{"id":14852,"date":"2020-08-14T15:24:24","date_gmt":"2020-08-14T09:54:24","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=14852"},"modified":"2020-08-14T15:31:55","modified_gmt":"2020-08-14T10:01:55","slug":"register-sole-proprietorship-business-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/register-sole-proprietorship-business-in-india\/","title":{"rendered":"Here\u2019s how you can Register Sole Proprietorship Business in India"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Sole Proprietorship is the simplest business form that can adapt by anyone without interfering with stringent compliances. It is perhaps the most convenient form of business that defies any connection with the specified law. Unlike mainstream business forms, Sole Proprietorship could be set up with minimal paperwork and process. Let\u2019s move forward how you can <a href=\"https:\/\/corpbiz.io\/sole-proprietorship-registration\"><strong>Register Sole Proprietorship Business in India<\/strong><\/a>. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"630\" height=\"403\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/08\/image-62.png\" alt=\"Register Sole Proprietorship Business in India\" class=\"wp-image-14861\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/08\/image-62.png 630w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/08\/image-62-300x192.png 300w\" sizes=\"(max-width: 630px) 100vw, 630px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Documents to Register Sole Proprietorship Business<\/h2>\n\n\n\n<p>Although the sole proprietor doesn\u2019t have to opt for governmental\nregistration, he has to arrange a few registrations to ensure the smooth\nfunctioning of the business. <\/p>\n\n\n\n<ul><li>Aadhar Card<\/li><li>SME registration<\/li><li>PAN Card<\/li><li>Detail of bank Account<\/li><li>Proof regarding the business\npremises.<\/li><li>GST Registration<\/li><li>Shop and Establishment Act\nLicense<\/li><\/ul>\n\n\n\n<p>Aadhar number is mandatory for all business registration in India. Also, the person needs to link the PAN card with the Aadhar number to ensure the successful <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>filing of ITR<\/strong><\/a>. In case if you don\u2019t have your Aaddhar number at your possession, make sure to avail it via AadharSeva Kendra or E-Mitra. Once you applied for the Aadhaar card, the copy of the same will be routed to the registered address within two to three weeks<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">PAN Card<\/h3>\n\n\n\n<p>Please note that the filing of ITR is practically impossible in the\nabsence of a PAN card. Henceforth, apply for PAN card ASAP if you haven\u2019t\ngrabbed it yet. You can use the online portal for the registration of the PAN\ncard, and it would cost you around Rs. 110, approximately. While addressing the\nregistration formalities online, you have to upload the scanned copy of\nmandatory documents regarding identity and address proof and recent\nphotographs. <\/p>\n\n\n\n<p>It would take around one week for the authority i:e NSDL to verify\nthe PAN card application. Once the authority finds it legitimate on all\ngrounds, the PAN number would be allotted to the applicant. After two weeks or\nso, the hard copy of the same would be router to the registered address. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Bank Account<\/h3>\n\n\n\n<p>After acquiring PAN and Aadhar number, you can approach any bank to open an account. While doing so, you need to carry your address and identification proof along with the PAN and Aadhar number. In addition to that, you would also need to furnish GST registration document to serve this purpose. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Registered office proof<\/h3>\n\n\n\n<ul><li>In the case of rented property,\nmake sure to provide NOC from a landlord or Rent agreement. <\/li><li>In case if you are the owner of\nthe property, make sure to furnish utility bill displaying the address of your\npremises. Furthermore, the applicant has to provide some\nsupplementary documents to establish the business. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Registering as SME<\/h3>\n\n\n\n<p>Small and Medium Enterprise (SME) registration is vital for a sole\nproprietorship business, but it isn\u2019t compulsory. To avail such a registration,\nhead over to the online portal and file the relevant application. (SME)\nregistration comes really handy when it comes to availing credit from the financial\ninstitutions. Even the government supports SMEs to a significant extent by\nproviding them access to easy loans that attract a fewer interest rate. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Shop and Establishment Act License<\/h3>\n\n\n\n<p><a href=\"https:\/\/corpbiz.io\/shop-establishment-license\"><strong>Shop and Establishment Act License<\/strong><\/a> is basic registration that everyone should avail before commencing any business activities. The local law governs this license and the Municipal corporations of respective states furnish it. The nature of the business and number of employees are two dominating criteria for the issuance of the Shop and Establishment Act License. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">GST Registration<\/h3>\n\n\n\n<p>If you are generating yearly revenue above the threshold limit i.e.Rs. 20 lakhs, you can opt for GST registration. Apart from that, the <a href=\"https:\/\/corpbiz.io\/gst-registration\"><strong>GST registration<\/strong><\/a> is also compulsory for e-commerce operators. GST registration seeks following documentation. <\/p>\n\n\n\n<ul><li>Proprietor\u2019s PAN and Aadhaar\nCard. <\/li><li>Utility bill such as\nElectricity bill\/ rent agreement for the proof of business place. <\/li><li>Bank account detail such as\nIFSC code, account number, and address of the premises). Note: this all mention\non the passbook of your existent bank account<\/li><\/ul>\n\n\n\n<p>For GST registration, the applicant can hover to the GST portal and fill the applicant. The authority normally takes around 3-4days to process the request. After availing of the GST number, you are all set to commence your business operates under the sole proprietorship business model. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/conversion-of-sole-proprietorship-firm-into-private-company\/\">Conversion of Sole Proprietorship Firm into Private Company<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sole proprietorship: Notable pointers <\/h2>\n\n\n\n<ul><li>Sole proprietors are personally\naccountable for managing debts of a sole proprietorship business. This sole\nproprietor, have full control over the business. <\/li><li>A sole proprietorship is a\nbusiness form that is quite popular among the upcoming entrepreneur due to its\neasy setup and simplicity of operation. <\/li><li>The sole proprietorship, unlike\nother business forms, cannot be deemed as a legal entity.<\/li><li>The proprietors who avail Shop\nand Establishment Act License cannot pursue the unethical business practice. If\nhe\/she fails to maintain harmony with compliances, the authority could force\nthem to pay the penalty. <\/li><li>PAN reflects all your\ntransaction regarding ITR and tax liabilities. Until and unless a person linked\nthe Aadhaar card with PAN, the filing of ITR would not be successful. <\/li><li>A sole proprietors need to\nabide by the local laws or else they have to confront some penalty. <\/li><li>According to the tax authority,\nthe owner and the business would be treated as a single entity on the taxation\nfront under the Sole proprietorship business model. <\/li><li>The sole proprietor is solely\nresponsible for addressing the business risks. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>A sole proprietorship is not deemed as a legal entity which inherently makes its conducive option for business. With unlimited liabilities and control at disposal, a sole proprietor can rejoice the full profit and minimize tax liabilities. Kindly hover to the <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz<\/strong><\/a> helpdesk in case if you want to strengthen your business presence or want to Register Sole Proprietorship Business in your respective locality.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/registration-of-a-online-sole-proprietorship-firm-in-india\/\">An Ultimate Guide to Registration of a Sole Proprietorship Firm in India<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sole Proprietorship is the simplest business form that can adapt by anyone without interfering with stringent compliances. It is perhaps the most convenient form of business that defies any connection with the specified law. Unlike mainstream business forms, Sole Proprietorship could be set up with minimal paperwork and process. Let\u2019s move forward how you can [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":14855,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[159],"tags":[878],"acf":{"service_id":"5"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":6858,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/14852"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=14852"}],"version-history":[{"count":8,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/14852\/revisions"}],"predecessor-version":[{"id":14863,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/14852\/revisions\/14863"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/14855"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=14852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=14852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=14852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}