Complete Guide on Incorporation of Producer Company In India Under Companies Act, 2013
√ What is Producer Company
Producer Company is defined under section 465 of the Companies Act, 2013 is a company formed as ‘Private Limited Company‘ with an objective of doing “agricultural activities”.
√ Constitution of Producer Company
Producer Company is constituted by minimum of
- Ten or more producers (individuals); or
- Two or more producer institutions; or
- Combination of the above two (10+2)
√ Directors of Producer Company
Producer shall have a minimum of 5 director and maximum of 15 directors.
√ Incorporation of Producer Company
(i) Name Reservation
The name of the Company should be applied through SPICE+ Part A on MCA V3 Portal along with the fee of Rs. 1000/- or same can be applied directly through SPICE+ Part B (Simplified Proforma for Incorporating Company Electronically).
The name of the Company should end with “PRODUCER COMPANY LIMITED”.
(ii) Preparation of MOA & AOA
The Memorandum of Association & Article of Association of Producer Company are now required to be attached with Form SPICE+ Part B. The requirement of E-MOA & E-AOA are now dispensed.
(iii) Preparation of Form SPICE+ Part B
Following attachments are required to be attached in Form SPICE+ Part B:-
√ Proof of office address along with NOC, if applicable (Conveyance/Lease deed/Rent Agreement along with rent receipts)
√ Copy of the utility bills (not older than two months)
√ Farmer Producer Certificates/Khasra Khatauni/Bhulekh duly certified by prescribed authority/administrator.
√ Consent Letter of all Directors along with Proof of identity & Residence.
√ Other optional attachments. (if any)
(iv) Form INC-35(AGILE-PRO-S)
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- Application for:
√ Goods and services tax Identification number,
√ Employees state Insurance corporation registration,
√ Employees provident fund organization registration,
√ Profession tax Registration,
√ Opening of bank account and
√ Shops and Establishment Registration
(v) Form INC-9 (Declaration by Subscribers and First Directors)
√ Form INC-9 is required to be signed by Subscribers and First Directors.
(vi) Filing and Uploading of Forms
Once all forms are ready, upload all forms i.e. SPICE+ PART B, AGILE-PRO-S, INC-9 on MCA V3 Portal as linked forms and make payment of the same.
(vii) Status of Filed Forms
The status of filed forms will be reflected on MCA V3 under my application tab. If application found no error, corrections or mistakes, the same will be approved by ministry.
(viii) Resubmission In incorporation Forms
The mistakes or error need to be rectified within time limit allowed i.e. 15 days from resubmission comes.
(ix) Certification of Incorporation
Certification of Incorporation will be generated with CIN, PAN & TAN.
In conclusion, registration of Producer Company in India gives a legal structure for farmers to collaborate and engage in production, harvesting, marketing and selling of their primary produce.
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{The author i.e. Neha Bisht is a Company Secretary and can be reached at (M) 9971509681 and (E) csnehabisht12@gmail.com}
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