Updated on July 06, 2024 11:46:37 PM
Sole Proprietorship firm is the simplest form of business entity in India which is owned and managed by a single person. It is the easiest way of registering and starting a business.
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.
Let’s take a closer look at the benefits of Private Limited Company registration in India:
1. GST Registration
2. MSME Registration
3. Shop and Establishment Act License
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.
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.
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.
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.
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
1. Copy of Aadhar Card
2. Copy of PAN Card
3. Address proof of office
Post incorporation of your sole proprietorship firm, you’ll receive the following documents:
The total fees for registration of Sole Proprietorship Firm in India is ₹2,999 including government and professional fees. The main cost is mandatory registrations for existence of proprietorship firm like GST registration, MSME registration, etc.
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.
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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.
The three advantages of a sole proprietorship are:
Yes, one needs to obtain GST registration in order to establish the existence of the proprietorship firm.
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.
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