Proprietorship Registration
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Register a Sole Proprietorship easily within one day and start your dream business. No specific registration requirement for a proprietorship business, except for the basic formalities.
What is a Sole Proprietorship?
A proprietorship is a type of business owned and managed by one person. The entire capital is invested by the sole proprietor. As a result, he alone is entitled to the profits of the business. There is no requirement to register a sole proprietorship as such, and it starts at the will of the proprietor/owner without obtaining any certification.
However, registration with Goods and Services Tax (GST for Proprietorship Firm) and obtaining TAN number for complying with the TDS related provisions of the Income Tax Act is desirable and necessary. Bankers also insist on two KYC documents to open a Current Bank Account in the name of Proprietorship Firm. For these tasks, we are at your service to help you register a sole proprietorship firm anywhere in India.
Features of Sole Proprietorship
1. Start Immediately
Proprietorship can start immediately at the will of the proprietor and obtain GST Registration in 30 Days of starting operations.
2. Tax Benefit
The income of the proprietorship is included in the income of proprietor itself. Hence slab based tax rates apply resulting in tax benefit.
3. No Foreign Funding
A proprietorship cannot be funded with foreign money, and it can be owned only by Indians & NRI with some conditions.
3. Easy to Close
Business may be closed easily, just surrender all registrations and licenses obtained in the name of the proprietorship business.
Procedure for Starting a Sole Proprietorship
1. Name Selection
First thing is to select a unique name of your proprietorship business, but ensure that the name does not infringe with someone else’s trademark.
2. MSME - Udyog Adhar
Proprietor can avail various benefits related to MSME registered enterprises like cheaper bank loans, tax rebates, etc.
3. GST Registration
You may not be able to supply goods or services all over India unless GST Registration is obtained. However for same state supply, the limit is 20 Lac.
4. TAN Number Allotment
You are required to deduct TDS while making payments, hence the next step is to obtain TAN number, which is mandatory to submit TDS Returns.
Documents Required
1. Copy of PAN
2. Proof of Registered Office if Rented then Rent Agreement or NOC from Owner
3. Latest Address Proof of Proprietor
4. Valid Identity Proof like Aadhaar, Passport, Voter ID etc.
5. Passport Size Photo
6. Cancel Cheque / Bank Statement