{"id":14966,"date":"2020-08-18T15:22:53","date_gmt":"2020-08-18T09:52:53","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=14966"},"modified":"2024-07-02T15:22:01","modified_gmt":"2024-07-02T09:52:01","slug":"documents-required-for-sole-proprietorship-registration-online","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/documents-required-for-sole-proprietorship-registration-online\/","title":{"rendered":"Know the Documents Required for Sole Proprietorship Registration"},"content":{"rendered":"\n<p class=\"has-drop-cap\">A sole proprietorship rank amongst the best business models due to the ease of establishment and unlimited liabilities. Precisely, anyone who intends to open such a business needs not to raise any formal certification from any authority. Sole Proprietorship business could be started with a minimum investment, unlike other business models. Neither the sole proprietorship fit in the legal framework, nor is it considered as a legal entity. In this blog, we will look at the Documents required for <a href=\"https:\/\/corpbiz.io\/sole-proprietorship-registration\"><strong>sole proprietorship registration<\/strong><\/a> in detail. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"641\" height=\"603\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/08\/image-71.png\" alt=\"Sole Proprietorship Registration\" class=\"wp-image-14967\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/08\/image-71.png 641w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/08\/image-71-300x282.png 300w\" sizes=\"(max-width: 641px) 100vw, 641px\" \/><\/figure><\/div>\n\n\n<p>Sole proprietorship discourages any compliances w.r.t the establishment procedure. The notion of double taxation does not apply to sole proprietorship business models, meaning the sole proprietor doesn\u2019t have to pay a separate tax on its income. If you are looking for a business model that encourages profitability and ownership, then sole proprietorship could be your best bet.<\/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\/procedure-for-sole-proprietorship-registration-online\/\">Procedure for Sole Proprietorship Registration: A Step by Step Guide<\/a><\/mark><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-sole-proprietorship-registration-online\/#Documents_required_for_Sole_Proprietorship_Registration\" >Documents required for Sole Proprietorship Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-sole-proprietorship-registration-online\/#Optional_Certification\" >Optional Certification<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-sole-proprietorship-registration-online\/#Important_Points_to_Remember\" >Important Points to Remember&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/documents-required-for-sole-proprietorship-registration-online\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_required_for_Sole_Proprietorship_Registration\"><\/span>Documents required for Sole Proprietorship Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Aadhar Card<\/h3>\n\n\n\n<p>Aadhar number is an absolute necessity for starting any business form in India. Authority would not be able to approve the registration request in the absence of an Aadhar number. If you haven\u2019t obtained it yet, visit the nearest <strong><em>Aadhar Seva Kendra<\/em><\/strong> to enrol yourself by completing a simple identification process. The same can be done via the online portal as well. All you need to visit E-Mitra, get access to an application form, and fill up the requested details. You will receive the hard copy of the Aadhar card in two to three weeks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">PAN Card<\/h3>\n\n\n\n<p>It\u2019s a well-known fact that the <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>ITR filing<\/strong><\/a> is completed via PAN number. So, if you haven\u2019t availed it, then head over to the NSDL website and fill a PAN application after selecting relevant options from the drop-down menu. The application would cost you around 110 bucks, precisely. While filling up the online application, you need to upload the recent photograph, scanned copy of the address, and identity proof. After completing this requirement, the applicant needs to take advantage of Aadhar e-KYC to verify the completed application for the submission purpose.<\/p>\n\n\n\n<p>As soon as the authority came across the\nsubmitted application, it would conduct verification for the same on the\npredetermined grounds. Once the authority validates the application, the PAN\nnumber will be awarded to the applicant within a week or so. The hard copy of\nthe same will also be forward to the applicant\u2019s registered address in two to\nthree weeks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">&nbsp;Bank Account<\/h3>\n\n\n\n<p>After obtaining PAN and Aadhar number,\nyou can approach any legitimate bank to open an account. However, to serve this\npurpose, you would need to provide some additional documents such as Voter ID\nand utility bill along with PAN and Aadhar number. In case if you wish to open\na current account with the bank, you have to submit a GST registration\ndocument.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Proof Regarding the Establishment<\/h3>\n\n\n\n<ul>\n<li>NOC\nor Lease agreement in case of a rented property.<\/li>\n\n\n\n<li>Utility\nbills if the property owner is the applicant itself.