Apply at photonjournal@yahoo.com for Sole Proprietorship Firm Registration. It costs INR 50, 000
Sole Proprietorship Registration
If you want to start a new online or offline business, sole proprietorship firm is the best option for you. its a very simple business formation for small entrepreneurs who want to test their ideas or start with small capital with low cost of formation. Sole proprietorship is considered to be an extension of the Proprietor. Therefore, the existence of a sole proprietorship business can be established only through opening a bank account in the name of the proprietorship firm or obtaining licenses required for conducting the business. To open a bank account for a sole proprietorship, RBI’s KYC norms mandate that any two of the following document must be submitted to the Bank:
- Certificate/license issued by the Municipal authorities under Shop & Establishment Act,
- Sales and income tax returns
- CST/VAT certificate
- Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities
- License issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities,
- Registration/licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/ Department, etc.
- Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of the bank account etc.
- The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities.
- Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.
Key words of Proprietorship Firm
- 1
Person Required as Single Entrepreneur.
- Single
Owner of the Business.
- Easy
to Start and Easy to Close.
- Complete
Control.
- Lower
Cost of Formation and Compliance.
Since, any two of the above documents are required to open a bank account in the name of the Proprietorship, Proprietors typically first obtain any of the above license / registration / certificate first to establish the existence of the proprietorship firm.
For any query please contact at photonjournal@yahoo.com
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