In this article, we shall look at the documents required for producer company registration and registration process. Producer Company refers to a body corporate having activities or objects mentioned in section 581B under the Companies Act, 1956. Such entities are not allowed to perform tasks other than the listed below;
- Production, processing, harvesting, procurement, pooling, grading handling, marketing, import of goods or services for their benefit or export of *primary produce of the Members.
- Rendering technical services, training, consultancy services, education, R&D and all other activities for promoting the interests of its Members;
- Generation, transmission & distribution of power, revitalization of water resources, their use, conservation & communications related to primary produce;
- Promoting mutual assistance, financial services, welfare measures, insurance of producers or their primary produce;
Before we start with the main topic, i.e. documents required for producer company registration, let us unfold some essential aspects.
Pre-Registration requirement for Setting up Producer Company in India
- Presence of a minimum of 10 Producer is mandatory for setting up such entities. The producer is the one who will promote and incorporate the company. Promoters may be producer institutes or individual.
- Presence of minimum 5 Directors is imperative for registering Producer Company in India.
- Mostly, Directors and Promoters are the same in the companies.
- There is no limit cap is applied to the number of members
- The producer company shall be deemed as a Private Company and not a Public company in any case.
- The proposed Producer Company should possess only equity share capital.
- At least four boards meeting should be conducted every year at the frequency of every three months.
Read our article:What are the various benefits of registration of Producer Company in India?
The execution of one annual general meeting in a year is imperative for the producer company. The member or directors in the AGM can address the following matters:
Introduction of SPICe+ web form for seamless and prompt incorporation of the company
In the financial year 2020, the Ministry of Corporates Affairs[1] has come up with a web-based form, vizSPICe+. This form was introduced with an aim to simplify and speed up the incorporation process. SPICe+ form consists of two parts, viz Part A and Part B. the former part of this form allows the applicant to choose the company name. After getting basic input from the applicant, the portal conducts an automatic search against the information available in the database.
Once the portal validates the proposed name, the applicant can proceed to the incorporation process, which is available in Part B of the form. Nonetheless, while dealing with incorporation detail, the applicant needs to upload the following documents.
Documents Required For Producer Company Registration
The section below enclosed mandatory documents required for Producer Company registration.
- DIR-2- Declaration made by the Directors and copy of identity proof + residential address.
- NOC from the property owner on the plain paper & Non-objection certificate from a person whose name is cited on utility bills.
- Proof of Office address such as rent agreement, lease deed, conveyance etc., along with rent receipt.
- Utility bills’ copy, not older than two months.
- In case of non-availability of the DIN of Directors, attach legit proof of identification and residential address.
- All the Subscribers must possess Digital Signature Certificate
While uploading these documents, do not forget to take the size and the format of the same into account. The portal will refuse to upload the files exceeding the permissible limit of size. And as far as the image format is concerned, the portal usually demands form for the two formats: viz pdf and jpg.
Important things worth remembering pertaining to the registration process
While opting for the name in PART A of the form, make sure to affix the term “Producer Company Limited” in the proposed company name as it is vital for name reservation.
In the pre-SPICe+ era, the applicants are bound to address several different forms for the obtainment of name approval, DIN allotment, issuance of PAN and TAN. But now, such hassles has been overcome after the introduction of the said form.
The SPICe+ form can be used for the issuance of;
- DIN (upto 3 Directors)
- PAN
- TAN
- GSTIN
- EPFO
- Bank account number
- ESIC
Important points to ponder while furnishing detail in the SPICe+ form
Maximum details pertaining to the director are 20.
- Maximum 3 directors are permitted to file a DIN allotment application while incorporating a company.
- Person has to address Part A of the SPICe+ form for name reservation.
- Applying for PAN/Bank account/TAN/EPFO is a compulsion for the start-ups
- Once to fill AGILE PRO accordingly to apply for GST.
- The companies incorporated with effect from 26th Jan 2018, with a nominal capital less than or equivalent to Rs. 15,00,000 or in respect of firms lacking share capital whose no- of members are cited in AOA does not surpass twenty, ROC fee for this web-form shall be non-chargeable.
Conclusion
Documentation is the key to a successful incorporation process. Thus, it is essential for the applicant to wisely arrange the document and determined their authenticity before uploading on the portal. Well, that’s all about the documents required for producer company registration. Keep us informed if you seek some additional information.
Read our article:Producer Company Registration – Know the Documents Required and the Incorporation Procedure
