In India so far evaluated that the safest and easiest mode of starting a business is simply Sole Proprietorship to get registered. For registering a sole proprietorship is not difficult that the proprietor’s PAN number, Licenses, initial capital is only required. Corp roots will help you the rest of the collection of few more documents required as well as the procedures.
Here we can see few more details about this type of firm.
The easy way for entering to this single proprietorship firm is by a bank account which is open and also the license documents is enough in India to get registered. To open a bank account RBI’s KYC norms are mandatory by submitting the below documents:
We have seen the mode of registering Proprietorship Company with the help of opening bank account and licenses. The registration procedures vary with the type of business using license.
You can use Proprietor PAN Card for registration by using it for opening a bank account, get licenses, and file income tax returns. Thus this the starting activity to establish a sole proprietorship company in India.
In such business type of selling goods and services the VAT or TIN registration is a mandatory one and you can register firm by using the proprietor’s PAN card from the respective state government. After registering company by VAT or TIN registration the process of getting the monthly or half yearly or annual VAT returns by the proprietorship.
Already we have discussed about the shop and establishment act license by the Department of Labor is compulsory to start their business in a professional place or store. It is purely applicable on their respective state to show as a proof of Proprietorship business.
Your business size may be differed with your objective in the market like small, medium, and large. For the small and medium sized business in their state an act is issued by the state government for the proprietorship firm. Based on the MSME Act is the micro, small and medium sized business in the state can start their sole proprietorship business.
For a service oriented business the proprietorship business existence is managed by doing service tax registration from the service tax department and then the half yearly service tax returns are filed by the proprietorship. In addition to this service tax registration, shop and establishment act license, ESI registration, Professional License can also use for the proprietorship existence.