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5 Simple Steps to Proprietorship Registration

1
Upload Basic Documents of Proprietor
2
Digital CA apply for Shop Act Reg.
3
Get Registration Certificate
4
Opening of Bank Account
5
Get Business Kit

Statutory Requirements

Generally in India, there is no any separate law made for sole proprietorship business registration, however, you can start your business without any registration, but in the opening of bank accounts, a banker can demand following registration documents as per nature of business:

  • Shop & Establishment 
  • GST Registration
  • MSME Udyog Aadhar

Basic Documents

Documents of Proprietor

  • Coloured Photo of Proprietor
  • PAN Card Copy of Proprietor
  • Aadhar Card of Proprietor
  • Bank Passbook/Cancelled Cheque
  • Mobile Number of Proprietor
  • Email ID of Proprietor

Note: All documents can be uploaded at digital ca website or through Email & What's App.

 

Documents for Business Place

Case A: Premises/Building owned by proprietor:

  • Electricity Bill / Property Tax Receipt/Sale Deed
  • NOC (No Objection Certificate)/Consent Letter

Case B: Premises/Building on Rent/Lease:

  • Electricity Bill / Property Tax Receipt
  • Rent Agreement / Lease Deed

​Note: Electricity bill or Property Tax should belong to within two months previous to registration.

1499

Basic

All Inclusive Fees

  • Aadhar Udyog(MSME) Registration
1999

Silver

All Inclusive Fees

  • Aadhar Udyog(MSME) Registration
  • Shop Act Registration
2999

Gold

All Inclusive Fees

  • Aadhar Udyog(MSME) Registration
  • Shop Act Registration
  • GST Registration

Basic Features

Easy to established

There is no separate law made for sole proprietorship business registration, however, you can start your business easily with any of these registrations:

  • Shop Act Reg.
  • GST Reg.
  • MSME Reg.

Fully Control Over Business

In Proprietorship business is fully controlled by proprietor and it is good at the initial stage to manage business singly. It is based on low investments and low turnover.

Source of Capital

Insole traders, the capital is employed by the owner himself from his personal resources. Due to this, it is riskier.

Unlimited Liability

The liability of the proprietor for the debts of the business is unlimited because the personal property of the proprietor is also attached to the business.

One Man Control

Sole traders are a one-man show. The sole trader provides management to the business. However, it is better at low-level business.

No Special Legislation

Sole traders are not governed by any special legislation and because of that applicability of various laws are depended upon personal status of the proprietor.

Taxation Impact

In a sole proprietorship, the income tax rate will be charged according to slab rate under Income Tax Act, 1964 but after the certain turnover audit is also required. 

The surplus arising in the business of the sole trader entirely belongs to him and similarly, all the business losses and risk are to be borne by him alone. Income tax is also treated as personal expenses. As per finance act, 2019 Total Income of proprietorship business is exempt up 5 lakhs in a certain case.

 

Start 1499 /- all inclusive fees
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