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Farmer producer Company – Overview
A Producer Company was introduced in India with the Companies Act, 2013. It gives persons engaged in activities related to producing (what has been grown or produced, particularly by farming) the opportunity to form a company. A farmer producer company can be formed by 10 or more producers (persons involved in, or in activities related to, produce or growth), two or more producer institutions or a combination of 10 or more producers and producer institutions. Such a company can only have equity capital, require a minimum of five directors and an authorised capital of ₹ 5 lakh. The procedure for forming a Farmer Producer company is similar to the one for forming a private limited company.
Types of Farmer Producer Company
1. Production Businesses
The main functions of producer companies are production, procurement or manufacture of any primary produce for its members (for further sale) and to others.
2. Marketing Businesses
Even a business involved in the marketing or promotion of primary produce or provision of educational services to members and others can constitute itself as a farmer producer company.
3. Technical Service Businesses
Any business offering technical assistance to producers, providing training and educational services or conducting research and development can register as a producer company.
4. Financing Businesses
Any business financing producer activities, be it in the production, marketing or development domain, can register itself as a farmer producer company.
5. Infrastructure Businesses
Businesses involved in providing infrastructure to producers, whether in the form of electricity, water resources, irrigation techniques, land utilisation, or consultation with regard to the same, may constitute themselves as a producer company.
Documents Required for FPO 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 License
- 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])
Note: Any one of the directors must self-attest the first three documents. In the 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
- 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.
FPO Registration Process
5 Business Days
A minimum of five directors must apply for a digital signature registration online, which is necessary to file the FPO company registration documents. For this, you will only need to provide a few scanned documents and details; our representatives will fill the form and submit it online.
7 Business Days
As soon as we apply for the DSC, we will prepare the SPICe i.e. INC-32 documents. These documents will take around a week to prepare, and will include the name for your company, the Memorandum of Association (MoA) and Articles of Association (AoA). Once these documents are prepared satisfactorily, they will be submitted to the RoC.
10 TO 15 Business Days
Depending on the workload of the RoC, the documents will be approved in 10 to 15 days. Once approved, the Certificate of Incorporation will be mailed to your registered office address. With this document, you can apply for a Permanent Account Number (PAN) and Tax Account Number (TAN), both of which are necessary for opening a bank account in the name of the business.
Advantages of a FPO Registration
1. 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.
2. 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 farmer 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.
3. 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.
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Frequently Asked Questions
- Private Limited Company
By virtue of section 2(68) of the Companies Act, 2013, Private Limited Company is a type of company which offers limited liability with certain restrictions defined in regulations:
- restricts the right to transfer shares
- Limits the numbers of its members to 200
- Prohibits any invitation to the public to subscribe for any shares in, are debentures of the company(No Public Trading of Shares)
- Prohibits any invitation or acceptance of deposits from persons other than its member
- The word ‘Private Limited’ must be added at the end of its name
- One Person Company
One Person Company popularly known as OPC introduced in India under the Companies Act, 2013. The concept of OPC is a fusion of sole proprietorship and private company which intends to permit single economic entrepreneurship to take the advantages of a corporate form of organisation.
- Limited Liability Partnership
Limited Liability Partnership is a corporate entity registered under Limited Liability Partnership Act, 2008. It is a form of partnership firm that enjoys limited liability. It is a hybrid form of a partnership that includes the features of a company. Compliances for a company are applicable to LLP.
No, the whole incorporation process is online. You can send the scanned copy of all the required incorporation documents via e-mail. All the forms and documents are filed electronically and even signed digitally.
The company name should be selected with utmost care. The rules for selecting a company are:
- The name should be ended with the words “Private Limited” in case of private company, “OPC” in case of one person company and “LLP” in case of limited liability partnership which is mandated by law.
- The name must be unique.
- Follow the naming guidelines for better chances of approval.
- The name should be suggestive of the main objectives to be taken by the business entity.
- Private Limited Company
- Appointment of auditor
- Statutory audit of accounts
- Filing of annual return
- Filing of financial statements
- Holding Annual General Meeting (AGM)
- Prepare directors’ report
- Filing of income tax return
- One Person Company
- Appointment of statutory auditor
- Holding Board Meetings (BM)
- Filing of financial statements
- Filing of annual return
- Limited Liability Partnership
- Filing of financial statements
- Filing of annual return
- Filing of income tax return
- Appointment of auditor
- Filing of LLP annual return
You don’t need a proper office to incorporate a business entity. You can register your residential address as a registered place of your business with MCA for which some address proof along with the NOC (No Objection Certificate) has to be filed with the prescribed form.
NRIs only allowed to incorporate limited business entities in India including private limited company and limited liability partnership. Also, there is no requirement to obtain the prior approval from the government or RBI. But, in order to register a private company or an LLP at least one director/partner must be a resident of India. However, the private limited company is ideal for NRIs.
In order to execute the idea into a long-term business, choosing the right form of business is important. For start-ups, Private Limited Company is the best option for the following reasons:
- Limited legal compliances
- No minimum capital contribution
- Need only 2 directors and shareholders (both can be the same person)
- Funding can be raised
- Limited liability of the members
As per the relevant Act, there is no minimum requirement for Paid-up Share capital or contribution to incorporate a private company, one person company or limited liability partnership. However, each shareholder/partner should subscribe to a minimum one share of Rs.10 face value.