Producer Company is a company which is held by a producer. A producer is a person who is engaged in production of primary produce. The objectives of a producer company are production, procurement, harvest, marketing, selling and exporting of primary produces.
Features of Producer Company
- Ten or more members, each a producer
- Two or more producer institution
- Combination of ten or more individuals and producer institution
- Minimum 5 directors
- Minimum paid up capital of 5 lakh
- Name to end with “Producer Limited Company”
Documents required for Producer Company
- Pan card of directors
- Passport size photograph of directors
- Identity proof
- Rent agreement
- Landlord NOC
- Property papers
- Proof of business place
process for incorporation of Producer Company
- Obtain Digital Signature Certificate (DSC) – Obtain a Digital Signature Certificate from authorized DSC issuing authority.
- Obtain Director Identification No. (DIN) – Make Application in Form DIR-3
- Register DSC in the name of Director on MCA portal
- Apply for Reservation of Name – Application in Form No. INC.1. It will be reserved for a period of 60 days
- Commencement of business – Mandatory to file Declaration with ROC in Form No. INC.21
The following compliance’s need to be fulfilled after incorporation:
- Registered Office – A company shall have a registered office within 15 days of Incorporation and it shall file Form No.INC.22 to verify the same.
- Drafting and registration of Memorandum and Articles of Association.
- Filing of INC -7, DIR 12 & INC 22 Adoption of Memorandum of Association and Adoption of Articles of Association
Time for Producer Company
Generally takes 20-30 working days for incorporation of Producer Company.
Cost of Producer Company
Price differs from vendor to vendor. Generally costs between INR 55000-65000 .