Choose proprietorship because
A Sole Proprietorship is cheaper as compared to OPC.
Easy to establish with fewer formalities.
A proprietorship with income of less than Rs. 2.5 Lakhs per annum is not required to pay income tax.
Key points on proprietorship registrationNo Foreign Funding
Proprietorship business can't be supported with remote cash (No FDI). Proprietorship business can be set up and keep running by Indians.
The business wage of the proprietorship is incorporated into the ITR of the proprietor, subsequently more duty sparing in the budgetary year
Simple to Start, Easy to Close
It can start promptly and there is no compelling reason to enlist it. So also, it can be shut without looking for any authorization.
Registration for your business
Acquire Tax Deduction Account Number (TAN)
Registration under Udyog Aadhar (MSME)
Shops and Establishment Registration
Registration with Professional Tax Department within 30 Days
Import Export Code (IEC) from DGFT in India
Goods and Services Tax (GST) Registration
Trademark Registration of Business Name, Brand and Domain Name.
Required Documents:- (All copies of documents should be self-attested by the customer)
Address Proof (Utility bill must be less than 2 months old)
Address Proof Of premises
Rental agreement certification
NOC (If the premises is not owned by the customer)
List of sales/services to be carried out
1 Photograph of individual
Phone number, E-mail Id of proprietor
For foreign nationals, apostilled or notarized copy of passport must be submitted mandatorily.
Proprietorship Registration Procedure
1.Selection of Name
As expressed before there is no compelling reason to enlist a proprietorship firm in India. In any case, the name of firm ought to be cross-checked with the trademark registry to keep away from any encroachment or going off the others Trademark or brand name. Each Business is required to agree to the arrangements of Tax reasoning at a source, to make the instalment of the gathered TDS and document the TDS return, TAN number is required. TAN is an extraordinary number apportioned by the Income Tax Department.
2.MSME - UDYOG Aadhar
Udyog Aadhar Number empowers a unit/business visionary to look for online administrations being offered by branches of the legislature of India. It replaces the old strategy for the enlistment of MSME by documenting EM-I/II.
3.Shops and Establishment Registration
Each shop or business foundation is required to get itself enlisted with the state government. The application for enlistment must be documented within 30 days of beginning a business in India.
4.Open a Bank A/c
To execute the business, a proprietorship concern must open a present record for the sake of the proprietorship firm. For this, you should approach any bank panel for help or call us.