The idea of Producer Company in India was introduced to allow cooperatives to work as a corporate entity under the Ministry of Corporate Affairs. In this article, we look at the method for registering a Producer Company in India, under the Companies Act, 2013. The Companies Act defines Producer as any individual occupied with any activity associated with or relatable to any primary producer .
Producer Company Registration
To register a Producer Company in India, the following individuals in any of the combination is necessary
Ten or more peoples, each of them being a producer; or
Two or more producer organizations.
A mix of at least ten or above people and producer organizations.
Reasons to Register a Producer Company
Separate Legal Entity Easy Management
Documents for producer company:- (All copies of documents should be self-attested by the customer)
Identity and Address Proof
Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.
Registered Office Proof
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
Signed Incorporation Documents
Signed digital signature application documents in hard copy. Other incorporation documents signed and uploaded as soft copy.
Producer company incorporation process
The registration process for a Producer Company is then like a Private Limited Company. DSC and DIN should be obtained for the proposed first Directors of the Producer Company. When, DSC and DIN are acquired, application for name reservation can be recorded with the Registrar of Companies (ROC). The name of a producer company must end with the words "Producer Limited Company". When, name is affirmed by the ROC, application for incorporation can be recorded in the prescribed design for incorporating the Producer Company. If the Registrar is happy with the application for incorporation of Producer Company, at that point he/she will approve the same and issue Certificate of Incorporation. Once, a producer company is incorporated, it should work like a private limited company subject to specific provisions. However, unlike a Private Limited Company, a Producer Company does not have a limit on the quantity of individuals.