Digital Signature Certificate (DSC): Obtain a DSC for each member involved in the registration process.
SPICe+ eForm Filing: File the SPICe+ form electronically through the MCA portal. This form integrates company name approval, Director Identification Number (DIN) application, and Producer Company incorporation.
Payment of Fees: Pay the government fees associated with registration online.
Certificate of Incorporation: Upon approval, you'll receive a Certificate of Incorporation, marking the official formation of your Producer Company.
Beyond Registration:
Producer Companies require ongoing compliance with specific regulations set by the Ministry of Corporate Affairs (MCA). Kanoonwise.com offers valuable resources on these regulations and best practices for Producer Companies. Consider consulting a professional for comprehensive legal and financial guidance.
Kanoonwise.com: Your Trusted Legal Information Partner!
This guide provides a roadmap for your Producer Company registration journey. Kanoonwise.com is dedicated to empowering you with legal knowledge. We encourage you to explore our website for further resources on Producer Company regulations, compliance requirements, and connect with legal professionals for tailored advice