× setindiabiz pvt ltd
  • Facebook Icon
  • Linkedin Icon
  • Twitter Icon
  • Youtube Icon

Proprietorship Registration
Start your business as proprietorship quickly within one day. All you need is MSME (Udyam Registration) & GST Registration to start the proprietorship business. For a single owner, the proprietorship is the simplest form of business and the easiest to create.

Explore Pricing Request Call Back Request Call Back Chat With Us
tusted by
Dear Smart Factory
Deer Smart Factory
Windlass River Valley
Trux Trust
Lotte Korea
Mac Hotels Limited
India Post Payments Bank
GPX India Pvt Ltd
Vl Access India P Ltd.
Shinmelo Ltd
Leader Electronics
KSR Frontline
Greenhawk Facility Management Pvt Ltd
Cords Cable Industries Limited

Start Your Proprietorship in One Day

Start Your Business In One Day

Start Business
In One Day

Chat with Us On WhatsApp

Chat with Us
On WhatsApp

Transparent and Open Billing

Transparent and
Open Billing

100% Online Safe Process

100% Online &
Safe Process

15+ Year of Professional Experience

15+ Year of

Expert Advice & Superb Service

Expert Advise
& Superb Service

Request Quotation/Call Back From Startup Specialist

Request Quotation/ Call Back
From Startup Specialist

video of Proprietorship Registration Process

Proprietorship Registration Process

Start your business as proprietorship quickly within one day. There is no specific registration requirement for a proprietorship business. However, to start the same, some other registrations are required as it is included in our basic package. The Sole Proprietorship is the simplest form of business in which enterprises can start. Only one person invests the entire capital in the firm, and he alone is entitled to the business's profits. The PAN Card of the proprietor is used as PAN of the firm. Hence you do not have to apply for a new PAN, However TDS TDS Number Number, GST Registration GST Registration and Udyam Udyam Registration is advisable.

  1. Different Types of Business Different Types of Business For Startup
  2. Which Business Type is Right For You? Which Business Type is Right For You?
  3. Advantages of Sole Proprietorship Advantages of Sole Proprietorship Business Type

Easiest Process to Start Sole Proprietorship


GST Registration Certificate

The Registration under GST is a must for doing business if turnover exceeds 20 Lakh or you do Inter-State. Business


MSME (Udyam) Registration

To avail several benefits of the MSME Act, you should register as UDYAM. This is a vital registration for small business


Shop & Establishment Registration

Every shop or commercial unit requires registration with the labour department. It is mandatory


Bank Account of Proprietorship

This is necessary to carry on the business. You can open a current bank account with any scheduled Bank
in India

Documents Required to Start a Proprietorship Firm

    Office Address Related
  • Proof of Office Address
  • It should not be older than 2 months
  • NOC from the Owner of Premises
  • List of Document for Office Address
    1. Electricity Bill
    2. Property tax receipt
    3. Sale Deed
    4. Rent Agreement(if rented)/
    5. NOC From Owner
    Documents of the Sole Proprietor
  • Colour Photo - Two
  • Aadhar Card
  • Pan card and Cancelled Cheque
  • Residential Address Proof (See List)
    1. Voter ID card
    2. Driving License
    3. Passport
    4. Bank Statement
    5. Electricity Bill

Cost to Start Proprietorship

Professional Fee
₹ 2999/-
₹ 540/-
Total Amount
₹ 3539/-

Package Inclusions

  1. Consultation With Startup Advisors
  2. GST Registration
  3. Udyam (MSME Registration)
Quick Order @ ₹ 3539/-Fill Order Form & Pay

All Inclusive Fee | No Hidden Charges

Google Review of Setindiabiz, We are Lovin It Review of Setindiabiz

I am new at incorporation field but SETINDIABIZ help me out & I would like to mention especially for Ms Sana Parveen guided me all through the...See at Google

Kshirabdhi Nayak , October 17, 2020

I was doubtful in the beginning to contact them for my work but they proved to be very professional and fast. I contacted SetIndiaBiz for...See at Google

Lalit Ojha , October 10, 2020

Wonderful experience and a very professional bunch of people. To name some I have been recently dealing with Shaily Dhoudiyal, Suman Khowal...See at Google

