List of Documents To Open Bank Account of Proprietorship Firms

Every business needs a Bank Account to operate its commerce, receive money from customers, and pay for its expenses. Opening a Bank Account for a Private Limited Company or an LLP is not a problem as the documents required for them is readily available after incorporation. However, when it comes to a Sole Proprietorship business, bank account opening is a little tricky.

Below you will find an indicative list of documents that your banker may ask for to open a current bank account for the sole proprietorship. However, the practice of the banks may differ despite clear guideline issued by the Reserve Bank of India (RBI) on the KYC requirement for opening the bank account. The RBI has issued Master Direction on KYC for various entities and the same is amended from time to time. Please click the following link to read the most updated KYC norms for opening of Bank Account in India.

rbi.org.in

A careful perusal of the list of documents that is acceptable for opening the current account of sole proprietorship firm, following is the most commonly used documents from the practical point of view [Please note that the list below is solely based on our practical exposure and is not a legal opinion. for the complete list kindly refer to above said Master Circular or Speak to your Banker.

Shops & Establishment Registration
MSME or Udyam Registration
GST Registration Certificate
CA Certificate (In some cases it is accepted as entity proof)
KYC of the proprietor in all cases (Photo, PAN, Aadhar and Address Proof)

Refer to Respective Bank Website Link for List of Documents

To start a proprietorship firm, place online order at our dedicated webpage for proprietorship formation, download the questionnaire in the word format from the Google Doc Link Provided in the documentation section. Fill the details completely and send it to us for further process. We have an award-winning customer support team to help you in your entrepreneurship from the stage of its formation, tax filing and in future expansion. For help please email us to help@setindiabiz.com or log on to support.setindiabiz.com

About Setindiabiz

Setindiabiz is an organized team of experienced CA, CS, & Lawyers, duly supported by a pool of trained accountants & paralegal staff that provides quality & affordable compliance services to startups & small businesses in India. The views, statements and recommendations expressed in this article or post are only for the sole objective of providing information, and it does not constitute professional advice or recommendation of the company. Neither the author nor the company or its affiliates accepts any liability for any loss or damage arising from any information in this article or any actions taken in reliance thereon.