Sole Proprietorship Registration is the best for forming a business in India. It’s a very simple procedure with less compliance. It’s a very popular business formation in India when you are starting a new business for the testing purpose.
Sole Proprietorship needs a minimum 1 person for registration who is called the sole proprietor, he is the owner of the business. Sole Proprietor can also hire someone to run their business as the employee but can’t authorize signatory for the legal documents or for signing purposes. Proprietorship firm registration requires a minimum amount of documents, so here in this article let us understand what are the required documents for Proprietorship firm registration.
Documents Required for Proprietorship firm registration
- Aadhar Card
Aadhar number is now a necessity for applying for any registration in India. After applying for the Aadhar card, a hard copy of the same is received at the registered address in around 15-20 days.
- PAN Card
You can’t file your income tax return until you get a PAN. So if you don’t have a PAN number, apply for it at the earliest.
PAN card can be applied online and it costs Rs. 110, approximately. For applying, you need a scanned photograph, identity proof, & address proof. The form can be submitted online by verifying it through Aadhar e-KYC.
- Bank Account
After you have got Aadhar Number and PAN, you can visit any bank for opening an account with them. Apart from Aadhar Number and PAN, you need to carry identity proof and address proof. For opening a current account, you need to submit a GST registration document to the bank officials too.
- Registered Office Proof
If it is a Rented Property: Rent agreement and NOC from a landlord and if it is a Self-owned Property: Electricity bill or any other address proof.
- Shop and Establishment Act License
This license isn’t mandatory at all places, but it is required to be obtained according to the local laws. It is issued by the municipal party & is issued on basis of the number of employees.
- GST Registration
You can get yourself registered under GST if your annual turnover is more than Rs. 20 lakhs. Also, if you are doing online business you are required to get a GST number.
Here in this article, we have understood what are required documents for Proprietorship firm registration in India, it will surely be useful for you to grow your business. If you’re wondering for Sole proprietorship company incorporation then you should visit the Online Sole proprietorship registration portal.
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