Sole Proprietorship Firm Registration
- Get Registration Certification of GST, MSME and Shop & Establishment.
- Register your proprietorship concern online.
- Complete online process.
- Processing time 10 – 14 days.
Sole Proprietorship Firm Registration in Delhi
Sole proprietorship firm registration is the best service given by us to our clients. We value our client’s time so we just take 10-14 days as the processing time. But first, let us see what the words Sole Proprietorship actually means. “Sole Proprietorship” clearly indicates that ‘Sole’ means Single / One / Only / Self and the other word ‘Proprietorship’ means business activity or entrepreneurship, which collectively makes a definition for Sole Proprietorship like doing business activities under the shadow of a single person. The meaning of sole proprietorship is not defined or detailed in any laws of India specifically. Sole Proprietorship is different from Private Limited company. A sole proprietorship is a type of business entity.
The business activities under the sole proprietorship company can be started in many ways like;
- Getting registered owned identities under the Goods and Service Tax Act (GST).
- Registration under the norms of Micro, Small, and Medium Enterprises (MSME) regulated by the Ministry of Micro, Small and Medium Enterprises, Government of India.
- Registration under Shop and Establishment under the mechanism of State Govt.
- And, as another way as Concerned Authorities allow to registering with them as Sole Proprietorship Firm.
Benefits of sole Proprietorship firm.
- It is very easy to start without intimation to any authority for running their business except those where there is a mandatory requirement of license for the products but not for the status of the firm.
- Independent existence means that it has no legal status which means the burden is limited up to own.
- No certificate or no renewal of any license.
- No annual compliance intimation to any authority.
- Not to declare anybody what to have been invested.
- Saving of money due to lesser compliance as required in other cases.
- Liberty from maintaining accounting records up to a limit.
- Taxation benefits and rebates.
- Easy access to opening current bank accounts.
- It is very easy to convert into another legal identity status at a later stage.
- There is no separation between Sole proprietorship and Sole Proprietor
The procedure of a Sole Proprietorship Firm Registration?
- Firstly, do apply for PAN. (If you already have PAN then it is not required.)
- The very next step is to select the name of the business. (preferable must be unique in all senses)
- After then, you need to open a current bank account under the name of the firm.
- You may need to register yourself under the different schemes of Central or State Governments as required like MSME Registration, Shop and Establishment Registration, Import export code registration,
- FSSAI Registration, and other projects though it is not mandatory it is beneficial to be registered under the same.
- You can also register for GST if your turnover exceeds Rs.40 lakhs.
- Photograph of the concerned person
- PAN of the concerned person
- Aadhaar of the concerned person
- Firm location proof like Property Tax Receipt, Rent Agreement, Sale Deed, Lease Deed, Agreement to Sell, or others. (NOC is a must in case of property rented/leased)
- Utility bill (Electricity Bill / Telephone Bill) of firm location place.