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PRODUCER COMPANY REGISTRATION in delhi

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Why Should I Use Auriga Accounting For PRODUCER COMPANY REGISTRATION in delhi ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your PRODUCER COMPANY REGISTRATION in delhi.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete your registration

Your PRODUCER COMPANY is registered

Why Should I Use Auriga Accounting For PRODUCER COMPANY REGISTRATION in Delhi ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your PRODUCER COMPANY REGISTRATION IN DELHI.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete your registration

Your Producer Company is registered

Overview- Producer Company Registration in Delhi

A Producer Company Registration in Delhi is a legally governed organization made up of farmers and cultivators. It was created by the government to enhance the standard of living, income and profitability of Indian farmers and agriculturists. Producer companies operate as private corporations and are subject to the laws of the Companies Act 1956.

We give all Information related to Producer Company Registration in Delhi like Features Advantages, Disadvantages, Registration Processes, and Compliances.

Reasons for completing Producer Company Registration

  1. Easy Management

The Board of Management of a Producer Company is easily amended by filing simple paperwork with the Registrar of Companies. The Board of Management of a Producer Company oversees the activities of the Producer Company. Also, be sure to use the salary calculator to easily manage the salary distribution of your employees.

  1. Separate legal Entity

Producer companies are legal entities and have been given legal status by the Act. Thus, a producer corporation has broad legal power and can own property and take on loans. The shareholders (directors) of an organization have no liability to the creditors of the producer company.

  1. Owning Property

Producer companies may, as a matter of jurisprudence, purchase, or otherwise dispose of, property owned in their own name. The member producer cannot claim any property belonging to the corporation as it is operating as a business.

  1. Better Reliability

Producer companies have more credibility than unregistered producer unions. Producer Organizations are monitored and registered with the Central Government authorities. Also, state governments monitor producer organizations.

  1. Uninterrupted Existence

A manufacturer’s company has ‘perpetual succession’. It means that it has a continuous or uninterrupted existence till its legal dissolution. Since they are separate legal entities, Producer Companies are not affected by the demise or expulsion of a member. However, it remains active regardless of membership changes.

ADVANTAGES- Producer Company Registration in Delhi

  • Collective Bargaining Power: PFCs allow farmers and agricultural producers to come together and form a collective entity. This collective strength gives them increased bargaining power when dealing with buyers, suppliers, and other stakeholders in the agricultural value chain. PFCs can negotiate better prices for their produce and secure favorable terms in input procurement.
  • Market Access and Market Linkages: PFCs provide farmers with improved access to markets. By pooling resources and leveraging the collective strength of the company, farmers can establish direct market linkages, explore new markets, and overcome challenges related to marketing and distribution. This can result in better market opportunities and higher profitability for farmers.
  • Risk Mitigation: PFCs can help mitigate risks associated with agriculture by pooling resources, knowledge, and expertise. Through collective action, PFCs can develop risk management strategies, share best practices, and implement crop insurance schemes. This can provide a safety net for individual farmers and protect them against crop failure, price fluctuations, and other risks.
  • Access to Finance and Government Schemes: PFCs have the advantage of accessing financial institutions and government schemes more easily compared to individual farmers. They can avail loans, credit facilities, and grants for various agricultural activities. PFCs also have a better chance of obtaining subsidies, incentives, and support from the government for the benefit of their farmer members.
  • Knowledge Sharing and Capacity Building: PFCs promote knowledge sharing and capacity building among farmers. They facilitate the exchange of agricultural practices, modern technologies, and innovative farming techniques. PFCs can organize training programs, workshops, and awareness campaigns to improve the skills and knowledge of their members, leading to enhanced productivity and profitability.
  • Efficient Input Procurement: PFCs can streamline input procurement processes by procuring agricultural inputs, machinery, and equipment in bulk. This allows them to negotiate better prices and ensure the timely availability of quality inputs for their members. Efficient input procurement can help farmers reduce costs and improve the overall productivity of their farming operations.
  • Collective Investment and Infrastructure Development: PFCs enable farmers to collectively invest in infrastructure and facilities that are crucial for agricultural activities. This may include setting up storage facilities, cold chains, processing units, irrigation systems, and marketing infrastructure. Such collective investments can enhance the overall agricultural infrastructure in a region and improve the value chain.
  • Legal Entity and Limited Liability: PFCs have the advantage of being a separate legal entity, distinct from their farmer members. This provides limited liability protection to the individual farmers, shielding their personal assets from business-related risks and liabilities.-

Documents Required for Producer Company Registration in Delhi

As per sub-section paragraph (1) of section 581C of the Companies Act, 1956, any of the following combinations serves to incorporate the producer company:

  • More than two establishments are necessary to form a Producer Company.
  • More than ten people are needed to form a productive company.
  • In addition, the following are the conditions you need to fulfill from the perspective.
  • A minimum of 5 directors or a maximum of 15 directors are required to form a Producer Company.
  • The Producer Company has to hold at least four board meetings during the financial year. Also, the maximum gap between two sessions should be more than three months.
  • The paid-up share capital should be at least ₹5 lakh.
  • It is essential to have a full-time CEO to oversee the operations and management of the business.
  • A producer company can be understood as having only equity share capital.

process of Producer Company Registration in Delhi

The process of registering a Producer Company Registration in Delhi is the same as registering a Private Limited Company. Furthermore, to register a Producer Company, an application has to be submitted to the ROC (Registrar of Companies) in the required format along with all the required documents.

