Online Sole Proprietorship Registration

Small Manufacturer and Traders who handle their business single handed are generally known as Sole Proprietorship.

How Sole Proprietorship works at Real Tax ?

Why Sole Proprietorship?

• Most popular type of business among merchant and traders.
• Full authority of business by any promoter.
• Economical and minimal compliances requirement.
• No need of annual filling.
• Not concerned by legal authorities

What are the Common Registration for Sole Proprietorship?

The Common Registration for Sole Proprietorship differs from business to business and given below:

Registration Under Shop and Establishing Act-
Governed by the Labour Department of the state, the Shops and Establishing Act institutionalized the ambience and the state of the work environment and also establishes the privileges the employees are allowed by their company or the management.

 
MSME Registration or Udyog Aadhar-
MSME or Udyog Aadhar Registration can be obtained in the name of the business to establish that the Sole Proprietorship is registered under the Ministry of Micro, Small and Medium Enterprises.

GST Registration-
GST Registration must be obtained if the proprietor is selling goods or services that cross the GST turnover threshold limit for registration. In most states, GST Registration is required for service providers having annual revenue more than Rs. 20 lakhs and in case of traders -  annual revenue of more than Rs. 40 Lakhs.

Import Export Code-
Import Export Code or IE code can be obtained from the DGFT in the name of the business -  in case of a proprietorship business undertaking export and/or import of goods into India.

What are the documents required for Sole Proprietorship?

To Start a Sole Proprietorship, the following documents are required-

• Address and Identity Proof.
• PAN Card and KYC documents and
• Rental Agreement or Sales Deed (In case of Shop and Establishment Act Registration).

To open a Current Account, the following documents are required-

• Proof of the existence of your business.
• Shop and Establishment Act Registration.
• PAN Card.
• Address and Identity Proof.

Why Real Tax?