Start your business as proprietorship easily within one day. There is no specific registration requirement for proprietorship business. However, to start the same some other registrations are required as it is included in our basic package.
Register Your Proprietorship @ Rs. 2,499/-
A proprietorship is the simplest form of business in which enterprises can start, Only one person invests entire capital in the firm, and he alone is entitled to the profits of the business. For a Proprietorship Firm, there is no registration as such, and it starts at the will of the proprietor/owner without obtaining any certification. However, registration with Goods and Services Tax (GST for Proprietorship Firm) and obtaining TAN number for complying with the TDS related provisions of the Income Tax Act is desirable and necessary. Bankers also insist for two KYC documents in the name of the firm to open a Current Bank Account in the name of Proprietorship Firm. We are available to assist in the starting proprietorship firms all over India.
A Proprietorship can commence its business immediately at the will of the proprietor, there is no specific registration is mandatory, however GST and MSME is desirable
The income of the proprietorship Firm is included in the income of its proprietor itself. Hence slab based income tax rates apply, which results in a substantial tax benefit.
The foreign Investment (FDI) is not permissible in a proprietorship, However an NRI can invest in proprietorship firm provided the profits are not repatriated out of India.
In case the proprietorship is no longer required, it can be closed easily, just surrender all registrations and licenses obtained by the proprietorship business.
First thing is to select a unique name of your proprietorship business, however, ensure that the name does not infringe with others trademark.
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.
Udyog Aadhar enables an entrepreneur to seek online services offered by Government Departments apart from various other benefits under MSME.
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.
Check advantages and disadvantages of Common Business Entity Types
Every shop and the commercial establishment is required to obtain establishment registration with the Labour Department within 30 days of starting their business. It is mandatory for all states in India.
To ensures that the citizens are not adversely affected by health hazard and nuisance by the improper carrying of trade a License is necessary from the municipality within 30 days of starting the business.
Majority of the state governments have passed specific legislation to impose a tax on profession, employment of calling of any nature, however, it can not be more than Rs. 2500 per annum.
GST Registration is mandatory for every business engaged in providing services or supply of goods, where the turnover exceeds Rs. 20 Lac or does even a single transaction in an interstate trade.
If you are engaged in a business of manufacturing, trading, storing or dealing in any manner of food items, then the state level FSSAI registration or Central License is mandatory based on the turnover.
Wholesale or Retail Drug License is location-based and is granted by the State Government based on fulfilling certain norms and criteria. No entity can start or continue sale/trade of Drugs without drug license.
Private Security Agency is a lucrative business with immense potential, however, it can be started or continued only after obtaining a license from the competent authority as designated by the state government.
Import Export Code (IEC) is a ten-digit pan based registration with the DGFT. IEC is a mandatory prerequisite to starting a business of Import or Export in India. Only one IEC code is issued against a pan.
We have prepared a detailed and easy to understand comparative table
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.
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.
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.
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 Micro, Small and Medium Establishments Development Act, 2006 of Central Government.
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.
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
Yes, the proprietorship can be converted to LLP or Private Limited Company
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