A sole proprietorship is a popular type of business in India as well as in foreign countries. It can be called a one-man show with a single person owning, managing, and controlling an entire business. In India, sole proprietorships are the simplest, easiest, and oldest form of organizations carrying out small businesses in the unorganized sectors.
The best part about proprietorship firm is that to start a proprietorship business we do not require any registration. This makes it easy for you to start, with hardly any formalities. MSME (Udyog Aadhaar) or GST Registration are required to open a bank account or a payment gateway in the name of your business. Since, there is no legal entity, the proprietor’s PAN is used as the basis of all registrations and compliances.
Starting a proprietorship firm requires very few legal formalities. This makes it easy for you to establish one with just a little effort compared to the rewards it can get you.
As a proprietor you can select any name as the name of a proprietorship is not registered. However, the name should not breach the registered trademark.
Being recognized by the government and tax registrations, a sole proprietorship has minimum compliance requirements. The mandatory compliances are confined to the yearly filing of GST returns, annual income tax & professional tax return.
If you are the owner of a sole proprietorship, a separate business tax return filing is not required. Rather you will have the business data and numbers charted in individual return. Your business will not be taxed at corporate tax rates. Instead, it will be taxed at personal income tax rates. You can enjoy the benefits of all the deductions that an individual taxpayer enjoys under income tax.
If you are a sole trader, you have the freedom to make quick decisions in all business operations without having to depend on anyone else. You are at liberty to implement your ideas and decisions immediately without anyone’s approval.
As a sole trader only you have access to all your business secrets that are at the root of your success. Thus, you can ensure maximum business confidentiality.
you can select your desired plan and fill an inquiry form for the same.
Once we collect your documents, we will verify them for the proprietorship registration.
After verifying your documents we will be further submitting them to the concerned authority for consent.
You can start your business operations immediately after you receive the required approval.
Proprietor’s Pan card and Aadhaar card
Latest utility bill of registered office address
Signed consent letter from owner for using premises as registered office
In case of rented space- rent agreement
In case of ownership- purchase agreement or property tax receipt
We offer consulting, advisory, secretarial, governance, compliance, and representation services to companies in India and abroad.
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