On receipt of the application, the Registrar should check all the documents and issue COI (Certificate of Incorporation). Following are the steps to follow in the process of obtaining registration for Producer Company:

Application for Name Approval in Producer Company Incorporation

To reserve the name of an organization as a Producer Company, the members of the company are required to submit RUN (Reserve Unique Name) form and ROC. Once you submit the form, the ROC will verify the validity of the names of the members of the company. After the ROC approves the business name, you need to file the Certificate of Incorporation within twenty days.

GET DSC AND DIN

The first step in the process is to obtain DIN (Director Identification Number) and DSC (Digital Signature Certificate). Also, DSC requires attestation of documents electronically or digitally and the Certifying Authority issues it. Additionally, DIN is mandatory for directors joining the business. You can get the same by filling the SPICE form as submission of a separate form is unnecessary.

Drafting of MOA and AOA

Once the name is approved, you need to apply for inclusion in the SPICE form and important documents. These may include:

  • AOA (Articles of Association)
  • MOA (Memorandum of Association)
  • An affidavit signed by the entire membership and a statement confirming the legal capacity of the company to be a legal subscriber.
  • Appropriate ROC (Registrar of Companies)

Certificate of Incorporation

After verifying the documents and requesting incorporation, the ROC will issue a Certificate of Incorporation (COI), which takes no more than seven days.

Compliances of Producer Company Registration in Delhi

  • Annual General Meeting (AGM): Producer Companies are required to hold an AGM within six months from the end of each financial year. The AGM should be conducted to discuss matters such as the adoption of financial statements, appointment or reappointment of directors, declaration of dividends, and any other business as specified in the notice.
  • Financial Statements: Producer Companies must prepare and file financial statements, including the balance sheet, profit and loss account, and cash flow statement, at the end of each financial year. These financial statements should comply with the applicable accounting standards and be audited by a qualified auditor.

  • Board Meetings: Producer Companies are required to hold a minimum of four board meetings every year. The board meetings should be conducted to discuss and decide on various matters concerning the company’s operations, financials, compliance, and strategic decisions. Proper minutes of the board meetings should be maintained.

  • Filing of Annual Returns: Producer Companies need to file their annual returns with the Registrar of Companies (RoC) within 60 days from the date of the AGM. The annual return should be filed in the prescribed format and should include details such as the company’s financial information, changes in directors or key personnel, and other required information.

  • Statutory Audit: Producer Companies are required to have their financial statements audited by a qualified Chartered Accountant. The audited financial statements should be included in the annual return and should comply with the applicable auditing and accounting standards.

  • Compliance with Tax Laws: Producer Companies need to comply with the tax laws applicable to their operations. This includes filing income tax returns, paying taxes, and complying with Goods and Services Tax (GST) regulations, if applicable.

  • Compliance with Other Laws: Producer Companies must comply with other relevant laws, rules, and regulations applicable to their business activities. This may include labor laws, environmental regulations, sector-specific regulations, and any other applicable laws.

  • Disclosure Requirements: Producer Companies are required to make various disclosures in their financial statements, annual reports, and other filings. These disclosures may include related party transactions, loans and advances to directors or key personnel, and other significant information as required by law.

Conclusion

When the time comes to register, the Producer Company will become a corporate body like a Private Limited. The provisions of the Companies Act apply.

Under no circumstances should a Producer Company follow the route of becoming a Public Limited Company as per this Act. The conclusion is that a Producer Company in India shall not become an open (or publicly classified) private limited corporation.

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Why Auriga Accounting?

Auriga Accounting is an accounting and financial consulting firm that provides various services, including incorporation of producer companies. Incorporating a producer company can be a complex process that involves various legal and regulatory requirements. Auriga Accounting can help simplify this process by providing the following services:

  1. Understanding the business requirements: Auriga Accounting can help you understand the legal and regulatory requirements for incorporating a producer company. They can provide guidance on the eligibility criteria, the types of producer companies, and the process for registration.
  1. Preparing the documentation: Auriga Accounting can help prepare the necessary documentation required for incorporating a producer company. This includes the Memorandum of Association, Articles of Association, and other legal documents required by the Registrar of Companies.
  2. Obtaining necessary approvals: Auriga Accounting can help obtain the necessary approvals from various authorities, including the Registrar of Companies and other government bodies.
  3. Complying with legal and regulatory requirements: Auriga Accounting can help ensure that the producer company complies with all legal and regulatory requirements. This includes maintaining proper books of accounts, filing annual returns, and complying with tax regulations.
  4. Financial and accounting services: Auriga Accounting can provide ongoing financial and accounting services to the producer company, including bookkeeping, tax planning, and financial reporting.

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