Peddada Srikar , September 31, 2020

Wonderful experience. Setindiabiz is very professional and efficient. Its executives are very friendly and helpful. Preeti who was handling...See at Google

Areesh Ahmad , October 15, 2020

Professionalism at its best. Every employee in this company is so energetic and punctual. you can rely on this company for sure...See at Google

Cambrian Park , October 07, 2020

Super fast service, They helped me in formation of my new company "Storaway Warehousing And Logistics Private Limited"...See at Google

Kashish Kanojia , October 07, 2020

The staff is really praiseworthy. I would like to mention specially for Ms Shaily Dhoundiyal guided me all through the process. she...See at Google

BIKI ROY , October 11, 2020

A good and professional company. I came to know about this company from Google. When I go through company profile and big company. My serviceSee at Google

Rohit Chawlla , September 25, 2020

Enthical company with finest of Staff , Specially Shailey Dhoundiyal. She helped a lot through out the process of registration ans incorporationSee at Google

Karan Kashyap , September 19, 2020

Extremely Satisfied with the service. I came through this company in Google search. Initially I was hesitant about how would be the service... See at Google

Sudheer Singh Banoth , September 25, 2020

Setbiz India made us very easy to deal with all documentation. Staff Shaily guided all through the process. Over all a Good team. Keep it up... See at Google

Nandhavignesh Ram , October 07, 2020

Sana parveen has been really efficient an quick in the process for KYC filing. Tremendous job.keep up the good work. All the best... See at Google

Suvigya Rajagopalan , October 07, 2020

Setindiabiz truly committed to their statements .Their work is also very quick and on time and they even treat their customers in.... See at Google

SAMEER MALIM , October 11, 2020

All the work of my company has been done by Satindiabiz employees for the last 3 years. I am satisfied with their work. I thank to Shaily.... See at Google

Sona Sona , October 13, 2020

My first experience today and it was really a wonderful experience. Quick updates and follow ups considering the criticality of the.... See at Google

Hari Thek , October 03, 2020

I'm very happy with the services provided ms Nishtha walked me through some of the processing very patiently and kept regular updates. Thank you... See at Google

Sujith Subhash , October 12, 2020

Shaily is prompt and cooperative, i had a smooth experience in filing my annual returns and also during LLP establishment. I thank her and wish good luck :-)... See at Google

Anil Kumar , October 04, 2020

All the work of my company has been done by Satindiabiz employees for the last 3 years. I am satisfied with their work. I thank to Shaily medm for the submission of my DIN KYC file... See at Google

Anil Kumar , October 04, 2020

They provide the best service for business registeration.Thank you so much Shaily for providing such a great and efficient assistance for my... See at Google

Shivani Anand , October 13, 2020

I had a very pleasant experience with SetIndiaBiz. Thanks to shaily and shubhlam who guided me step by step through the process... See at Google

Ishita Talukdar , October 8, 2020

Shaily and Khusboo have been great professionals, showing an amazin intent of delivering customer satisfaction.. I highly recommend SETINDIABIZ!.... See at Google

Chirag Nanda , September 19, 2020

This company have a great service and my cs Sana Praveen mam is so good and very responsive person . Thank you setindiabiz and thank u Sona mam... See at Google

Sreetams Visual , September 17, 2020

They give fast response to the customers and respect them and helps the customer in all the way in budget friendly manner... See at Google

chepuri sai Abhinay fZQNbtazA , September 18, 2020

They give fast response to the customers and respect them and helps the customer in all the way in budget friendly manner... See at Google

Sravan Appana , September 18, 2020

Good people but worst services. If you are startup please avoid them. There is lot of miscommunication and no proper information. They wont... See at Google

Shiva Pandey , August 19, 2020

Excellent service, Very cooperative, Especially Harish sharma's way of talking and understanding your query is extremely nice. Thank you...See at Google

Shashi Kumar , March 07, 2020

Excellent service, prompt response. Very professional approach to the entire process. Special thanks to Neha who made it very easy for me....See at Google

Arnab Chatterjee , March 05, 2020

SETINDIABIG good services with in a short period of time, employees excellently coordinate with a clients Tq SARANYA and team for supporting...See at Google

