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Steps for Sole Proprietor Registration

Fill Basic Info.
Upload KYC Documents
Pay the Service Cost
Documents verification by us
Apply to Govt. Portal by us
Get The GST Certificate

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Sole Proprietor Registration

Inclusive of all taxes

What you get?

  • GST Registration
  • Bank Account Opening Support

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You have to submit following documents / information

  1. Proposed Name of the Organisation
  2. Products Details of Organisation
  3. Nature of Business
  4. Proprietors KYC:
    • (a) PAN Card
    • (b) Aadhar Card
    • (c) Photo
    • (d) EMail ID
    • (e) Mobile No
  5. Business Registered Address Proof
    • (a) Electricity Bill (within 2 months)
    • (b) NOC & Rent Agreements (if rented property)
  6. Date of commencement of Business
  7. Any of Registration certificate if available

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There is no legal process or certificate for proprietorship companies but practically GST registration and any other registration like Udhyam Registration (MSME) or Shop Act Registration are required for opening a Bank Account.

No, a separate PAN card is not required for a proprietorship company, Owner's PAN card is used for business purposes also.

As per GST Act, GST registration is mandatory if turnover exceeds Rs 20/40 lakhs but practically many banks require a GST certificate at the time of opening a bank account.

GST monthly/quarterly return is mandatory for all types of business i.e. even in case of NIL turnover GST return is mandatory to file every month/quarterly.

Yes! GST registration Number can be surrendered with valid reason

As you know that as per income tax act a separate PAN card is not required for proprietorship business .i.e. PAN of the proprietor will be used for the business also. However Income tax provisions will be applied to the same as individuals for business also.

Basic Feature of Sole Proprietor

Easy to established

There is no separate law made for sole proprietorship business registration, however, you can start your business easily with any of these registrations:

  • Shop Act Reg.
  • GST Reg.
  • MSME Reg.

Fully Control Over Business

In Proprietorship business is fully controlled by proprietor and it is good at the initial stage to manage business singly. It is based on low investments and low turnover.

Source of Capital

Insole traders, the capital is employed by the owner himself from his personal resources. Due to this, it is riskier.

Unlimited Liability

The liability of the proprietor for the debts of the business is unlimited because the personal property of the proprietor is also attached to the business.

One Man Control

Sole traders are a one-man show. The sole trader provides management to the business. However, it is better at low-level business.

No Special Legislation

Sole traders are not governed by any special legislation and because of that applicability of various laws are depended upon personal status of the proprietor.

Taxation Impact

In a sole proprietorship, the income tax rate will be charged according to slab rate under Income Tax Act, 1964 but after the certain turnover audit is also required. 

The surplus arising in the business of the sole trader entirely belongs to him and similarly, all the business losses and risk are to be borne by him alone. Income tax is also treated as personal expenses. As per finance act, 2019 Total Income of proprietorship business is exempt up 5 lakhs in a certain case.