Saturday, 12 August 2017

How to Register Sole Proprietorship Firm in India?

                                         


Apply at photonjournal@yahoo.com to Register Sole Proprietorship Firm in India. It costs INR 50, 000

A sole proprietorship is a business that is owned and managed by a single person. You could have one up and running within 15 days, which makes it very popular among the unorganised sector, particularly small traders and merchants.

It's a very simple procedure with less compliance and costing & fee. 
A sole proprietor is the owner of the business. Sole Proprietorship Need Minimum 1 Person for the Registration. The person called sole proprietor. Sole Proprietor can be hired also someone to running their business as the employee but can'nt authorised signatory for the legal documents signing purpose. It's a very popular business formation in India when you starting a new business for the testing purpose.

Sole Proprietorship Firm consist a lot of things required different type of the registration like GST Registration | MSME Registration | Chartered Accountant Certification | Gumasta License or Shop Act license etc so as per government of India rules there is no proper business registration for sole proprietorship firm.

 There is no formal procedure in India to register a sole proprietorship, as a 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.


For any query please contact at photonjournal@yahoo.com

FAQ-


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