Quickly Start Your Sole Proprietorship
A sole proprietorship firm is such a type of business entity that is owned, controlled and managed by a single person. The owner of the Business is called Sole Proprietor of the Firm. As the business is run by a natural person, there is no legal difference between the promoter and the business.
Why Should You Register For A Sole Proprietorship?
A Sole Proprietorship provides maximum privacy to its owners and has an easy establishment and operational process.
Compliance required by Proprietorship firm
Points to make your decision easy
Documents Required from Directors, Shareholders
- Pan Card Copy (Mandatory)
- ID Proof (Any one) – Driving License/ Voter ID/ Passport Copy/ Aadhaar Card
- Address Proof – Latest Bank Statement/ Latest Telephone or Mobile Bill/ Latest Electricity Bill.(MUST be less than 30 days old)
- Passport Size Photograph
Documents Required for Registered Office Address
- NOC – No Objection Certificate from the Owner of the Property
- Address Proof – Latest Telephone Bill or Mobile Bill/ Gas Bill/ Electricity Bill (MUST be less than 30 days old)
What is a Sole Proprietorship?
When a business is owned and governed by one person, it is called a sole proprietorship company. This type of business can be incorporated in fifteen days and hence makes it one of the most popular types of business to begin in the unsystematic sector, specifically among merchants and small traders. For a Sole Proprietorship business, registration is not required as it is identified through alternate registrations, such as GST registrations. However, its liability is unlimited and it also doesn’t have perpetual existence.
Benefits of Company Registration
Minimum Compliance
Sole proprietorships have minimum compliance requirements. Therefore, their agreements are confined to yearly filings for Services, sales, or professional taxes.
Simple to begin
A sole proprietorship is simple to begin and can be set up in 15 Days with the help of a PAN card. One needs to simply have a GST Registration in place.
Economical
A sole proprietorship is economical due to its minimum compliance Requirements, including no requirement for hiring an auditor.
Checklist Items for a Sole Proprietorship Registration
- A certificate/license issued by Municipal authorities under the Shop & Establishment Act.
- The registration/licensing document is issued in the name of the proprietary concern by the Central Government or the State Government Authority/ Department, etc,
- The banks may also accept the IEC (Importer Exporter Code) issued to the proprietary concern by the office of the DGFT as an identity document for opening of the bank account etc,
- Complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated and acknowledged by the Income Tax Authorities,
- The utility bills such as electricity, water, and the landline telephone bills in the name of the proprietary concern,
- Issue of GST Registration/Certificate.
How Finnsdom Executes A Sole Proprietorship Registration Procedure
Professional Guidance
Our experts give you professional guidance on many of the processes involved in registering your business as a sole proprietorship, along with registration of Goods and Services Tax(GST), import/export code, and professional tax.
Vendor Relationship
Our team will connect you with an established vendor who will book your application and also keep you updated on its status and progress. The vendors we have onboard are well-accomplished and skillful in managing native registrations.
15 Business Days
Our team will offer full assistance with the registration process. This could vary between 5 and 15 days, depending on the task at hand for the authorities involved.
What Are The Documents Required For Registering A Sole Proprietorship?
- Address and identity proof
- PAN card, KYC documents and
- Rental agreement or sale deed (in case of Shops & Establishment Act Registration).
What Are The Documents Required For Opening A Current Account?
To open a current account, the following documents are required;- Proof of the existence of your business
- Shops & Establishments Act Registration
- PAN card
- Address and Identity proof
