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.

Necessary Documents

• 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.