Producer Company Annual Filing

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Overview Advantages Registration Process Required documents

Producer Company Annual Filing

A Producer Company is a company registered under the companies act, 2013 with the objective of production, harvesting, promote the technique of mutuality, etc. Like other registered companies, a producer company also needs to file compliances rightly and on an annual basis in order to make sure good legal standing. Failure to adhere to the compliances can cause the government to hit you with varying degrees of penalties that extend from paying the punishment fees to company closure as well. Hence, these compliances are not optional but mandatory. Following are the annual compliance of a producer company:

• Hold Annual General Meeting each financial year.
• Audit balance-sheet and profit and loss accounts of the Producer Company.
• File annual Return.

Advantages of Producer Company Annual Filing

CREDIBILITY & TRANSPARENCY Proper compliance according to company law is the obligation of every company. This regular compliance helps the company in raising its credibility. In government tenders, loans, etc., the authority or banks, etc. consider the regular compliance as criteria for ensuring the credibility & transparency of an organization.
ACTIVE STATUS As stated earlier, regular default in annual compliances results in striking down of name of the company by the registrar. So, annual compliance helps in marinating active status.
CLIENT ASSURANCE Regular annual compliance results in assuring the clients that the company is regularly reviewing its operation. So, they can trust the company regarding their operations.
COMPETITIVE ADVANTAGE Annual compliance gives a competitive edge in the market. It can be used in advertising the business & assuring the investors or customers about the company’s business.
CORRECTNESS OF DATA Annual compliance by the companies ensures that the data collected for annual compliance is correct.
AVOIDING PENALTIES Many times small businesses end up with heavy penalties as they do not comply with annual compliances. So, regular annual compliances result in avoiding heavy penalties.

Procedure of Producer Company Annual Filing

Documents required

1. Memorandum of association

2. Article of association

3. Directors identity proof

4. PAN cards of the directors

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