Register your Sole Proprietorship Business in India within 3 days with Filemydoc.com at just ₹ 2999/- (Exclusive Govt. Fees). Get free GST and Udhyam Registration. Choose us for all your hassle-free startup legalities.
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Registering a Proprietorship is quick, easy, and can be done online with Filemydoc.com in 3 simple steps
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Proprietorship in India is a type of unregistered business entity that is owned, managed, and controlled by one person. The micro and small businesses that are operating in the unorganized sector prefer registering as a proprietorship in India. It is very easy to start a sole proprietorship in India as it has very few regulatory compliances for conducting businesses. Proprietorship registration is ideal for the entrepreneurs who are getting into the business for small businesses with very few clients. The liability of the sole proprietorships is limited and they also do not have perpetual existence.
A sole proprietor is the owner of the sole proprietorship, he is recognized as an entity same as the business. As the sole proprietor is the owner of the business he is entitled to all the company's revenue. The sole proprietorship is completely under the control of the proprietor. Hence, he makes the decisions for the company. To run a business as a sole proprietor some licenses and permits are required. The license will depend on the industry, state, and locality.
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Sole proprietorships have minimum compliance requirements. Therefore, their agreements are confined to yearly filings for service, sales or professional taxes.
A sole proprietorship is simple to begin and can be setup in 5 days with the help of a PAN Card. One needs to simply have a GST registration in place.
A sole proprietorship is economical due to its minimum compliance requirements, including no requirement for hiring an auditor.
Listed below are the documents required for the sole proprietorship registration process.
Identity and Address Proof
Documents for opening Current Account
Starting a sole proprietorship in India is easy if all the compliances are properly met. The process of registering a sole proprietorship is easy when you are with Filemydoc.com.
Access To Experts : We provide access to reliable professionals and coordinate with them to fulfill all your legal requirements. You can also track the progress on our online platform, at all times.
Realistic Expectations : By handling all the paperwork, we ensure a seamless interactive process with the government. We provide clarity on the incorporation process to set realistic expectations.
Any Indian citizen with a current account in the name of his/her business can start a sole proprietorship. Registration may or may not be required, depending on the type of business that is planned to be established. However, to open a current account, banks typically require a Shops & Establishments Registration.
A Sole Proprietorship business does not take more than 15 days to set-up and start functioning. This simplicity makes it popular among small traders and merchants.
Most local businesses are run as sole proprietorships, from grocery stores to fast-food vendors, and even small traders and manufacturers.
This depends on the business you're in. It is compulsory for any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs 10 lakhs in the case of North Eastern states) to get a GST registration. For businesses that are involved in selling goods or services to customers out of a commercial establishment, it is mandatory to register under Shops and Establishments Act.
The procedure involved is a little tedious, but it is possible. It is very common for sole proprietors to convert into partnerships or private limited companies at a later stage of their businesses.
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