Producer companies are governed by Part IXA of Companies Act 2013, specifically designed for agricultural producers, farmers, and rural entrepreneurs to form collective business entities.
Producer companies provide collective bargaining power, better market access, value addition opportunities, government scheme benefits, and economies of scale for agricultural producers and farmers.
Registration costs range from Rs. 15,000 to Rs. 30,000 including government fees, documentation, and professional charges. Minimum capital requirement is Rs. 5 lakhs with at least 10 producer members.
The whole process of Company registration can be divided into four steps:
Application for Digital Signature Certificate(DSC)
Application for the name availability
File Form Spice+ along with other forms such as E-MOA, E-AOA, AGILE.
Issued certificate of incorporation by ROC with PAN and TAN
Opening a current bank account on the company name and deposit the amount of capital subscribed
Registration of Company in Nashik is beneficial as it becomes Legal Entity, has Perpetual Succession, Limited Liability, Can Sue or can Be Sued, and has its own Borrowing Capacity. Keeping in mind the benefits of company registration it is advisable to go with the company registration process.
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