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Producer Company Registration has allowed the producers to form a company for achieving targets and gaining a profit from the market. A company of producers is a mixture or combination of a cooperative society and a private limited company incorporated under the Companies Act, 1956 and the Companies Act, 2013.
The object as specified in the act must be adhered to and complied with. The government has launched various schemes and incentives under NABARD for small farmers' agribusiness consortium which provides support for the promotion of Farmer Producer Organisation (FPO). The credit guarantee fund has been made for reducing the risk of financial institutions lending to FPO without any collateral.
The following are the steps in the procedure for registration of a producer under the Companies Act:
The registration is completely online which requires a DSC for signing the forms. The directors shall apply for DIN and Class 3 DSC for filing incorporation forms.
The name application is done by the SPICe RUN Form. The industrial code of activity and objects required for making name approval applications.
Once the name approval is received, then details relating to the producer company registration are drafted in the SPICe+ form. It is a simplified program for the incorporation of a company electronically. The details of the form are:
The forms MOA and AOA are to be drafted at the time of registration application. The MOA describes the constitution of the company. The share capital includes only equity shares. The AOA states the internal rules and regulations of the management of the company.
After the submission of all the documents and their approval is received within 30 days through the COI. The bank account is opened after receiving the certificate of incorporation.
The PAN and TAN are issued with the incorporation certificate of the company.
The given are documents for the registration of the company as follows:;
The main objects of the producer as per the Companies Act, 1956 and the Companies Act, 2013 are
The activities involve any type of production relating to the harvesting, procurement, pooling, marketing or export of agriculture.
It involves activities including preserving, distilling, drying, brewing, venting and canning, etc
Activities relating to manufacturing like a supply of machinery or any other equipment involved in it..
To provide education on mutual assistance to the members and others..
Services like research and development, consultancy services and other activities for the promotion of the interest of the members..
Activities like generation, the transmission of land and water resources and conservation of these resources..
It promotes techniques of mutual assistance between members
It promotes welfare measures and other facilities for members..
Activities such as financing of procurement, processing, marketing and other activities.
The National Bank for Agriculture and rural development (NABARD) has supported the producer organizations (PO) in meeting the needs of producers. The Schemes provided are given as follows:
A fund is created under NABARD named Producers Organisation Development Fund in 2011 for supporting organizations on three tiers namely for producer company registration; credit facilitation, capacity building and market linkage support. This is a new scheme i.e., PODF interest differential means the total amount is divided by appropriation of interest for promotion and nurturing.
This fund was created by the Government in 2014-15 for building 2000 Farmer Produce Organizations (FPO). The goal is to promote new FPO and support their initial financial requirements for making sustainable business enterprises. Examples of PO are agricultural, non-farm products, artistic products, etc.
The Government has launched this scheme on the formation of 10000 FPOs and their promotion. A Credit guarantee fund of Rs. 1000 crore having an equal contribution from the government for producer company registration and NABARD set up under a subsidiary of NABARD.
The scheme is providing financial assistance to institutions with farmers' clubs for providing adoption of technologies by the agriculturists by the provision of training cum exposure visits and organizing for giving demonstrations using various technologies. Financial credit counselling is organized by providing support for financial literacy.
There are schemes for developing the skills of the producers by learning new techniques and keeping them updated.
The company must arrange meetings with experts of the fields and gain knowledge from the specialists.
The schemes arranged for making connections within the community with the perspective of gaining knowledge and meeting expectations of consumers.
The following are the benefits provided by the articles to the members of the company:
A certificate of Incorporation is received within thirty days after submitting all the mandatory documents to the Registrar of Companies (ROC).
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
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