Introduction
The main objectives of the Producer Company in India to empower primary producers like farmers by offering facilities so that they can do their work effortlessly.
A producer company can be formed by 10 or more producers (persons involved in, or in activities related to, produce or growth), two or more producer institutions or a combination of 10 or more producers and producer institutions. Such a company can only have equity capital, require a minimum of five directors and an authorised capital of ₹5 Lakhs. The procedure for forming a Producer company is similar to the one for forming a private limited company.
- Providing learning courses to the primary producer to make them educated regarding farming.
- Offer insurance to the producers or their primary produce.
- Offering techniques of mutuality and mutual assistance.
- Manufacture, offering equipment and machinery, consumables mainly to members.
- Offering financial services, technical services, research and development for the interest of the members.
- Processing including preserving, venting, canning, brewing, and packing of produce items of its members.
- Distribution of power, transportation, revitalization of land, water resources relatable to primary produce.
Service Includes
Name reserve through RUN (Reserve Unique name)
- DSC (10 Nos)
- Includes Govt Fees & Stamp duty for Authorized Capital upto ₹5 Lakhs except for the states of Punjab, Madhya Pradesh and Kerala
- Filing of SPICe form
- Drafting & filing of e-MoA (Memorandum of Association) & e-AoA (Article of Association)
- Director Identification No. (DIN) – 5
- Issue of Incorporation Certificate
- PAN & TAN
- Assisted in Bank account opening
- Excluded Notary fees/Franking Charges
- Business Hours CA Support – Email, Phone, WhatsApp
Required Documents
1) For each Director/Promotor :
a) Passport Size Photos
b) PAN Card
c) Aadhaar Card
d)For Identity Proof – Passport/Driving License/voter ID (any one)
e)For Residential Proof – Bank Statement/Electricity bill/Landline Bill/Mobile bill/Gas pipeline bill not older than two months (any one)
f) Passport is mandatory for Foreign Nationals
g) Specimen signature
2) For Registered Office Address – Electricity bill /Landline Bill/ Mobile bill/ Gas bill, but not older than two months (any one)
3) Rent agreement of your registered office
4)No Objection Certificate from owner of property
Frequently ask questions
A producer company is a committee of 10 or more people and 2 institutions with a joint objective of dealing with agricultural and post-harvesting processing activities. In simple words, it is a cluster of farmers who joint hands for better living and to improve their income.
The name of a producer company must end with the words “Producer Limited Company”
it shall function similar to a private limited company subject to certain provisions. However, unlike a Private Limited Company, a Producer Company does not have a limit on the number of members.
Whole process takes 3-5 working days subject to approval from MCA or respective authority.
Minimum paid-up capital of ₹1 Lakh is required to form the company.
Only persons engaged in an activity connected with, or related to, primary produce can participate in the ownership.
The members have necessarily to be primary producers.
To register a Producer Company in India, Any of the following combination of producers can incorporate a producer company:
- Ten or more producers (Individuals); or
- Two or more producer institutions; or
- Combination of the above two (10+2) i.e. A combination of ten or more individuals and producer institutions
There is no maximum limit of the members
During every financial year:
- The company must hold one Annual General Meeting (AGM) and at least 4 board meetings (one in each quarter).
- Shall have internal audit of its accounts carried out in such intervals and in such manner as specified by its articles, by a Chartered Accountant.
- The accounts and financial statements must be audited by an independent auditor.
- File form AOC – 4 and MGT – 7 as part of Annual Compliance
- Filing of DIR 3 KYC
- Filing of Income tax return
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