Sole Proprietorship Registration in India

Launch your dream business today. Whether you are starting your dream business or want to register your existing business to avail legal advantages, My Biz Development experts can make it easy and quick to comply with all legal formalities to get your sole proprietorship registration online at very reasonable prices.

Here is what you get as part of Sole Proprietorship Registration Online services.

• Expert consultation for eligibility of sole proprietorship
• Business name approval
• Preparation and filing of required documents
• Guidance on tax registration and compliance
• Obtaining requisite licenses and permits
• Regular updates on registration progress
• Provision of registration certificate
• Ongoing compliance support

What is a sole proprietorship?

A sole proprietorship is a kind of business that is owned, managed, and controlled by one person, who is the proprietor. Thus, the proprietorship and proprietor are one and the same in the case of sole proprietorship. It provides an individual greater control over the business. It has fewer laws, regulations, and compliances in comparison to other forms of businesses. This kind of business entity is suitable for every small business with no more than 5 employees.

Advantages of Sole Proprietorship

• Easy and inexpensive setup:
• Less paper work to get started
• Complete control over your business.
• Easy taxation
• More straightforward banking
• Minimal compliance requirements:
• Easy Dissolution:

Disadvantages of Sole Proprietorship

1. No liability protection.
2. It’s harder to get financing and business credit.
3. It’s harder to sell your business.

Who Should Consider a Sole Proprietorship?

Anyone who wants to launch a firm with less capital, complete control, and within a short span of time can choose toregister as a sole proprietorship.

Documents Required for Proprietorship Registration in India

Here is a list of documents required for sole proprietorship registration in India.

Identity proof: A scanned copy of the proprietor’s Aadhaar card is required to register any business in India.

Registered office proof: A document providing proof of the business location, such as an electricity bill or rent agreement.

PAN details: A mandatory document for the proprietor,

Bank account details: Details of the bank account preferably opened in the name of the business.

Passport-sized photograph of the owner: Required for the GST application

Checklist required for sole proprietorship registration in India

• Identity and address proof
• PAN card of the sole proprietor/owner
• Bank account in name of business
• Registration under the Shop and Establishment Act License (if required)
• Registration under GST (in case turnover is more than Rs. 20 lakhs)

Steps for registering Sole Proprietorship

Step 1: Collect all the requisite documents.

Step 2: Select a unique name for your business. Make sure the name chosen does not infringe upon registered trademarks or violate intellectual property rights. You can use the trademark public database on the IP India portal to ensure the name chosen is unique.

Step 3: Get Udyam Registration (not mandatory)
Obtain Udyog Aadhar card and the MSME (not mandatory but highly beneficial). It helps business to various government schemes, subsidies, and easier credit facilities.

Step 4: Obtain GST Registration. .
If your property provides business and services across India, GST registration is mandatory. However, it is required only when business turnover exceeds Rs. 40 lakhs for goods or Rs. 20 lakhs for services.

Step 5: Other Tax Registrations
Get other tax registration based on nature of business, including professional tax, income tax, or any other tax obligations.

Step 6: Registration under Shop and Establishment Act. If your business will be operated through a physical shop, office, or commercial establishment, you will be required to obtain shop and establishment registration.

Step 7: Open a bank account.
It is advised to have a bank account for proprietorship separate from your personal account.

Connect with us and get expert support for sole proprietorship registration online. For more information, feel free to mail us or call us.