Sole Proprietorship Registration
There is no formal procedure in India to register a sole ownership, as a sole ownership is taken into account to be Associate in nursing extension of the businessman. Therefore, the existence of a sole ownership business is established solely through gap a checking account within the name of the ownership firm or getting licenses needed for conducting the business. To open a checking account for a sole ownership, RBI’s KYC norms mandate that any 2 of the subsequent document should be submitted to the Bank:
Certificate/license issued by the Municipal authorities underneath search & institution Act,
1. Sales and revenue enhancement returns
2. CST/VAT certificate
3. Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities
4. License issued by the Registering authority like Certificate of observe issued by Institute of leased Accountants of Asian nation, Institute of price Accountants of Asian nation, Institute of Company Secretaries of Asian nation, Indian Medical Council, Food and Drug management Authorities,
5. Registration/licensing document issued within the name of the proprietary concern by the Central Government or government Authority/ Department, etc.
6. Banks may additionally settle for IEC (Importer businessperson Code) issued to the proprietary concern by the workplace of DGFT as Associate in nursing identity document for gap of the checking account etc.
7. The complete revenue enhancement come (not simply the acknowledgement) within the name of the only businessman wherever the firm’s financial gain is mirrored, punctually authenticated/ acknowledged by the revenue enhancement Authorities.
8. Utility bills like electricity, water, and telephone circuit phone bills within the name of the proprietary concern.
Sole ownership Registration through License
The existence of a sole ownership is established through licenses or registrations or certificates within the name of the man of affairs. Supported the kind of business, the subsequent ar a number of the simple registrations to get for establishing a sole ownership in Republic of India.
Proprietor PAN Card
Proprietorship businesses are thought-about to be one and therefore the same because the man of affairs. The PAN card of the man of affairs are used for gap checking account, getting licenses / registrations / certificates within the name of the only real ownership and filing taxation come for the only real ownership. Hence, getting PAN card for the man of affairs is that the commencement in establishing a sole ownership.
Business concerned in producing or mercantilism
Value value-added Tax or VAT tax is applicable for product and product oversubscribed in Republic of India. Any individual concerned in producing or mercantilism should get VAT Registration for conducting business no matter the kind of business entity. Therefore, to begin a sole ownership business, business concerned in sale and products might get VAT or TIN Registration victimisation the Proprietor’s PAN Card from the individual authorities. However, once VAT registration is obtained, monthly or quarterly or half-yearly or annual VAT tax returns should be filed by the ownership.
Shop & institution Act License is needed for businesses that operate a store or works or formal place of business. Look & institution Act license is usually provided by the Department of Labor within the State and is needed to control a business in most states. Therefore, look and institution license will be obtained to indicate proof of existence of ownership business.
MSME Registration could be a registration provided to small, little and Medium sized enterprises underneath the MSMED Act to market little scale businesses in Republic of India. MSME registration often obtained simply in many nations and might be additionally accustomed prove the existence of an ownership business.
Business concerned in providing Services
Businesses concerned in providing services are at risk of collect and remit service tax. Service tax registration will therefore be obtained from the Service Tax Department to indicate the existence of a ownership business. However, once service tax registration is obtained, half-yearly service tax returns should be filed by the ownership.
In addition to service tax registration, different registrations like look and institution act license or MSME registration or ESI registration or skilled license will be employed by the only real ownership to determine the existence of a ownership business.