Mallappa Desai , March 4, 2020

Registration took just one day to complete. Speed of execution is key to start new business and Setindia understands the needs of...See at Google

Pinky Singh , Feb 19, 2020

They are truly committed to their statements .Their work is also very quick and on time and they even treat their customers in a very polite...See at Google

Ram Singh , Feb 11, 2020

The executive person were incredible helpful and understanding of my views of situation and did everything they could to get me the Incorporation...See at Google

Nabendu Chakraborty , Feb 21, 2020

I am very satisfied with the work. which Sana Parveen had done. really appreciate for the fast process and. access. thanks to setindiabiz and...See at Google

Nagendra Mallannagari , Feb 23, 2020

Awesome great service! We are unexpected. my company get easy all legal documents through SetIndiabiz. They are provided best...See at Google

Aryant Nagaraju , Feb 23, 2020

I have done my company registration at SETINDIABIZ along with TM and taken consultancy services for FDI . Services and guidance was...See at Google

Marvel Punisher , Feb 24, 2020

I am very impressed with work delivery system of Setindiabiz & team. They're very much competent to guide any start Up in statutory...See at Google

Rocky Roy , Feb 25, 2020

Good company, good people gives compliance related services in very professional way and delight customer by their services. i very much...See at Google

Indu Sinha , Feb 25, 2020

Highly supporting system for new business.. thankyou SETINDIABIZ for providing every type of business related support to new in field...See at Google

Ashu Pareta , Feb 26, 2020

Thank to all team members of SETINDIABIZ ..Your customer support is really like Backbone... Special thanks to "Mr. Praveen Singh" who is...See at Google

Avinash Pareta , Feb 26, 2020

Big thanks to Kuldeep, Shaily and folks at SetIndiaBiz for registering my company within 7 days. Everything was handled professionally... See at Google

Nitin Nayal , Jan 13, 2020

I appreciate your service and will surely recommend to my friends who are looking for registering their company . It was a excellent job... See at Google

Satish Prajapati , Jan 10, 2020

Thanks For Helping In Registration of Company And Registration of GST. They Come Quickly Than Estimated Time. ................... See at Google

NishanthKumarTheGreat , Jan 01, 2020

My notions were feeble to pay for online services before "SETINDIABIZ" experiences. However they utterly pay-off my each penny by their swift and... See at Google

Sunil Prajapati , Jan 01, 2020

Thank you SETINDIABIZ for all your help in registering my private limited company in Bangalore, very smooth and they made it very easy for me. ... See at Google

Dominic Salt , Jan 01, 2020

Very Good Service, Quick Qquality Work, Time completed, Low Cost Work, We be Happy. TSR ENGINEERING PVT LTD /Director........... See at Google

TSR REDDY , Dec 24, 2019

Interacted with Mr. Manav Gandhi for filing my gst returns. He was very courteous, polite and quick-to-action. Thank you for your...See at Google

Pooja Ghose , Aug. 25, 2019

perfection, sincerity, on timing means SETINDIABIZ. contacted several companies for my work online and offline but couldn't get anyone to...See at Google

Travelbid 2018 , Aug. 25, 2019

Excellent services offered for Start Up Firms and also for existing companies. Hope SetIndiaBiz opens up more offices in Tier II cities and...See at Google

Manoj Mukundan , Sept. 18, 2019

Excellent support from Manav Gandhi at SETINDIABIZ. He ensured to stay back in office till late night and complete our work at the earliest and...See at Google

Sreeroop KT , Sept. 18, 2019

Good work done by Mr manav gandhi ,he is more concerned about my work to be completed on time,loved his working. ...............See at Google

Faiz Ahmad , Sept. 20, 2019

I always had a great experience with SetIndiaBiz. It is since 2 years that I am getting all my trademarks done through them......See at Google

Kiran S, Sept. 22, 2019

Best legal service provider and flexibility in time commitment.All executives from sales to operations team: neha & Swati are really good in...See at Google

Vishal Deshmukh , Dec 18, 2019

I would like to mention that Set India Biz is one of the best professional company I have worked with. All team members are customer focused and...See at Google

Sarkar M.Z , Dec 07, 2019

I believe with the relationship with SETINDIABIZ is worth value for money. Our account was managed by Proshanto and he has very proactive to support... See at Google

