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Getting back to the subject i.e, Proprietorship Documents.
To the known fact – the document is the utmost important thing, required in order to get registered with any of the registrations. Might it be Partnership registration, one person company registration, LLP registration, GST registration, or any other kinda registration or tax filings.
This is what we are going to elaborate here. Keep reading…
Documents Required For Sole Proprietorship
Sole Proprietorship or you may simply name it Proprietorship!
One of the easiest business form in India, as off – it is not ruled by any specific laws.
Fast forwards, in order to register a sole proprietorship – the following documents are required. In other words, following are the documents required for sole proprietorship firm registration; as follows:
- PAN Card.
- Aadhar Card.
- Bank Account.
- Registered Office Proof.
Let’s discuss them in detail…
Note: This being a guest post, is not the exact views of our expert.
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01: PAN Card
You can not file your income tax return until you receive the PAN. So if you do not have a PAN number, then apply for it as soon as possible.
PAN Card can be applied online and its cost is Rs. 110, approx. To apply, you need a scanned photo, identity proof, and proof of address. The form can be submitted online through verification by e-KYC.
Once the PAN card application is submitted, it is checked for verification in NSDL, and if the NSDL finds the information to be correct, it allocates the PAN number within 7-8 days. In addition, a hard copy of the PAN card is received at the address registered within 15-20 days.
02: Aadhar Card
Aadhaar number is now a requirement for applying for any registration in India. Also, income tax returns can be filed only when the person has connected his PAN card to the Aadhaar number.
If you have not yet received the Aadhaar number, then contact nearest to E-Mitra or Aadhar Service Center.
After applying for the Aadhaar card, it receives a hard copy at the registered address in approximately 15-20 days.
03: Bank Account
After getting the Aadhaar number and PAN, you can go to any bank to open an account with them.
In addition to the Aadhaar number and the PAN, you need to carry identification proof and address proof.
However, to open a current account, you will also have to submit a GST registration document to bank officials.
04: Registered Office Proof
Registered office proof goes along with two theses, illustrated as follows:
1.If the office is a rented property: then, rent agreement from a landlord and NOC.
2.If the office is a self-owned property: then, electricity bill or any other address proof.
In addition to the above, some registrations are required to establish the firm’s existence:
(i) SME Registration
You can register yourself as a Small and Medium Enterprises (SME) under the MSME Act. The application can be filed electronically.
Although it is not mandatory to register as SME, it is highly beneficial, especially when taking a loan for a business.
The government runs various schemes for SME where loans are provided at concessional rates.
(ii) License Towards Shop and Establishment Act
This license is not mandatory at all places, but according to local laws, it is mandatory to get it.
Very often, It is issued by the municipal party and is issued on the basis of the number of employees.
Here, in this blog, we have discussed the ~~ Documents Required For Proprietorship Firm [Fundamental Guide].
Often we concluded its layout and the sole proprietorship required documents in detail.
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