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What is a Sole Proprietorship Firm?
Sole proprietorship is a type of business entity which is owned and managed by a single person only. It is not governed by any law and hence it is the easiest form of business in India. All the decisions and management of the business is in the hands of one person.
Benefits of Proprietorship Firm Registration
Let’s take a closer look at the benefits of Private Limited Company registration in India:
Minimal Compliances:
A proprietorship firm has very minimal compliance requirements which makes it much more preferable option than One Person Company.
Easy to Start:
Sole Proprietorship is not governed by any law and does not require any mandatory registration. Hence, it is the easiest way of starting a business entity.
Lower cost:
As there are minimal compliances, there is no need to hire an auditor for meeting the legal compliance requirements.
Complete control:
As a proprietorship firm is owned by a single person, he has the complete control over the business decisions and there are no interventions of any kind.
Registrations required for Sole Proprietorship Firm
1. GST Registration
2. MSME Registration
3. Shop and Establishment Act License
Procedure of Sole Proprietorship Firm Registration
Step 1. Application for GST Registration
Depending upon the requirement of the business and GST Law, application for GST registration has to be made with the department. GST registration usually takes around 5-10 working days.
Step 2. MSME Registration
To establish the existence of your proprietorship firm and avail various benefits, you’ll have to file an application for registering your firm as Small and Medium Enterprise (SME) under the MSME Act. It is beneficial for the business at the time of taking out a loan. The government runs various schemes for SMEs to provide loans at low-interest rates.
Step 3. Application for Shop and Establishment License
You are required to obtain a shop and establishment license according to the local laws. It is issued by the municipal corporation on the basis of the number of employees or workers in the firm.
Step 4. Bank Account Opening
Once all the steps are completed, the current bank account should be opened by the proprietorship firm. You can contact us for assistance with your current bank account opening.
Online Proprietorship Firm registration with Professional Utilities
The process of registering your business as a sole proprietorship firm is not much complicated. Our experts at Professional Utilities can make the whole registration process hassle-free for you. Register your firm online in 3 easy steps:
Step 1:
Get in touch via call or contact form
Step 2:
Provide necessary documents
Step 3:
Get your incorporation registered in 7-10 working days
Documents required for Sole Proprietorship Registration
1. Copy of Aadhar Card
2. Copy of PAN Card
3. Address proof of office
Documents you’ll get after proprietorship registration
Post incorporation of your sole proprietorship firm, you’ll receive the following documents:
- GST Registration Certificate
- Shop and Establishment Act License
- MSME Certificate
Sole Proprietorship Firm Registration Fees
The total fees for registration of Sole Proprietorship Firm in India is ₹1,999 including government and professional fees. The main cost is mandatory registrations for existence of proprietorship firm like GST registration, MSME registration, etc.
OUR BLOGS
- How do I register my business as a sole proprietorship?
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You can register your business as a sole proprietorship by GST registration. There are additional and beneficial registrations too like MSME, Shop & License License, etc.
- What are 3 advantages of a sole proprietorship?
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The three advantages of a sole proprietorship are:
- Minimal Compliances requirement
- Easy to Start
- Lower Cost
- Do I need a GST number as a sole proprietor?
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Yes, one needs to obtain GST registration in order to establish the existence of the proprietorship firm.
- How long does it take to register a Sole Proprietorship firm?
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On average, it takes around 7-10 working days for registration of sole proprietorship firm in India subject to document verification by the concerned authorities.
