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Incorporation Service:   'Sole Proprietorship'

#What is a Sole Proprietorship? - Overview

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 a Sole Proprietorship

Minimum Compliance

Sole Proprietorships have minimum compliance requirements as they are identified by government and tax registrations. Therefore, their agreements are confined to yearly filings of service, sales, or professional taxes.

Simple To Begin

A Sole Proprietorship is simple to begin. One needs to simply have a GST Registration in place. This business can be set up in 15 days with the help of a PAN card.

Economical

When compared to an OPC or One Person Company, a Sole Proprietorship is economical due to its minimum compliance requirements, including no need to hire an auditor. One of the main reasons why small merchants and traders choose this type of companies.

 

#Checklist Items for a Sole Proprietorship Registration

  • A certificate/license issued by Municipal authorities under the Shop & Establishment Act.
  • The license issued by Registering authorities like the Certificate of Practice IS issued by the Institute of Chartered Accountants of India.
  • 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 accepts the IEC (Importer Exporter Code) issued to the proprietary concern by 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 We Execute A Sole Proprietorship Registration Procedure?

Professional Guidance

Our experts give your professional guidance on many of the processes involved in registering your business as a sole proprietorship, along with registration of service tax, sales tax, import/export code, professional tax or Shops and Establishments Act.

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?

To start a Sole Proprietorship, the following documents are required

  • Address and identity proof
  • PAN card, KYC documents and
  • Rental agreement or sales 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.

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011-40507999/+91-8826166963.

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