Pravesh Verma , Nov 15, 2019

Overall it is good Experience. Representatives are very active. They will walk you through each and every process. They will help you with the...See at Google

Syed Naseruddin , Dec 06, 2019

Great service with understanding of budget and requirement of customer. A trustful firm for people who has basic knowledge of legal rules. ... See at Google

Punya Gautam , Dec 05, 2019

I highly appreciate the managers and co-workers as they are highly committed to their work. All the reports, forms and correspondence are... See at Google

Rahul Gangurde , Dec 11, 2019

I had very good experience of setting up my company. The team at SetIndiabiz are professional & understands need and executes at pace needed. ... See at Google

Srinivasa Rao Valiveti , Nov 26, 2019

Setindiabiz is a Great Company for registration of PVT. LTD. , LLP or any other company. Their process is fast but due to Durga puja holiday my... See at Google

Amlan Dutta, Nov 10, 2019

We got our documentation done by SetindiaBiz and we are really happy to have found the right consultancy. Really helpful, patient and ... See at Google

Kingsmen Security , Nov 26, 2019

Perfection and quality makes SETINDIABIZ differ from other companies. Promptness is an additional quality of them. Hats-off guys. Good job...See at Google

Sunil Ob , Oct 19, 2019

I'm happy with the phone and the deal i got from the company. Speaking with the service team helped me get exactly what i was looking for... See at Google

Manga Lucas , Nov 17, 2019

Dedicated, supportive and understanding team. What else we need to get the jobs done? Thanks to Set India Biz for helping me. .......See at Google

Ashok Satapathy , Nov 17, 2019

Have a great pleasure, and experience with team 'SETINDIABIZ' knowledgeable and supporting staff. As per our requirement, They committed and...See at Google

Abdul Constructions , Dec 15, 2019

It's amazing. It was easy to understand and work was completed smoothly. Liked there work and recommend everyone to give them a chance. The best...See at Google

Rahul Raj , Nov 12, 2019

Very Nice and great company, all the executives are so polite and professional, they know their work very well and they are master in them. ......See at Google

Rahul Goyal , 19 Oct, 2019

Reliable with service satisfaction, employees are very helping & cooperative. Am grateful & thank you to the entire team of SetIndiabiz was......See at Google

Mohamed Salman Shariff , 19 Nov, 2019

I have had a very good experience with them in incorporating my LLP. Sana Parveen from Delhi office has been very helpful and very much approachable.......See at Google

Abhishek Balchuguri , 19 Nov, 2019

The complete team is amazing, a very co-operative and helpful. They will answer all your questions calmly even if you ask same thing million of times. ...See at Google

Aakanksha Shirbhate , 19 Nov, 2019

I should write here .. I'm really impressed about Ms. PUJA.. You're an asset to your company Setindiabiz... I'm writing most about the person...See at Google

Manjunath S , 19 Nov, 2019

Good company for dealing with startups especially for documentation and registration. On the time action and positive results. ........See at Google

ANIL YADAV , 19 Sep, 2019

Great people, culture, All of the team, including the managers are approachable, helpful, caring and hard working.....keep up the good work....!! ...See at Google

Mdz , 19 Nov, 2019

I would like to mention that Set India Biz is one of the best professional company I have worked with. All team members are customer focused...See at Google

Pravesh Verma , 19 Nov, 2019

Rhanks To Sana For Being An Best Supportive Cordinator All The Time. On Start Had face a Lot of Issues because of mumbai Office but then Got in...See at Google

Divya Kholakiya , 19 Nov, 2019

Excellent service. Mainly, its the timely update needed which is supplied on regular intervals. Ms. Khushboo & Ms. Swati were very cooperative...See at Google

Radhakrishnan Velayudhan , 19 Nov, 2019

The support given to me by corporate lawyer Mr. Kishore is really commendable. He was very cooperative in her approach towards our requirement and...See at Google

Mukund Tripathi , 30 Sep, 2019

I had a good experience with SetIndiaBiz for TM registration. Mr. Shubham who was dealing my case was very professional and clear about what is ...See at Google

Sri Nithya Saswathananda , 20 Sep, 2019


SANDEEP KUMAR , 20 Sep, 2019

I hardly trust people in business society. However, the people in this company are exception. You can trust them blindly. They are unbelievably ...See at Google

Amit Kumar , 20 Sep, 2019

Comparison among Sole Proprietorship Firm /OPC / Partnership

Proprietorship Registration Proprietorship

There is no specific law of parliament or state that regulates the proprietorship business that is why it is so simple to start and operate. It also means that there is no way the details of the composition of the proprietorship business can be known.

