SOLE PROPRIETORSHIP REGISTRATION
Mostly people are willing to register their self-owned company which can be register with any unique business name, provided it should be lawful and unique. Proprietorship registration has a legal existence in India and there is nothing as registration on papers, but it can be accepted as an unorganized business plan under the different departments based on the business set-up and scope of activities. There are various ways of doing business in India. In India, one of the most popular forms of doing business is the Sole Proprietorship. By the name itself, we can conclude that it means that the business will be managed and owned solely by a single person.
That person needs to be:
- Natural Person
- Resident of India
- Having Aadhar Card
The form of business that is owned, managed, run, and executed by the same person can get it registered under MSME i.e Micro Small and Medium Enterprise which is governed by Udhyog adhar. This is now redirected through a new process of registration through Udhyam Registration.
Why should one get msme registration?
- People who are doing business as a sole Proprietorship have two opportunities of getting their business Registered, One Person Company, and MSME certification.
- MSME comes with various advantages as it is a platform of working for a small business entrepreneur.
- Governments nowadays are focusing more on the business stake and providing funds, schemes, and loans for businesses that are registered as Proprietorship under Udhyam Registration.
- This registration provides Certifications from Government and is quite inexpensive when we compare it to other mode i.e. One Person Company.
- MSME is cost-efficient and less time taking process.
- It does not require additional compliance like companies.
What are the documents require for this registration?
- Adhar Card of the Proprietor
- PAN Card of the Proprietor
- Bank Account Details
- Contact Number and E-mail Address
- Total Investment
- Nature of Business
- Address Proof
- Date of Incorporation
- Number of Employees
- Current/ Expected Turnover
What is the compliance that is needed to be done in proprietorship?
There are two types of compliance that a person needs to do in this Registration:
- ITR Compliance: Income Tax Return shall be filed by the concerned person as on or before the due date.
- GST Compliance: Goods and Service Tax Return shall be filed by the concerned person as on or before the due date.
What are the benefits of doing business in sole proprietorship?
- It is cost-efficient
- It is a time-saving process
- It does not involve compliances unlike companies
- Less paper work
- Easy to understand
- Schemes available for a different kind of Business
- Availability of Loan is also a factor with MSME Registration
What do we provide?
- MSME certificate
- GST certificate
- TAN acknowledgement
- CA certificate
How much time is needed to get the documents?
It takes at least 10 – 15 working days to get the complete delivery of the assignments.
There are changes and amendments in the process of filing for MSME Registration.
- Earlier it was governed by Udhyog Adhaar and now it is governed by Udhyam Registration.
- Earlier we get a UAM i.e. Udhyog Adhar Memorandum Number and now UDHYAM Number.
- Earlier it was not mandatory of getting GST registered for MSME but now for registration, it needs GST registered enterprise and PAN number.
- Earlier it was just verified by entering OTP that was generated by entering Adhaar Number that is linked with the Phone number, but as of now, It validates through three processes i.e Adhaar Number, PAN Number, GSTIN
- Earlier it was an STP i.e Straight Through Process and as of now, It takes at least 5 – 7 days to get the Certificate.
Sole Proprietorship is an inexpensive way of doing business which involves less amount of time to get started. This registration involves a minimal amount of compliance to run a business and is easy for proprietor to handle. Nowadays even young, adults, women and men are separately looking for running their own business hence sole proprietorship being easy to form and operate has been the favorite choice of registration.
For further queries please contact us on: Email Id Swati@neusourcestartup.com and Phone Number 9540026175.
The NeuSource Startup Mind is the finest business startup consultant that offers various services of registration like Proprietorship Firm Registration, Partnership Firm Registration, LLP Registration, Company registration, GST Registration, Copyright Registration, ISO Registration Trademark registration and other FSSAI License etc.
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