Being a farmer, now you can easily access to the input, credits, production technology and market. Want to know how? Just be with us throughout this article, to know some amazing aspects of producer company registration along with its procedure.
What is Producer Company Registration?
In India people are dependent directly or indirectly upon agricultural field. But still being the largest country indulged in agricultural fields, farmers in India are still lacking in technologies and are fully unorganised. Due to failure of crops, because of lack of technologies and facilities many of the farmers opt for suicide. Looking back to this problem Indian government has placed an expert committee to solve all the problems of the farmers.
A producer company in India is a company registered under the Companies Act with mutual objectives of agriculture production, procurement, post-harvesting processing activities, import goods, selling and distribution, export of primary production of the members to earn more benefits. 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.
Requirements to Form a Producer Company
Basic requirement to form a farmer producer company:
· 10 or more than 10 individuals
· 2 or more than 2 institutions
Pre-registration requirements to form Producer Company:
- Minimum number of 5 directors and 10 members should be there.
- Minimum paid-up capital of Rs. 5 Lakhs is required to form the company.
- Company can have as many as members they want as there is no maximum limit of the members.
- The Producer Company in India cannot be deemed as a public company.
- The former company can have only equity share capital.
- There should be at-least four boards meeting every year and the meetings should not be held less than once every three months.
Documents required for producer company Registration:
- PAN Card/ Passport/ Election ID Card of all the directors and shareholder
- Latest Bank Statement
- Voter's ID/Driver's License/passport of all the directors and shareholders
- Passport-sized photographs of all directors and shareholder
- Copy of any Utility bill as a residential proof
- In case of rented property a scan copy of Rent agreement along with NOC from the owner
- In case of owned Property, a copy of Property Papers.
Process for producer company registration:
Producer company registration process is somehow similar to private limited company registration.
You need to follow the below given steps to get the registration:
Obtain DSC and DIN for all the directors and shareholders:
The first most steps to get a company registration are to obtain DSC or digital signature copies for all the directors or shareholder of the company to sign electronic documents. After that you need to obtain DIN i.e. Directors Identification Number to move ahead with the process. You can now easily apply for DIN along with the SPICE Form and need not to file a separate form.
Company name approval Application:
Once you have obtained the DSC and DIN, now you have to get your company’s name approved from the registrar of offices. For this, you need to file an application in a prescribed format and fee in RUN (Reserve Unique Name) form. After submitting the application, registrar of offices will verify the uniqueness of name and will approve it on the basis of it.
File for incorporation application:
Now you are at the last but not the least step of filing for certificate of incorporation application. An incorporation application is filed in SPICE form along with the required documents such as Memorandum of Association, Article of Association, affidavit, and declaration with the concerned Registrar of Companies.
Note: It takes around 7 days to get Certificate of Incorporation from the ROC once all the documents and application is verified by them.