<\/li>\n<\/ul>\n\n\n\n<p>Apart from the above documents, the applicant\ncan avail some additional registration to strengthen the business\u2019s core.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Optional_Certification\"><\/span>Optional Certification <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Registering as SME<\/h3>\n\n\n\n<p>Although <a href=\"https:\/\/corpbiz.io\/msme-registration\"><strong>MSME registration<\/strong><\/a> offers a plethora of long-term benefits to the business set-up, it has yet not been made compulsory by the government. After registering to SME under MSME Act, the business entity can avail numerous benefits such as:<\/p>\n\n\n\n<ul>\n<li>Fiscal aid from reputed banks\nat the nominal interest rate.<\/li>\n\n\n\n<li>Valuable government tenders.<\/li>\n\n\n\n<li>Tax\nexemption.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Shop and Establishment Act\nLicense<\/h3>\n\n\n\n<p>Shop and Establishment Act License set a framework for ethical working for the business entities under the unorganized sector. With no manpower at the disposal, the sole proprietors need not avail this license. However, they are authorized to voluntarily opt for it if they want to abide by the local laws and gain taxation benefits. <a href=\"https:\/\/corpbiz.io\/shop-establishment-license\"><strong>Shop and Establishment Act License<\/strong><\/a> transform a business into a legal entity. The municipal corporation of the respective states generally issues this license based on the number of employees and business nature.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">GST Registration<\/h3>\n\n\n\n<p>You can apply for <a href=\"https:\/\/corpbiz.io\/gst-registration\"><strong>GST registration<\/strong><\/a> if your yearly turnover exceeds the threshold limit as per GST act I:e Rs 40 lakhs. Keep in mind that for e-commerce operators, GST registration is compulsory. The applicant needs to provide the following documentation for the availment of GSTIN. <\/p>\n\n\n\n<ul>\n<li>PAN\nand Aadhar of the applicant.<\/li>\n\n\n\n<li>Recent\nphotographs of the applicant.<\/li>\n\n\n\n<li>Business\npremises proof (Electricity bill\/ rent agreement)<\/li>\n\n\n\n<li>Banking\ndetails such as IFSC code, account number, and address. <\/li>\n<\/ul>\n\n\n\n<p>After arranging the above document,\napplicants must visit the GST portal and fill an application form. The\nauthority might take around 3-4 days to process the request. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_Points_to_Remember\"><\/span>Important Points to Remember&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>To\nset up a sole proprietorship business all you need an Aadhaar and PAN number.<\/li>\n\n\n\n<li>You\ncan also voluntarily choose other certifications like Shop Act and MSME to\navail of numerous benefits.&nbsp;<\/li>\n\n\n\n<li>A\nsole proprietor doesn\u2019t need to have a current account for the business\ntransaction. <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A sole proprietorship is one of the\nlegitimate business models that numerous benefits as compared to counterparts.\nBut it is nothing to close to rivals when it comes to sustainability and\nstability in the state of the crisis. The millions of sole proprietors have\nbeen reportedly crushed under the immense economic pressure created by the\nrecent coronavirus outbreak. <\/p>\n\n\n\n<p>Of course, the ongoing crisis has dented the credibility of this business model but that doesn\u2019t mean that you should not opt for it. As soon as the economy gets back to its normal state, the businesses will start to flourish again. That\u2019s all about the Documents required for sole proprietorship registration, don\u2019t forget to share your concern with <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz<\/strong><\/a> team by dropping the comment in the comment section. <\/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\/advantage-and-disadvantage-of-sole-proprietorship-registration-in-india\/\">Know the Advantage and Disadvantage of Sole Proprietorship Registration<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A sole proprietorship rank amongst the best business models due to the ease of establishment and unlimited liabilities. Precisely, anyone who intends to open such a business needs not to raise any formal certification from any authority. Sole Proprietorship business could be started with a minimum investment, unlike other business models. Neither the sole proprietorship [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":14974,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[159],"tags":[890],"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":10625,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/14966"}],"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=14966"}],"version-history":[{"count":8,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/14966\/revisions"}],"predecessor-version":[{"id":65076,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/14966\/revisions\/65076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/14974"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=14966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=14966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=14966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}