A producer company is thus a hybrid between a private limited company and a cooperative society. It combines the goodness of a cooperative enterprise and the vibrancy and efficiency of a company. It accommodates the unique elements of cooperative business with a regulatory framework similar to that of a private limited company.
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What is a Producer Company?
Producer Company means a body corporate having objects or activities as specified and registered as producer company under the act. It is a group of people involved in the production of primary produce or having one or more objectives relating to primary produce. In a producer company, you can make agriculturist members and accept deposits in form of RD/FD and provide them maturity as well as distribute loans to your farmer members and charge interest from them.
Main objective of the producer company is to facilitate the formation of co-operative business as companies and to make it possible to convert existing co-operative business into companies.
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There should be minimum 5 directors (maximum of 15) in a producer company.
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Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.
What are the requirements to be a director?
Any person above 18 years can become a director. Non-residents can also become director of Indian companies.
What are the documents required for registration?
ID proof and residence proof of all the proposed directors, PAN card is mandatory for Indian nationals. No objection certificate from the owner of registered office or lease agreement must be produced.
What is a digital signature certificate (DSC)?
Digital signature is process to authenticate and validate records electronically. DSC is required for every director of the company as the Ministry of Corporate Affairs (MCA) mandates digital signature of directors on some documents.
What is authorized capital fee?
Authorized capital of a Company is the amount of shares a company can issue to its shareholders. Companies have to pay authorized capital fee to the government so as to be able to issue shares. Companies have to pay authorized capital fee for a minimum of Rs.1 lakh.
What is the difference between a Producer Company and an Institutional Producer Company (IPC)?
The PC intervention takes care of all that needs to be done and should be done locally, using their members and the local communities to add value, provide services, increasing their incomes, etc. The IPC could be located at the district, state, national or even to serve a few countries in the area, requiring sizable investments, eg a plant to
produce, package and market corn, rice, wheat flakes, etc, processed and packaged spices, coffee, tea, etc, canned fruits, vegetables, juices, etc, branding, or export marketing calling for heavy expenditure and risks on travel, advertising, sales
Can Producer Company help exports of agricultural produce?
Yes, it can certainly help enhance export of agricultural produce, particularly of ethnic products in several ways. Because the member farmers will be required to follow GAP and will not use synthetic pesticides it will address the problem of product rejection by importing countries due to pesticide and heavy metal residues. However, major focus of the PC will be to help implement mandate of the government to provide food, health and nutrition security to its masses, particularly in rural areas.
How many directors can be appointed?
A private limited company must have a minimum of 2 directors while the maximum no. of directors can be upto 15.
What are the requirements with regard to the company’s name?
Company’s proposed name should be unique i.e., it should not be identical to any existing name. Names that infringe others’ rights, trademarks or patents are likely to be rejected by ROC
What is Director Identification Number (DIN)?
DIN is a unique identification number which is allotted to all the directors existing or proposed. DIN can be obtained by filing e-form DIN1 in MCA portal.
What are the statutory compliances required for a Producer Company?
Every Producer Company must hold a board meeting atleast once in every three months and an Annual general meeting (AGM) every year.