OPC Company OPC Company

One Person Company is owned by a single owner, akin to proprietorship. However, the OPC is registered in and regulated by the Companies Act, 2013. The details of the companies are verifiable at the MCA Portal. | Learn more on OPC Learn more on One Person Company

Partnership Firm Partnership Firm

The partnership firms are a traditional form of business and can start by way of an agreement between the parties. The Partnership Act of 1932 regulates the affairs if a partnership firm. The details of the partnership firm are not verifiable easily. | Learn more on Partnership Firm Learn more on Partnership Firm

Proprietorship Registration Proprietorship

You can start the proprietorship firm with any amount of capital. It means there is no minimum or maximum capital prescribed as such for a proprietorship firm.

OPC Company OPC Company

For a company including the OPC, before 2015 amendment of the companies act, there was a requirement of minimum paid-up capital of Rs 1 Lakh. However, post amendment of the law there is no prescribed minimum capital as such. It means you may incorporate an OPC with any capital as you desire. Learn more on OPC

Partnership FirmPartnership Firm

Just like the proprietorship or partnership, there is no minimum paid-up capital that has been prescribed in the partnership act

Proprietorship firm Proprietorship

A single Individual can start a Sole Proprietorship Firm, where he alone will invest all the capital and shall be entitled to all the profits of the firm.

OPC Company OPC Company

The OPC can be owned by only one Individual, also known as the sole shareholder. However, the sole owner of the OPC has to nominate another person to become his or her nominee. The OPC can have up to 15 directors. Click here to understand the difference between a shareholder and a director Understand the difference between a shareholder and a director. To learn more about OPC Registration

Partnership Firm Registration Partnership Firm

In a partnership firm, a minimum of two partners is prescribed with a cap of a maximum of 20 partners.

Proprietorship Proprietorship

The proprietorship business lacks the benefit of perpetual succession. With the demise of the proprietor, the firm also ends its life. The proprietor and the proprietorship are the one and same.

OPC Company OPC Company

The OPC is recognised as a separate legal entity in the eyes of the law, and the business is transferred to the nominee after the demise of the proprietor.

Partnership Firm Partnership Firm

Just like proprietorship, the partnership business is not regarded as a separate business. In fact, with the death or removal of a partner, a new firm comes in existence in place of the old one.

Proprietorship Proprietorship

The proprietor is personally liable for all the liabilities and debts of the business. To pay off these liabilities, the personal properties of the proprietor can also be attached.

OPC Company OPC Company

In an OPC the single shareholder is not liable for all the liabilities or debts of the company, and instead, he/she is responsible for paying only the sum which may be outstanding from her subscribed share capital.

Partnership Firm Partnership Firm

The liabilities of the partnership firm is the joint or severe liability of each and every partner of the firm. Akin to the proprietorship, the personal assets of the partners can be sold off to pay the debts of the firm.

Advantages and Disadvantages of Sole Proprietorship Business Type


Easy to Start

You can start the proprietorship immediately at your will, take care that the business name does not infringes someone else's trademark. You may request a free trademark search You may request a free trademark search from us. We strongly advise you to protect your business name, logo and domain name under Trademark Law. Click here to order for Trademark Filing Click here to order for Trademark Filing. As per your business needs, you can go for MSME, GST or IEC Registration.

Ease of compliance

The most significant advantage of a proprietorship business is that you don't have to file any additional annual return like a company. However, please note that the taxes are applicable in the same manner as it applies to any other business format; hence you will have to pay Income Tax and GST and file required returns.

Easy to Close the Proprietorship Business

To close the proprietorship, there is nothing which you have to do specifically. Pay all statutory dues like Income tax, GST etc. and surrender all the registrations taken in the name of the firm. The closing proprietorship is easier in comparison to other forms of business.


