In India a Sole Proprietorship firm may be started by getting any of the following registrations:
Shop Act Registration or Gumasta Licence for Proprietorship Firm Registration :
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Registration under the Shop and Commercial Establishment Act is Commonly known as “Shop Act Registration” Most of the Banks open Current Bank Account for this Registration
GST Registration for Proprietorship Firm Registration
GST Registration: As GST Registration is Mandatory Only if Gross Sales Exceeds Rs. 20 Lakh in any Financial Year, but you can voluntary take GST Registration, GST Registration is Mandatory if you are selling products on E-commerce Marketplace Websites like: Amazon, Flipkart, Snapdeal, eBay, Esty etc.. also if you are running ads for your business promotion on popular Social Networking like Facebook, Twitter, etc.
GST Registration is required by vendors if they are registered under GST , this makes easier for them to make uniformity in business transitions.
Udhyam Registration for Proprietorship Firm Registration
Udhyam Registration is for MSME Enterprises, this registration will give recognition of MSME enterprise for your business if you are running proprietorship firm business and want to have Single Registration this is a great deal to have in the pocket. You can apply for MSME Registration with Fastlegal Team Members.
Opening of Current Bank Account in the name of Business :
Once you get any of the above registration certificates, you can contact to the Bank with which you wish to open your current account.
Its all Done: Your Business is registered business entity now. you can now do all the banking transactions in the name of your firm.
Benefits of Proprietorship firm Registration:
- Fast and Cheaper Registration
- Less Legal Compliance
- Banking Transaction may be done in the name of the firm
- No Need to obtain different PAN for your business entity (Pan of the Proprietor shall be the business entity also)
- No need to file return of your income if your income does not exceed the maximum amount liable to tax (which is at present Rs. 250000/- and may be changed in every budget)
Looking for Proprietorship Firm Registration Online?
Just submit your request in below Form and Fastlegal Team Members will contact you shortly for getting your Firm Registered as per your business needs, you just need to share Required documents and information Via E-mail.