A Producer Company is formed by 10 or more individuals or two or more institutions dealing in agricultural produces or post-harvest processing activities. Thus, a producer company is a legally recognized cluster of agriculturists/farmers which aims to improve their incomes, statuses of their available support and profitability, and the standard of their living.
Producer Company Registration in India
The sections below offer separate information about some exclusive advantages provided by a producer company, and the entire procedure for producer company registration anywhere in India. Here, it may be noted that, in a country like India, where about 85% farmers have small land-holdings, these producer companies are certainly of immense utility and great benefit to the member agriculturists and farmers. So far, our hugely popular law firm of India has helped numerous in their producer company registrations in places all across India.
How to Register a Producer Company? - Procedure for Producer Company Registration
This section offers concise information regarding how to register a producer company anywhere in entire India. Broadly, the procedure for producer company registration and the documents required, are almost the same as in the cases of the majority of companies. The Integrated Form INC-29 may also be used for registration of a producer company.
For incorporation of a producer company in India, there are needed a minimum of Five Directors and Ten Shareholders/Members; there is no limit kept for the maximum permissible number of members. The following processes are involved in the procedure for its incorporation in India:
- Name Approval and Reservation (Form INC-1)
- Making DSCs and DINs for Directors
- Filing the Incorporation Form INC-7 with the relevant ROC
- Filing Forms like INC-22, DIR-12, etc.
- And, Submission of other necessary documents.
Advantages of Producer Company Registration
The main and outstanding advantages of producer company registration are the following:- A producer company enjoys a separate legal entity, and offers the facilities of limited liability and perpetuity.
- Producer companies offer greater credibility as compared to that offered by unregistered organizations of agriculturists/farmers.
- Changes in the Board of Management of a producer company can swiftly be made just through filing few simple forms with the ROC concerned.
- Only a duly registered producer company is entitled to sell or own a property in its own name.
- A registered producer company is fully entitled to accept deposits from or give loans to its agriculturist members, at reasonable rates of interest.
To know more about the producer company registration in India, or receive our expert and efficient legal services for this, please contact over: 8800-100-284; or send queries or request to: companies@GlobalJurix.com .