Unlimited Liability of Business

A proprietor is personally liable for all the future liabilities of the proprietorship firm, which can occur due to constant losses in the business. To pay off debt or obligation of the business, the proprietor has to sell his personal assets, like the house, jewellery etc. or face insolvency proceedings in his name. Frankly, this is a very serious demerit, and to overcome this, you may incorporate a One Person Company. incorporate a One Person Company


Because all the tax registrations like GST, Income Tax and Import Export Code are linked with the PAN Number of the proprietor, hence in case you wish to transfer the business to someone else then it cant be transferred as a going concern. In other words, the business as such is not transferable.

Lifespan of Proprietorship

The existence of a proprietorship firm is tied with the life of the proprietor. On the demise of the proprietor, the firm also comes to an end. The remaining assets or liabilities are then transferred to the legal heirs as per law by the court of law.

Fundraising or Angel Investment

The proprietorship firm does not have the ability to raise equity fund from angel investors or the venture capital firms. The banks, NBFC and other financial institutions also do not favour financing of a proprietorship firm.

Video On Proprietorship Registration

Documentation - Day - 1

The process starts with documentation of the proprietor and the place of business where the business of the firm shall be carried on, ensure that the documents are updated and correct. The list of documents required is provided above list of documents required for your reference. We shall also require information in the Questionnaire Questionnaire for Proprietorship Registration For Proprietorship Registration.

Selection of Name - Day - 1

First thing is to select a unique name of your proprietorship business and the starting point should be to search the proposed name of the business in trademark register to avoid any infringement on someone else's trademark. To learn more on trademark click here learn more on Trademark Registration in India

MSME - UDYOG Aadhar - Day - 1

To open a bank account there is need of two documents in the name of the proprietorship, one of the registrations could be Udyog Aadhar which enables an entrepreneur to seek online services offered by Government Departments apart from various other benefits under MSME Act. To learn more on MSME Registration, click here learn more on MSME Registration

GST Registration - Day - 1-7

You may not be able to supply goods or services all over India unless GST Registration is obtained, However for same state supply the limit is 20 Lac. This also serves as a second document document issued for the proprietorship, which shall be required by banks while opening a bank account in the name of the firm.To learn more on GST Registration, click here learn more on GST Registration

TAN Number Allotment - Day - 1-7

TAN number is a permanent number allotted to business for complying with the provisions of withholding tax. You are required to deduct TDS while making payments, hence the next step is to obtain TAN number, which is mandatory to submit TDS Returns.

What is the difference between Proprietorship and Other Forms of Business?

We h ave prepared a detailed and easy to understand comparative table showing availability of features and advantages of one form of business to that of others. The same can be found at the end of this page. Click here to learn more. compare forms fo business

What is the minimum amount of capital required to start a Proprietorship Firm?

A proprietorship business can be started with any amount of capital and as such, there is no provision in the law which prescribe any minimum capital for the firm. The capital must be infused by the proprietor based on the nature and scale of the proposed business. You shall have the ability to introduce or withdraw capital at any time from the accounts of the proprietorship business as drawings.

Do I require another person to register a Sole Proprietorship in India?

No, A proprietorship business is owned and controlled by a sole person. There is no requirement to engage any other person to start a proprietorship business.

How to open a bank account for a Proprietorship?

The opening of Bank Account is regulated by the Reserve Bank of India, which have prescribed submission at least two entity proof for the proprietorship. To open a bank account, you may approach any bank nearest to you, and generally, they need following documents.

1. List of Entity Proof of Sole Proprietorship: (Any two documents from the below list)
  • Certificate of Registration with MSME,
  • GST Registration Certificate,
  • Registration with Shops & Establishment,
  • Registration or License-related to Central-State govt.,
  • Certificate related to Municipal authorities,
  • Tax returns Showing Name of Proprietorship Firm,
  • Import Export Certificate in Firm Name,
  • CA certificate for Existence of Entity,
  • Registered lease/ license in Proprietorship Name,
  • Utility Bills/ TDS certificate in the name of the firm,
2. Identity Proof of Proprietor for Bank A/c Opening:
  • PAN Card,
  • Driving Licence,
  • Passport
  • ID cards issued central and state govt.,
  • Passbook scheduled commercial bank
  • Marriage certificate,
  • Voters ID card,
  • Aadhar Card
3. Address Proof of Proprietor
  • Driving Licence,
  • Passport,
  • ID cards issued central & state govt.,
  • Passbook scheduled commercial bank,
  • Utility Bill,
  • Marriage certificate,
  • Municipal corporation bill,
  • Credit Card Bill,
  • Registered Leave and Licence Agreement,
  • Bank statement

Can I later convert my Proprietorship into a Company or LLP?

