A producer company is defined as a corporate entity that is registered under the act as a production company and has the specified purposes or operations. It is a collective of individuals engaged in primary produce production or with one or more primary produce-related goals.
In a producer company, you can add agricultural members, take deposits in the form of RDs or FDs, give them maturity, and loan money to your farmer members while charging them interest.
The primary goal of the producer company is to enable the conversion of current cooperative businesses into businesses and to make it easier for cooperative businesses to establish as companies.
Number of Producers: A Producer Company may be formed by ten or more Producers or two or more Producer Institutions; there is no maximum.
Minimum Required Capital: In order to incorporate a Producer Company, a minimum capital of Rs. 5,00,000/- (Rupees Five Lakhs Only) is needed.
Number of Directors: A producer company should have a minimum of 5 directors and a maximum of 15.
A producer company's registration procedure is then comparable to that of a private limited business.
Additionally, a producer company's name finishes with "Producer Limited Company," indicating that there is no cap on the number of members.
Documents for directors: It would be necessary to present two identity proof documents, such as an Aadhar card, Pan card, passport, driving license, or any other identity document issued by the government.
The directors are required to provide proof of domicile, which must be at least three months old and consist of bank statements, energy bills, water bills, gas bills, and phone bills, in addition to their identity verification.
Documents for Registered office: In this instance, the registered office property's lease deed and a copy of the water bill, EB bill, and property tax receipt are required. If the property is owned, a copy of the sale agreement and the water bill, property tax receipt, and EB bill, as well as a copy of the registered office property
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