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Meaning of Producer Company
The producer company is a hybrid form of business, having features of a Private Limited Company and a Co-Operative society. In other words, the producer company combines the advantages of a Co-operative, thereby providing collective benefits to the producers and a robust legal framework of a private Limited Company. For compliance and law, a producer company is considered a private limited company. The producer company can not be converted as a Public Limited Company; however, it may be converted as a Co-Operative Society.
More than 60% of India's population is engaged in agriculture or related activities. To enhance their working and financial condition, the government of India constituted an expert committee headed by Mr Y.K. Alagh, on their recommendation, the concept of producer company was introduced in 2002 and then in the new companies act 2013
Benefits For a Producer Company
The producer company was introduced in the companies act, 2013 to promote the primary producers, who are generally a low-income group, to optimise their income, better bargaining capabilities, and facilitate better selling opportunities. They have some inherent advantages. Some of the few significant benefits are as under.
Separate Legal Entity
Just like any other Private Limited Company, a producer company is considered a separate legal entity from its founders and enjoys all the benefits of an independent juristic person.
Credible Form of Business
The farming and producing activities under the aegis and in the form of the producer company have better recognition and offer several cooperative advantages to its stakeholders.
As the affairs of the producer company are managed as per the overall legal framework of the Companies Act, 2013 and the company's articles of association of the producer company.
The members of the producer company are entitled to the benefits of the limited liability just like any other company. They can not be held responsible for the loss liability of the producer company.
Credit to Producers
The producer company can give short term credit without any surety to the member producers for a period not exceeding six months to carry out the business activities of the producer company.
Loan & Advancesd
To extend long term credit to its producer members, the producer company can extend long term loans or advances against a surety for a period of up to seven years.
The NABARD has set up a dedicated Producer Organisation Development Fund (PODF) to extend the financial support for credit facilitation, capacity building and market linkage support.
There are several tax benefits to the producer company. For instance, the agricultural activities are 100% exempt, while other activities of the producer company like tea production, there is an exemption of 60%.
Checklist For Producer Company Registration
Shareholders: The members of a producer company must be the “primary producers”. A minimum of ten members is required, while there is no limit to the number of members of a producer company. Apart from the individual producers, a producer company can also be formed by producer institutions.
Directors: A minimum number of five directors are required to start a producer company. However, the maximum number of directors are capped at fifteen.
Capital: The minimum capital of Rs. five lakh is required to incorporate a producer company
Name of the Company: The name of the producer company must be new and unique, should not be the same or similar to an already existing company. The name of the producer company shall end with “Producer Company Limited”
Step Wise Process For Registration of a Producer Company
Step - 1:
Documentation for Producer Company
Documentation plays a significant role in the Registration of a Producer Company in India. The basic documents of all shareholders and directors such as PAN, ID, and address proof are required, along with evidence of the Company's registered address.
Step - 2:
Name Approval of the Producer Company
The name of the Producer Company should be unique and not violating the name of any other company or trademark. We assist you by conducting a detailed search in the MCA and Trademark database for a possible match of the name.
Step - 3:
DSC for All Promoters of the Company
The application for registration of the producer company is filed electronically with the digital signature of the promoters. Hence, to incorporate a producer company, the first step is to get the DSC.
Step - 4:
Name Approval of the Producer Company
The proposed name of a producer company is filed for the consideration of the ROC in RUN Form. If the name is unique and dissimilar to an already existing company or trademark, the ROC approves the company name.
Step - 5:
Filing of Spice Plus Form to ROC
Ther MOA, AOA of the producer company and declarations from the promoters and directors of the producer company is filed in SPIC Plus Form to the ROC. On the satisfaction of ROC with respect to the documents and information filed, the Certificate of Incorporation is issued for the Producer Company.
Step - 6:
Issue of the Certificate of Incorporation
The final stage of incorporation for a producer company is the ROC's issuance of the Certificate of Incorporation. The PAN and TAN numbers are allotted at the time of incorporation of the producer company.
Tax Benefit for Producer Company
Section 10(1) of the Income Tax Act, 1961 provides 100% exemption to agricultural income. The income that is derived from the farming activities of the producer company is thus exempt. However, there are few other activities like tea production, where the tax rate is 60%
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