OBTAINING PAN
You need to apply for obtaining the Permanent Account Number or PAN from the government to be able to run your business.
999.00 Onwards 
SAVE 30% COST!!! Proprietorship Registration
A sole proprietorship is a type of enterprise in which business is owned and managed by an individual. In a sole proprietorship business, there is no legal difference between the owner and the business. To put it in another way a sole proprietorship is not a legal entity. An owner is responsible for clearing off the debts of the business. The sole proprietorship is a preferable and a popular business form. It is simple and easy to form at nominal cost.
A sole proprietorship is a convenient and simplified way to commence a business in India. It is neither considered as a corporation nor a company and the business is owned by a single person who is the owner/director/shareholder of the proposed entity.
Some common examples of proprietorship business are shops such as chemist, saloons, grocery, etc.
An individual who wishes to sell his/her own products or services can run their business as a sole proprietor and can enjoy the rights provided to a registered legal company. Most of the entrepreneurs find it as an ideal business entity and have registered their business under it. The loss or profit of the company is considered as the loss or profit of the individual and the income of the company is considered as the income of the owner as per the Income Tax Act.
Registering a sole proprietorship business is a digital process that can be accompanied with the help of an expert. However, a person interested in registering as a sole proprietorship requires fulfilling some basic requirements like opening a bank account in the name of the business entity, etc.
Proprietorship Registration Process
STEP-1
STEP-2
STEP-3
STEP-4
STEP-5
STEP-1
STEP-2
NAME YOUR BUSINESS
You should always opt for a name for your entity which clearly defines the purpose of your business and is unique. Also, you need to pay attention that the name you are choosing is not in use by any other business.
You should always opt for a name for your entity which clearly defines the purpose of your business and is unique. Also, you need to pay attention that the name you are choosing is not in use by any other business.
STEP-3
GETTING GST REGISTRATION
You can also get GST Registration if the turnover of your business exceeds the limit for the same in your respective state.
You can also get GST Registration if the turnover of your business exceeds the limit for the same in your respective state.
STEP-4
OPENING CURRENT BANK ACCOUNT AND ENTITY REGISTRATION
Then you need to open a current bank account in the name of your entity. However, as there is no requirement for formal registration, you can go for other government licenses as per the legal requirements of your business.
Then you need to open a current bank account in the name of your entity. However, as there is no requirement for formal registration, you can go for other government licenses as per the legal requirements of your business.
STEP-5
REGISTRATION UNDER MSME
Although it is not necessary, you can go for MSME Registration or SME Registration under the Micro, Small and Medium Enterprises Development Act, 2006. Getting registered under the MSMED Act can help you take benefits from the government schemes for such enterprises.
Although it is not necessary, you can go for MSME Registration or SME Registration under the Micro, Small and Medium Enterprises Development Act, 2006. Getting registered under the MSMED Act can help you take benefits from the government schemes for such enterprises.
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Documents Required for Proprietorship Registration in India
PAN Card
PAN card is mandatory for filing the ITR. If you haven’t secured your PAN number yet, make sure to head over to the NSDL online portal and applied for the same. As a part of the standard registration protocol, you need to fill up an applicant upon reaching the portal. The authority will then scrutinize your application on the predetermined grounds and generate the PAN number within a week.
Aadhar Card
Although Sole Proprietorship doesn’t seek any governmental registration, the applicant needs to procure some mandatory registrations to execute their business activities such as Aadhar Card, SME registration, Shop & Establishment Act License, and GST Registration.
Photo
Passport size photo
Registered office proof
If you are planning to execute your business activities on a rented property, then you must secure NOC from the landlord. On the contrary, you need to provide utility bills in case if the place of business belongs to you. Apart from that, there are some supplementary documents as well that applicants need to render for the establishment of their business.
What do you get
Frequently Asked Questions
The Proprietor must be an Indian citizen and a Resident of India.
A proprietorship can be started with any amount of minimum capital.
Proprietorship firms do not have a Certificate of Incorporation.
A business operated by a proprietorship firm cannot be transferred to another person, unlike a Limited Liability Proprietorship or a Private Limited Company. Only the assets in the Proprietorship can be transferred to another person through the sale. Intangible assets like Government approvals, registrations, etc. Cannot be transferred to another person.
Proprietorship firms are a business entity that is owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors.
Yes, only one person is required to start a Proprietorship and a Proprietorship can have only one promoter.
The Proprietor must be an Indian citizen and a Resident of India. Non-resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
To open a bank account for a Proprietorship, Reserve Bank of India mandates that the proprietor provides two forms of registration for the Proprietorship along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: service tax registration, MSME registration, VAT/TIN/CST registration, shop & establishment Act registration, Professional license, Chartered Accountant certificate or others as provided in the RBI Know Your Customer norms.
The PAN card of the Proprietorship as well as the Proprietor is the same. Hence, the firm will not have a separate legal identity. The assets and liabilities for the proprietor and the proprietorship is the same.
The PAN is a ten-digit alphanumeric number allotted by the Income Tax Department, the application for pan card is filed in Form No 49A. The TAN is a number allotted for TDS Compliance, the application for TAN is filed in Form No 49B. Normally it takes around 6-10 days on PAN allotment and Pan Card Delivery.