Producer Company Registration in Bangalore
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Overview
A Producer company combines the best features of a cooperative society and a Private Limited Company, offering collective benefits to its member producers under a robust and definitive legal framework. Only business entities registered as Private Limited Companies are eligible for Producer Company registration in India. However, the names that these companies are incorporated with, shall end with the words “Producer Company Limited”. Individuals and institutions involved in Primary Production activities can come together and form a Producer Company in India.
Advantages
- Limited Liability
All businesses can run the risk of not being able to repay their liabilities. It is a necessary evil. In this event, a sole proprietor (or individual producer) would be personally liable for all the debts of the business. The members of a producer company, on the other hand, have unlimited liability as the company is an entity in itself. Therefore, only the amount invested in the business would be lost; the personal property of the directors would be safe.
- Economies Of Scale
Only 15% of India’s farmers own over two acres of land. The majority of farmers are, therefore, unable to safely unlock the advantages that come with economies of scale. With a producer company, multiple farmers can work as a collective and lower costs, reduce risk and even get access to better credit facilities. This enables better planning and bargaining power with buyers.
- Better Management
Rather than a single farmer managing the entire business, work within a producer company can be divided between its directors. The entity is managed by the Board of Management, which has a tenure of five years. Also, a Producer company has a separate legal existence, which means that it isn’t affected by the death of any of its members.
Process
STEP 1
Documentation:
You must present specific legal documents in order to apply for the incorporation of a producer limited company. The section below contains a list of every single document that is required for registration. You must make sure you have all of these documents before even starting the procedure for Producer company registration, and if you don’t, you must make arrangements for them as soon as you can.
STEP 2
Name selection
A Producer Limited Company’s name needs to be distinctive and conveying of its brand and business activity. Additionally, a set of requirements that must be met to set up a Producer Limited Company have been laid down in the Companies Act, the Company (Incorporation) Rules, the Trademark Act, and the Names and Emblems Act. A company’s name cannot be the same as or similar to the name of an already-existing company, LLP, or applied or registered trademark.
STEP 3
Name Approval and Reservation
Once you’ve decided on a legally valid name for the business, you must reserve it with the Registrar of Companies in order to stop other companies from using it without your permission or stealing it. All you have to do is use our name approval and reservation services, where we will not only search the validity of the names proposed by you, but also apply for its reservation in the RUN (Reserve Unique Name) or PART A of the SPICe+ applications.
STEP 4
Filing of Spice Plus application
You can continue with a Producer Limited Company’s incorporation after approving its name. You must complete the online SPICe+ application found on the MCA’s official website in order to apply for the incorporation of the company. Part A of the SPICe+ application is used for reserving a name, and Part B is used for Producer Company Registration. Any director of the Producer Company may complete and sign the application before submitting it to the ROC, along with the required supporting documentation.
STEP 5
Issue of Certificate of Incorporation
The ROC, after receiving the application for Producer Company registration, verifies all the details and documents furnished in it. Only after the ROC is satisfied with the authenticity of such details and documents, he shall register the Producer Limited Company, and issue a Certificate of Incorporation to the company as a conclusive proof of such registration. Additionally, the ROC also allots a Corporate Identification Number as the unique identity of the company.
Benefits
Documents Required
In India, private limited company registration cannot be done without proper identity and address proof. Listed below are the documents accepted by the MCA for the online company registration process:
Identity and Address Proof
– Scanned copy of PAN card or passport (foreign nationals & NRIs)
– Scanned copy of voter ID/passport/driving licence
– Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
– Scanned passport-sized photograph specimen signature (blank document with signature [directors only])
Registered Office Proof
– Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
– Scanned copy of notarized rental agreement in English
– Scanned copy of no-objection certificate from the property owner
– Scanned copy of sale deed/property deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence too.
Why Bizivalue ?
Registering a company offers many benefits. A registered company makes it genuine and increases the authenticity of your business.
– Shields from personal liability and protects from other risks and losses.
– Attracts more customers
– Procures bank credits and good investment from reliable investors with ease.
– Offers liability protection to protect your company’s assets
– Greater capital contribution and greater stability
– Increases the potential to grow big and expand
– You will also get Zero Balance Current Account
Faqs
The registrar of companies (RoC) across India expect applicants to follow a few naming guidelines. Some of them are subjective, which means that approval can depend on the opinion of the officer handling your application. However, the more closely you follow the rules listed below, the better your chances of approval. First, however, do ensure that your name is available.
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
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