The Sole proprietorship registration process is one of the simplest and easiest forms of business registration maintained in India. You don’t require a huge number of documents to start and register the proprietorship business. In this article, we are going to discuss the sole proprietorship registration process along with the sole proprietorship registration fee.
Sole Proprietorship Registration Process
You don’t have to follow a formal procedure to register a sole proprietorship in India. For registration, Firstly, decide the name for your business firm and go for DBA. You need to open a bank account in the name of your proprietorship firm. Other than that you require to obtain some kind of legal license to conduct your proprietorship business.
According to the Reserve Bank of India KYC norms, you must submit any of the two documents from the below-given list:
- Certificate or the license issued under the shop and establishment act by the municipal authorities.
- CST or VAT certificate.
- Income tax and sales returns.
- Registration document or certificate issued by any of the sales tax or professional tax or service tax authorities.
- Utility bills like water, electricity, landline or telephone bills in the concerns of proprietary registration.
- They may also accept the import export code issued by the office of DGFT to the concerned proprietary as an identity proof to open a bank account.
- License or registration document issued by the state government authority or central government in the name of concerned proprietary.
- The complete income tax return that reflects the concerned firm’s income, duly acknowledged or authenticated by the income tax authorities.
- Certificate of practice issued by any of the Institute of cost accountants of India, Institute of chartered accountants of India, Indian medical council food and drug authorities, Institute of company secretaries of India, etc.
As explained above, you require any of the two documents from the above-given list of documents to open an account in the bank in the name of concerned proprietorship. Proprietorship firms must obtain any of the above-given certificate or license or registration to establish the existence of their concerned firm.
Sole Proprietorship Registration Process through PAN Card
PAN card of the proprietor is used to open a bank account and to obtain the license or registrations or certificate and filing the income tax returns of the firm. Hence, the first step for establishing a sole proprietorship is to obtain a PAN card from the concerned proprietor.
Documents required in the Sole Proprietorship Registration Process
- PAN card
- Aadhar card
- Personal bank account
- Registered office proof
You can contact our advisors for a free consultation regarding the sole proprietorship registration process. Enterslice offers you various services regarding sole proprietorship registration process like:
- GST registration
- Shop and establishment act
- MSME registration
- Legal advisory, developments, and updates.
- Current account opening
- And many more.
For more information feel free to contact Enterslice which has a team of experts to further guide you.