Cultivating Collective Success: Incorporate a Producer Company with Account Assure
Are you a group of farmers, producers, or artisans looking to harness collective strength for greater market access and economic upliftment? A Producer Company is your answer, and Account Assure is your expert guide.
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The concept of a Producer Company, governed by the Companies Act, 2013 (specifically Part IXA, originally introduced through the Companies Amendment Act, 2002), is designed to empower primary producers. It allows individuals involved in agriculture, horticulture, animal husbandry, floriculture, sericulture, pisciculture, or any other activity connected with primary produce, to form a corporate entity. This structure enables them to collaboratively engage in production, procurement, harvesting, grading, pooling, handling, marketing, selling, and exporting their produce, thereby enhancing their bargaining power and profitability.
At Account Assure, we understand the unique objectives and regulatory landscape surrounding Producer Companies. We are committed to assisting groups of producers in seamlessly establishing their compliant and impactful corporate entity.
Producer Company In India
Producer Company is defined under section 465 of the Companies Act, 2013 is a company formed as ‘Private Limited Company‘ with an objective of doing “agricultural activities”.
Constitution of Producer Company
Producer Company is constituted by minimum of
- Ten or more producers (individuals); or
- Two or more producer institutions; or
- Combination of the above two (10+2)
Incorporation of Producer Company
- Name Reservation The name of the Company should be applied through SPICE+ Part A on MCA V3 Portal along with the fee of Rs. 1000/- or same can be applied directly through SPICE+ Part B (Simplified Proforma for Incorporating Company Electronically). The name of the Company should end with “PRODUCER COMPANY LIMITED”.
- (ii) Preparation of MOA & AOA The Memorandum of Association & Article of Association of Producer Company are now required to be attached with Form SPICE+ Part B. The requirement of E-MOA & E-AOA are now dispensed.
- Preparation of Form SPICE+ Part B Following attachments are required to be attached in Form SPICE+ Part B:-
- Proof of office address along with NOC, if applicable (Conveyance/Lease deed/Rent Agreement along with rent receipts)
- Copy of the utility bills (not older than two months)
- Farmer Producer Certificates/Khasra Khatauni/Bhulekh duly certified by prescribed authority/administrator.
- Consent Letter of all Directors along with Proof of identity & Residence.
- Other optional attachments. (if any)
- Form INC-35(AGILE-PRO-S) Application for:
- Goods and services tax Identification number,
- Employees state Insurance corporation registration,
- Employees provident fund organization registration,
- Profession tax Registration,
- Opening of bank account and
- Shops and Establishment Registration
- Form INC-9 (Declaration by Subscribers and First Directors)
- Form INC-9 is required to be signed by Subscribers and First Directors.
- Filing and Uploading of Forms Once all forms are ready, upload all forms i.e. SPICE+ PART B, AGILE-PRO-S, INC-9 on MCA V3 Portal as linked forms and make payment of the same.
- Status of Filed Forms The status of filed forms will be reflected on MCA V3 under my application tab. If application found no error, corrections or mistakes, the same will be approved by ministry.
- Resubmission In incorporation Forms The mistakes or error need to be rectified within time limit allowed i.e. 15 days from resubmission comes.
- Certification of Incorporation Certification of Incorporation will be generated with CIN, PAN & TAN.
Why Partner with Account Assure?
As a trusted Financial Audit Firm, Account Assure brings a unique blend of expertise to your PLC incorporation:
Niche Expertise
Our team possesses a deep understanding of the unique legal and financial aspects governing Producer Companies.
Compliance Assurance
We ensure strict adherence to the Companies Act, 2013, and other relevant regulations, providing a robust legal foundation for your collective.
Holistic Financial Insight
Beyond incorporation, we can advise on financial management, internal controls, and taxation specific to Producer Companies, given our audit background.
Efficient and Transparent Process
We streamline the complex procedures, keeping you informed at every stage and ensuring timely completion.
Support for Collective Ventures
We are committed to supporting initiatives that empower producers and contribute to economic development.
Why Partner with Account Assure?
As a trusted Financial Audit Firm, Account Assure brings a unique blend of expertise to your PLC incorporation:
Niche Expertise
Our team possesses a deep understanding of the unique legal and financial aspects governing Producer Companies.
Compliance Assurance
We ensure strict adherence to the Companies Act, 2013, and other relevant regulations, providing a robust legal foundation for your collective.
Holistic Financial Insight
Beyond incorporation, we can advise on financial management, internal controls, and taxation specific to Producer Companies, given our audit background.
Efficient and Transparent Process
We streamline the complex procedures, keeping you informed at every stage and ensuring timely completion.
Support for Collective Ventures
We are committed to supporting initiatives that empower producers and contribute to economic development.
Are you ready to unite and prosper as a Producer Company?
Contact Account Assure today for a comprehensive consultation on Producer Company incorporation. Let us help you lay the foundation for collective growth and success.
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Want to incorporate your Private Limited Company hassle-free? Let Account Assure handle the complexities while you focus on growing your business!