Start your business as proprietorship easily within one day. There is no specific registration requirement for proprietorship business. However, to start the same some other registrations are required as it is included in our basic package.
A proprietorship is the simplest form of business in which enterprises can start, Only one person invests entire capital in the firm, and he alone is entitled to the profits of the business. For a Proprietorship Firm, there is no registration as such, and it starts at the will of the proprietor/owner without obtaining any certification.
However, registration with Goods and Services Tax (GST for Proprietorship Firm) and obtaining TAN number for complying with the TDS related provisions of the Income Tax Act is desirable and necessary.
Bankers also insist for two KYC documents in the name of the firm to open a Current Bank Account in the name of Proprietorship Firm. We are available to assist in the starting proprietorship firms all over India.
Important Features of Sole Proprietorship Firm
Proprietorship can start immediately at the will of the proprietor and obtain GST Registration in 30 Days of starting operations.
The income of the proprietorship is included in the income of proprietor itself. Hence slab based tax rates apply resulting in tax benefit.
No Foreign Funding
A proprietorship cannot be funded with foreign money, and it can be owned only by Indians & NRI with some conditions.
Easy to Close
Business may be closed easily, just surrender all registrations and licenses obtained in the name of the proprietorship business.
Start a Proprietorship Business
Selection of Name
First thing is to select a unique name of your proprietorship business, however, ensure that the name does not infringe with others trademark.
TAN Number Allotment
You are required to deduct TDS while making payments, hence the next step is to obtain TAN number, which is mandatory to submit TDS Returns.
MSME - Udyog Aadhar
Udyog Aadhar enables an entrepreneur to seek online services offered by Government Departments apart from various other benefits under MSME Act.
You may not be able to supply goods or services all over India unless GST Registration is obtained, However for same state supply the limit is 20 Lac