SERVICE: Farmers Cooperative

CATEGORY:

PRICE: 10,999.00

*Government and other charges extra

    What is meant by Farmer’s Cooperatives?

    The newly amended Companies Act, 2013 introduced the concept of Farmers Cooperative / Producer Company. Producer companies are those companies which are engaged in activities dealing in producing. Here, producing relates to what has been grown or produced, particularly by farming.

    How can Producer Company/ Farmers Cooperative come into existence?

    A farmer’s cooperative or producer company can come into being 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, requires a minimum of five directors and an authorised capital of Rs. 5 lakh.

    Registration of Producer Company with TaxHelpdesk

    TaxHelpdesk Service Process

    Once your order is placed, TaxHelpdesk’s dedicated team for reviewing of documents will check the documents uploaded by you within 24 working hours. After reviewing documents, a Tax Expert will be assigned and your order will be processed. Apart from this, you also will be able to check the status of the order in your assigned account.

    Steps to register a Producer Company / Farmers Cooperatives

    The procedure for forming a Producer company is similar to the one for forming a private limited company. It can be registered in 5 easy steps:

    registration of producer company

    Documents required for Producer Company / Farmer's Cooperatives 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 / Aadhaar Card
    – Scanned copy of Latest Bank Statement / Telephone or Mobile Bill / Electricity or Gas Bill
    – Scanned passport-sized photograph
    – Specimen signature (blank document with signature [directors only])

    To Be Submitted For Registered Office Address
    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)

    Time framework of registration of OPC

    Time period taken from the date of application on submission of all the required documents:

    Particulars

    Time Involved

    Application of DIN of Proposed Partners

    1-2 days

    Application of DSC of Proposed Partners

    3-7 days

    Drafting of MOA & AOA

    2-3 days

    Issuance of Incorporation Certificate

    5 -10 days

    Advantages & Disadvantages of Producer Company / Farmers Cooperatives

    Advantages

    Disadvantages

    • Benefits the members of cooperatives

    • Income Tax benefits

    • Easy Loans

    • Lack of proper control

    • Compulsory audit

    • Difficult to manage funds

    FAQs

    As per the governing Act, the producer company needs to add the words “producer company” after the name of its company so as to distinguish it from other companies.

    Yes, the producer company are required to be audited right from the first year of its incorporation itself and if its turnover exceeds Rs. 5 crore, then the company is required to employ full time company secretary.

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