Yes, the proprietorship can be converted to LLP or Private Limited Company

Registration of The OPC Company with ROC

Following are the proprietor documents which are required for registration of firm under MSME.
  • Copy of Aadhar Card
  • PAN card of the Sole Proprietor
  • Details of Business Place

Will my Proprietorship firm have a Certificate of Incorporation or Registration?

There is no certificate of registration or incorporation for proprietorship business as such. The legal identity of proprietorship as an entity is determined through various other registration or licenses obtained in the name of the proprietorship firm on the case to case basis. Similarly, each specific registration shall result in the issuance of a certificate of registration, for example, GST Certificate, MSME Registration Certificate, Tan Allotment Letter, etc.

Under which Government Authority, the application of Sole Proprietorship Firm Registration is submitted?

There is no law which enforces registration of a proprietorship firm as such, SETINDIABIZ helps entrepreneurs in securing registration under MSME, GST, Shops & Establishment, etc. the MSME registration is done under The Micro, Small and Medium Enterprises Development Act, 2006 of Central Government.

Does the proprietor have to be an Indian to start a Proprietorship firm?

Yes. Only an Indian Citizen can start proprietorship business. Similarly, no foreign funding is allowed in a proprietorship form of business. However, an NRI or a Person of Indian Origin (POI) can invest in proprietorship with prior approval from the central government of India.

What is a sole proprietorship?

A sole proprietorship is the simplest form of business, which you will find all over world. It’s like you woke up today and wants, and you purchase goods from a wholesaler and start selling them instantly. You have created a proprietorship, No registration is needed. In case you need to open a bank account approach your nearest bank account and open a current account with them.

How are sole proprietorship treated for tax purposes?

As there is no difference between the business and its owner in case of proprietorship, Unlike corporations, sole proprietorships are not treated separately for the income tax purposes. This means that any profit derived from your sole proprietorship is treated as your personal income and is accounted for on your individual tax return. Any such income is taxed to you in the year it was received or accrued to you. The business income shall be shown as separate income in the income tax return of the proprietor.

How to Establish a Sole Proprietorship business?

Yes. A partnership firm can sue or be sued in it’s own name. The firm is treated separate from its partners. However the partners do not enjoy limited liability as available in case of LLP or a company. In a situation where the firm is not in a position to discharge its liabilities the partners shall be called in to pay the liabilities of the firm.

Is it difficult to open a Bank Account for proprietorship?

Opening current account in the name of the owner of the proprietorship firm is very easy; all they need is know your customer (KYC) Documents of the proprietor. However if the bank account is to be opened in the name of the proprietorship then bank need two entity proof in the name of the firm. Setindiabiz Specialist shall be able to assist you for opening the account.

Am I personally liable for my business under a sole proprietorship?

Yes. Unlike other incorporated business forms, you are personally liable for any of your sole proprietorship’s debts or legal judgments against your business. This means that in order to satisfy debts owed by your business, debt collectors can come after your personal assets, homes, cars, etc. For this reason alone, you should be extremely cautious about setting up a sole proprietorship. Setindiabiz.com recommends One Person Company in place of proprietorship.

Do I need an attorney to help me start a sole proprietorship?

Strongly recommended to have an consultation with our startup specialists, which is free and is available without any obligation as such to take our services. As every business is unique and there may be circumstances where a partnership, Limited Liability Partnership (LLP), Private Limited Company or some other kind of business structure is a better fit. You also may want to get more insight into the specific liabilities your sole proprietorship may face.

Trusted by Leading Companies

Lotte Korea
New Prince Management
MAC Hotels Limited
Indian Post Payment Bank
GPX India
Chat on WhatsApp Chat on Facebook with Setindiabiz Chat on Telegram with setindiabiz Subscribes Youtube Channel