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A Producer Company was introduced in India with the Companies Act, 2013. It gives an opportunity to the persons engaged in activities related to producing (what has been grown or produced, particularly by farming) to form a company. A producer company can be set up 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 Rs. 5 lakh. The procedure for forming a Producer company is similar to the one for forming a private limited company.

Do I need to be physically present during this process?
No, it is not mendatory. The entire process is now totally automated and handled online. You will receive the DIN numbers and Certificate of Incorporation via e-mail from Ministry of Corporate Affairs (MCA).

How much time is needed for setting up a producer company in India?
It is to be expected that it takes 35 to 40 days to complete the entire procedure. This will, however, depend on whether you have all your papers in order and the workload of the RoC.

What are the rules for picking a name for a producer company?
Every company has a combination of two parts to its name. The first part is unique. For example, 'WIPRO' or 'MERCEDES-BENZ'. The second part based on the business activity of the company. For example, 'Legal Solutions' or 'Technologies'. This second part must be as descriptive as possible. The name of the company must be end with 'Producer Company Limited'.

What documents need to be submitted to start a producer company?
Most important and common need, all directors must have an identity and address proof and have rights to practice on the property they are operating on. The owner of the registered office will also need to submit an NoC, stating that the company may operate from that location.

What is a Digital Signature Certificate?
A Digital Signature Certificate, or short named as DSC, is issued by six certifying authorities in India (such as e-Mudhra and n-Code). It is nothing but an electronic version of a physical signature. It can be used to verify only the documents in the company registration process.

Will my producer company have a continuous existence?
All the companies are legal entities by themselves. Therefore, they have a continuous existence. The only reason for a producer company to be cease down (other than shutting it down voluntarily) is if the annual compliances are not met or if the creditors/courts force its closure.

Will the books of a producer company need auditing?
Yes, the books of a producer company to be audited from its very first year. And in case turnover crosses Rs. 5 crore, it must employ a full-time company secretary to manage its affairs.

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