FPO Registration in Purulia - Process, Benefits, Documents Required
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OVERVIEW
What is Producer Company in Purulia?
A Farmer Producer Company is a company formed by farmers or agriculturists and registered as a Producer Company under the Companies Act -2013. The motive behind forming this company is to enable farmers to pool their resources, share knowledge, access markets directly, and negotiate better prices for their produce. There is no limit to the number of members in these Farmer producer Companies and they are regarded as a Pvt. Ltd. Company under the law.
FPCs receive support and guidance from government agencies, NGOs, and agricultural experts. The big role played by these companies is in rural development as they promote sustainable farming practices, which help raise the income of farmers from agricultural produce.
Features
Features of Farmer Producer Company in India
A Farmer Producer Company (FPC) in India is a collective organization formed by farmers to improve their economic and social conditions. It enables farmers to come together to manage their agricultural activities and market their produce collectively. Some key features of an FPC include:
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To learn about FPC registration, book a free consultation with our experts today.
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Deposit Acceptance
Produce companies can accept deposits in the form of a fixed deposit (FD) or a recurring deposit.
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Loan Against Security
Producer companies can also act as lending companies that grant loans while keeping gold, property, FDs, or government securities as collateral.
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Members Upliftment
The profits and benefits are all for the farmer members of the Farmer Producer Company that help in their livelihood.
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No taxes are imposed
Whatever earnings the FPC generates from agricultural activities are exempt from taxes, which means the IT department does not demand any tax that directly benefits the farmers.
Benefits
Benefits of FPO Registration
There are several advantages to registering a Farmer Producer Company. Here are some of the key benefits:
Limited Liability
The limited liability of FPO members means their personal assets are safe and cannot be used to repay the debts or liabilities of the organisation. Even if the FPO goes bankrupt, the personal assets of members will not be touched.
Government subsidies and grants
The business you register will be considered a legal entity, and your company will be able to buy and sell more land on its behalf, conduct operations throughout India, and make calculated decisions to increase profits.
Easier credit access
For banks and financial institutions, the FPOs are creditworthy as compared to individual farmers. Therefore, they lend credit on easy terms to these organisations and at better interest rates.
Better bargaining power
FPOs are more able to negotiate for better prices in deals with buyers. They can sell their produce in bulk for higher profits, which benefits all FPO members.
Boost efficiency and productivity
The help from the government via subsidies and easy credit access by banks helps farmers boost their efficiency and productivity by using better inputs, training, and technology.
Easy access to markets
FPOs can reach markets more easily as compared to individual farmers and sell their agricultural produce at a higher price.
Eligibility Criteria
Who is Eligible for FPO Registration?
To register a Farmer Producer Organization (FPO) in India, the following eligibility criteria must be met.
Minimum number of members
There must be a minimum 10 individual producers or at least 2 producer institutions.
Minimum number of directors
At least five directors are compulsory.
Minimum capital
The minimum capital of Rs. 5 lakhs is required.
Name of the company
The name of the FPO must end with 'Producer Limited Company' words.
Registered office
There must be a registered office address for the company in India.
Required Documents
Documents Required For FPO Registration in India
The following documents are necessary to register a producer company in India:
✅ PAN cards of all members and directors
✅ Passport-size photographs of all members and directors
✅ Aadhaar card of all members and directors
✅ Proof of registered office address (such as gas bill, electricity bill, or rent agreement)
✅ Memorandum of Association (MoA) and Articles of Association (AoA)
✅ Digital Signature Certificates (DSCs) of all directors
✅ Landlord's NOC of the registered office (only if applicable)
Process
Process for Producer Company Registration
Here’s a step-by-step overview of the process for Producer Company registration in India
✅ Name Approval
The registration process begins with obtaining name approval for the producer company. The same person must apply for name approval with the Registrar of Companies (RoC).
✅ MOA and AOA
Just like a company, FPO also has to draft its Memorandum and Articles of Association. The MOA is the document that defines the objectives and scope of the company. The AOA specifies the regulations for carrying out the operations of the company.
✅ Submission of the application
Once the name is approved, the MOA and AOA are ready, and then we proceed with collecting all the necessary documents for registration and submitting them to the ROC for approval along with the duly filled-out application form.
✅ Incorporation Certificate
Upon approval of the application and documents, the RoC issues the Certificate of Incorporation. This certificate marks the establishment of the producer company.
✅ PAN and TAN Applications
The next step is to apply for the Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) from the Income Tax Department for your producer company.
Why Choose JustStart?
Why Choose JustStart for FPO Registration?
For online FPO registration, you must trust JustStart as your partner to assist you in every step of your registration process. We make sure you get answers to all your questions. Trust is without a second thought, as we keep everything clear throughout the process. Our team comprises professionals with numerous years of expertise managing the online registration process for FPOs in India. Here are some solid justifications for selecting our services.
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Constant Availability
Our team is always available to assist you, providing prompt support whenever you need it.
Competitive Costing
We offer affordable pricing for FPO registration services, ensuring value without compromising quality.
Customized Advice
Receive tailored guidance that fits your specific needs, ensuring a smooth and successful registration process.
Effective Handling of Documentation
We efficiently manage all documentation, ensuring compliance with all legal requirements for FPO registration.
Relaxed Experience
We handle the complexities of the registration process, allowing you to focus on your business while we take care of the rest.
Fast Services
Our streamlined processes ensure that your FPO registration is completed quickly, without delays.
FAQs
LET'S CLEAR ALL THE DOUBTS!
A Producer Company is like a team of farmers or producers who come together to work as one big unit. By pooling their resources, they can produce more, handle processing, and sell their goods more effectively. This teamwork helps them earn better and support each other in their business activities.
The main objectives of a Producer Company are to help its members make more money by working together. This includes improving how they produce and sell their products, sharing resources and tools, and getting better deals for their goods.
Starting a Producer Company allows members to buy and sell in larger quantities, which can lower costs and boost profits. They can also share knowledge and resources, making it easier to improve their farming or crafting.
The minimum share capital requirement for a Producer Company in India is ₹5 lakh. At least 50% of this capital must be contributed by its members.
To register a Producer Company, obtain digital signatures and Director Identification Numbers (DIN) for the proposed directors. Reserve the company name, prepare the Memorandum of Association (MOA) and Articles of Association (AOA) as required, and file the incorporation documents.
A member of a Farmer Producer Company (FPC) can be any farmer or person involved in farming activities. Groups or organizations that support farmers can also join.
A minimum of 10 individual producers can come together to form a Producer Company, with no upper limit on the number of members. Alternatively, at least 2 producer institutions can form a Producer Company.
Yes, a Farmer Producer Company (FPC) can engage in non-agricultural activities, provided these activities are allied to agriculture or beneficial to the primary producers. This includes activities like marketing, processing, and promoting the welfare of its members.
A Farmer Producer Company (FPC) can benefit from government schemes by accessing financial grants, subsidies, and technical support aimed at improving agricultural productivity, infrastructure, and market access.
