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A producer company is a body corporate which is governed by the provisions under chapter IXA (Section 581A to 581ZL) of Companies Act, 1956 (CA, 2013 doesn’t have any specific provision about producer companies therefore Chapter IXA of Companies Act, 1956 has not been repealed). Producer Company can only be incorporated for pursuing objects under section 581B of Companies Act, 1956.
Producer Company can be formed only by producer.
A person being a “producer” or a “producer institution” (whether incorporated or not) can be admitted as member of Producer Company.
Here “Producer” means any person engaged in any activity or connected with or relatable to any primary produce.
Primary produce of farmer is defined as:
The Income Tax Act, 1961, (“the IT Act”) specifically exempts tax on agricultural income under Section 10(1). However, the exemption for such agricultural income shall sometimes vary depending upon the kind of agricultural activity carried on.
It is to be noted that though the IT Act does not per-se give any special benefits or exemptions to Producer Companies as such, but depending upon the kind of agricultural activity it carries on, certain tax benefits can be availed.
Dividend tax at the applicable rates is required to be paid by the Company at the time of patronage bonus, limited return distribution and the same will be tax free in the hands of the members.
Bonus shares will not attract any tax in the hands of the members at the time of allotment, however at the time of sale or redemption necessary provision of capital gain tax shall apply.
Co-operatives have largely been state promoted, with a focus on welfare rather than to do business on commercial lines and more State government intervention in the management of Co-operatives.
Simplified Proforma for Registration of Company electronically (SPICe) is a fast track registration procedure initiated by Ministry of Corporate Affairs which enables a single form for company registration.
Through SPICe Form, we can register a Company in 10-12 Days.
As per section clause (1) of section 581C of the Companies Act, 1956, any one of the following combination can form a Producer Company:
As per clause (1) of section 581O of the Companies Act, 1956, every company shall have at least five and not more than fifteen directors provided in the case of an inter-state co-operative society incorporated as a Producer Company, such company may have more than fifteen directors for a period of one year from the date of its incorporation.
No, new company registration is a fully online process. As all forms are filed electronically. You would need to send us scanned copies of all the required documents.
eZeefiling can register a Producer Company in 15 days. To ensure a speedy Company registration, kindly choose a unique name as the proposed Company name and also ensure that you have all the required documents prior to the starting of the registration process.
These rules contain the rules, vision and mission of your organisation, and define, among other things, the exact business and the roles and responsibilities of shareholders and directors.
Yes, one can register the company at their address in India. One requires to submit the utility bill copy of the same with Noc.