Producer Company Registration in Mumbai
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A producer company is a legally recognised group of farmers/agriculturists with the goal of improving their standard of living and ensuring the sustainability of their available assistance, revenue and profitability.
Section 465(1) of the Companies Act, 2013 states that the provisions relating to a Producer Company under the Companies Act, 1956 would continue to apply. As a result, under the Act, a Producer Company can be founded by 10 persons (or more) or 2 institutions (or more) or by a combination of both (10 individuals and 2 institutions) with the defined business aim.
There are many benefits of establishing a farmer producer company in Mumbai, which includes:
One of the key advantages of the Farmer Producer Company is its ability to accept deposits, including fixed deposits and recurring deposits, from its members.
The generated profit or income within the Farmer Producer Company is retained within the organisation and distributed among its members, mainly farmers, according to their participation.
The Farmer Producer Company enjoys tax exemption on the profit it generates. It is currently exempted from any tax obligations imposed by the IT department on agricultural income.
In addition to accepting deposits, the Farmer Producer Company can also provide loan facilities to its founding members.
A Producer Company Registration in Mumbai is empowered to engage in the following activities, all of which revolve around benefiting its members and promoting mutual assistance. They are:
To incorporate a Farmer Producer Organisation (FPO) in Mumbai in accordance with the Companies Act, 1956, the following conditions must be met:
Composition of Members: A Producer Company can be formed by any of the following combinations:
Number of Directors: The FPO should have a minimum of 5 and a maximum of 15 directors.
Minimum Capital Requirement: A minimum capital of Rs. 5,00,000 is necessary for the incorporation of a producer company. However, it is advisable to establish the FPO with an authorised capital of Rs. 15 lakhs, as this qualifies for the government scheme of nil stamp duty.
Digital Signature Requirement: All the subscribers, regardless of the number of directors, must possess a digital signature. This is mandatory during the incorporation process of the FPO.
To successfully incorporate a Farmer Producer Company in Mumbai, the following essential documents are required:
The detailed process for registration of farmer producer company/farmer producer organisation in Mumbai is as follows:
Starting a producer company in Mumbai will provide several benefits to any farmer or producer who has some sort of produce related to agriculture products. A producing company would profit from market inputs, digitalisation and technology. It is simple to establish a producing firm.
Startupfino is a company that specialises in offering complete services for Producer Company Registration and Compliances in Mumbai.We can aid with everything from providing advice in the beginning phase to ensuring that you meet all the necessary requirements and also keeping your Company in good legal standing.
Our services include the below mentioned:
By availing our services, entrepreneurs can avoid the negative outcomes of non-followance of rules and compliances. StartupFino works hard to provide services that are prompt and effective, so you can manage your business in Mumbai without any issues and without facing penalties or problems.
StartupFino manages legal, financial & Compliance services through its team of professionals with the help our own technology.
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