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REGISTRATION PROCESS OF FARMER PRODUCER COMPANY
A Producer Company was brought in India with the Companies Act, 2013. It offers men and women engaged in activities associated with producing (what has been grown or produced, especially via means of farming) the possibility to form a company. A producer company may be shaped through 10 or extra producers (men and women concerned in, or in activities associated with, produce or growth), or extra producer establishments or a mixture of 10 or extra producers and producer establishments. Such a company requires no less than 5 directors and an authorised capital of Rs. 5 lakh. The technique for forming a Producer company is much like the only for forming a private company.
Documents Required for Producer Company Registration
TO BE SUBMITTED BY DIRECTORS & SHAREHOLDERS
Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
Scanned copy of Voter's ID/Passport/Driver's Licence
Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Passport-size Photograph
Specimen signature (blank document with signature [directors only])
In case of foreign nationals and NRIs, all the documents must be notarised (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).
FOR THE REGISTERED OFFICE
Any one of the following:
Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Scanned copy of Notarised Rental Agreement in English
Scanned copy of No-objection Certificate from 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.
PROCEDURE FOR THE REGISTRATION
You will have to go to the Ministry of corporate affairs website in order to incorporate your company.
Now you have to create an account on the website.
MCA website in your window now. Click on MCA services and select Spice+.
Following the next window, click on the New application.
5. You can see part A of the form.
6. Fill in the details and select the options as per your company structure.
7. Next section is the main division of industrial activity. In the main division of industrial activity you will have to select the business activity code. Click on this https://www.registerkaro.in/main-division-of-industrial-activity-code to get you Business Code.
8. Next you will have to enter two names for your business which ends with “Farmers producer company”.
9. Once you are done with the following steps, click on auto check. Once your name gets approved you will get a confirmation alert. After the alert you will get two options
(a) Incorporate now
(b) Reserve name
10. If you want to reserve your name for the future and not incorporate now, then click on the second option, else go for the first option.
11. In the above picture you can see the Part B of the spice form.
12. If you have done any alteration in the Article of Association then click on yes otherwise select no.
What is AUTHORISED CAPITAL ?The highest amount of share capital that a company can issue is called share capital, also known as share capital or nominal capital. This amount is agreed upon when the company is established. At the request of the shareholders, this amount can be increased later. This is the maximum amount of the company's capital through the issue of shares. This is the maximum number of shares a company can issue.
What is PAID-UP SHARE CAPITAL ? Paid-up share capital is the amount of capital for which the company has received payment from shareholders. When a company sells its stock, it generates paid-in capital. Paid-up capital is always less than authorized capital because a company cannot issue shares in excess of its authorized capital. The paid up capital can be fully or partially paid up.
What is SUBSCRIBERS SHARE CAPITAL ? Subscribed share capital refers to all capital raised by subscribed shares. Simply put, this is the value of all the shares that investors want to buy in the new issue. Subscribed shares are a certain number of shares that investors promise to buy during an offering, usually through an IPO.
13. Next you will Have to select options as per your share investments. After filling the details click on save and continue.
14. Share your registered office address details. In the next page of the form.
15. In the next part you have to fill out subscribers and directors details.
( For a producer company there should be 10 or more subscribers and There should be a minimum of 5 directors (maximum of 15) in a producer company. ).
16. Now after clicking on save and continue, you will have to fill in the details of the director and members of the Company. ( Director cum subscribers).There has to be a minimum of 10 shareholders out of which 5 can be selected as Directors.
17. Now fill in the PAN and TAN information.
18. For searching Area code you of PAN click on https://tin.tin.nsdl.com/pan/servlet/AOSearch 19. For searching Area code you of TAN click on https://tin.tin.nsdl.com/pan/servlet/AOSearch
20. Going ahead select your source of income and next is business code. Click on this https://www.registerkaro.in/main-division-of-industrial-activity-code to get you Business Code.
21. Next part of the form is asking for the attachments of the documents related to the Company.
22. Documents required are memorandum of association, articles of association, electricity bills (utility bill), and identity proofs of the business owners.
23. For AOA and MOA format you can click on
https://taxguru.in/company-law/format-article-association-producer-company.html
https://taxguru.in/company-law/format-memorandum-association-producer-company.html
24. In optional attachments you will have to attach the directors consent in DIR-2.
25. All the documents should be in pdf form.
26. Next page is the declaration. You will have to fill in the details of any of your directors.
27. Click on save and continue, next window is a professional declaration. Now professional declaration is the consent of CS/CA/ Advocate. Which defines the nature of professional relationship with your business activity.
28. Click on Prescrutiny and then submit it .
29. The form is successfully filled and submitted.
30. Next is Agile Pro form. AGILE-Pro is a single form for goods and services tax registration, employee status, insurance company registration, employee provident fund registration, professional tax registration and bank account opening.
31. On the next page, click the fill button next to AGILE pro.
32. Above picture is of Agile pro, where you can see the name of the company automatically appears.
33. Now if you want to apply for GSTIN no. Click on yes.
34. Fill the details Click on save and next.
35. Next fill details according to your business activity.
36. After clicking on save and next, you will get the window asking for the director's details.
37. Next you will have to attach the documents of the bank account signatories. (Identity proof related documents).
38. Once all the attachments are uploaded. Click on save and next. On the next page you will see the Bank declaration by the authorised signatory. Bank Declaration is a paper issued stating the account number and balance. It is a legal document that the account exists.
39. Fill in the details related to your business activity appropriately and click on prescutiny, then submit it.
40. Now the Agile Pro has been submitted successfully.
41. Now next you can see the window where all the forms are mentioned. Click on download.
42. Make a separate folder of all the documents. Put the DSC of all the directors on those documents.
43. After successful completion of the above mentioned procedure. ,click on the MCA portal, go to my workspace. Click on upload e-forms.
44. Now click on Normal forms, next select linked forms for three times.
45. First choose Spice B and then upload it, then Agile Pro and in third choose INC-9 ( this form is automatically filled as according to documents attached). In this form, you will have to put a DSC of all the directors and members of the Company.
46. Click on upload and then you will get the payment option.
47.Once the payment is done , your challan will be generated , with the help of challan you can see the status of your application.
Following all the necessary steps as mentioned above, you can register your Producer company. For further query you contact me on my email address joel@registerkaro.in .