A Sole Proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. Sole Proprietorship is the most common form of business in India, used by most micro and small businesses operating in the unorganised sectors. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for starting and operating. So, its ideal for small businesses and first-time Entrepreneurs who would like to get a taste for business.
MSME or Udyog Aadhaar registration can be obtained in the name of the business to establish that the Sole Proprietorship is registered under the Ministry of Micro, Small and Medium Enterprises.
TAN Registration must be obtained for the Proprietor from the Income Tax department if the Proprietor is making salary payments wherein TDS deduction is required.
GST registration must be obtained if the Proprietor is selling goods or services that cross the GST turnover threshold limit for registration. In most states, GST registration is required for service providers having annual revenue of more than Rs.20 lakhs and in case of traders - annual revenue of more than Rs.40 lakhs.
Import Export Code or IE Code can be obtained from the DGFT in the name of the business - in case of a Proprietorship business undertaking export and/or import of goods into India.
In case the Proprietorship is involved in the selling of food products or handling of food products, FSSAI registration must be obtained from the Food Safety and Standard Authority of India in the name of the Proprietor.
Before beginning the engagement, all the required information and documents are collected. The engagement manager would also advise you on the types of registrations to be obtained. The average time taken to complete a proprietorship registration is 3 - 5 working days, subject to government processing time and client document submission. Once the necessary registrations are obtained, an application is also submitted to the Banks for Current Account opening.
eVakil is the market leader in Proprietorship registration services in India. In addition to Proprietorship registration, we offer a variety of other services like private limited company registration, one person company registration, Nidhi Company Registration, Section 8 Company Registration, Producer Company Registration and Indian Subsidiary registration.
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