Documents Required for Current Bank Account as Proprietorship Firm - 

Now to discuss the perquisites for opening a current bank account for which the firm requires at least 2 proofs for establishing legal entity, further, a list of legal proofs used by entity.

1) MSME Registration certificate along with chartered accountant business certification to be applicable where the sole proprietorship dealing intra-state i.e. within a state and expected turnover or sales to be less than 20 lakh rupees.

2) GST registration certificate Applicable over where conditions are meted to be fulfilled where I deals with inter-state sales i.e. with other states or is engaged in ecommerce or internet based business or you are a trader, retailer, manufacturer or aggregator or have 20 lakh rupees turnover within a state.

How to Register Proprietorship Firm ?

You just have to follow the following simple steps:

1. Fill your proprietorship firm application form as provided as below.

2. Then make secured online payment of fees online by card or UPI etc.

3. We will assign a dedicated CA/ legal experts

4. You can submit the documents through emails or whatsapp

5. Now you can relax and your work will be done by us.

Why MyOnlineCA for Proprietorship Firm Registration Online ?

MyOnlineCAoffer a platform for online registration at the trivial cost. One can easily apply for the registration withMyOnlineCA while seated comfortable at home and resting the work compliance on us.

Focusing on various reasons necessary for registering as a Sole Proprietorship Firm some have mentioned as below

1. Compare pricing is better and economical as compared with available players in the market or on other portals.

2. A recognized Company, having entrusted by over 10k customers, under the government official startup India program

3. We have top notch accurate reviews over social media like facebook with 5 star ratings.

4. We are a dedicated team and provide assistance  through Emails, calls, and whatsapp.

5. Get a free premium legal consultancy to start up your new business

6. 100% money back guarantee on services.

Documents required for Proprietorship Company Registration ?

1) PAN card and Aadhar card or voter id or driving license or passport etc, for Know Your Customer (KYC) of the applicant

2) Address proof of the business like bill of electricity, gas or phone bills etc. even if it is not in the name of firm.

The following additional documents for GST registration are required:

3) Passport size picture of applicant

4) Cancelled cheque or bank statement or front page of passbook of the personal account of the applicant.

Timelines for registering Sole Proprietorship Firm - 

a) MSME Registration + CA Certificate - Average 2-6 days from the date of starting

b) GST Registration as Proprietorship Firm - Average 7 days from the date of starting

Benefits of Proprietorship Firm Registration -

1.  Individual will be regarded as a single businessman
2. Single ownership
3. Lesser compliances and a low cost require to establish
4. Complete control over the business
5. Simple entry and exit in the sole proprietorship firm

Some most frequently asked question regarding Proprietorship Firm Registration

1. Do commercial property or office is required for registration?

Certainly No, you can register your Sole Proprietorship firm on your residential address whether owned or rented. What required is a copy of utility bill and in case of rented place you need consent from your landlord or owner of the place.

2. Do I require to obtain NOC of the land
No Objection Certificate is required only in cases where the copy of bill is in name of another person. We will share the standard form on later stage.

3. Is there any restriction on name for Sole Proprietorship firm?
No such restriction is there for the name of Sole Proprietorship firm. It can be as per your choice however you should not use any extension like LLP, Pvt. Ltd., Ltd. OPC etc.

4 .Can I use the name of my family member as the name of the firm?
Indeed, you can use the name of your family member as the name of the firm. However the documents have to in your family member name.

5 .Are there any other methods except as mentioned above to register Sole Proprietorship firm?
Yes, there are other ways for registering Sole Proprietorship firm however, these are more cumbersome, expensive and less feasible methods are given as below:

a)License under Shop and establishment act:
Every state has its shop and establishment act, when you are thinking of establishing a new shop in India you are required under the shop act to obtain license and comply with the rules like opening hours, employees etc. however, the same is expensive in some state.

b)Income tax return (Business ITR):
These are opted generally for traditionally old business, which are running on personal or firm name, where income tax return can also act as entity proof. This option will not be available to new firms ad they will not have any data to file ITR.

6. Is registration of Sole Proprietorship firm mandatory ?
Nope, as it is not a separate legal entity and there is no act governing the same henceforth no certificate is issued. It is an unregistered business entity.

7. Are there any disadvantages of Sole Proprietorship firm ?
a)Unlimited liability
b)Lack of trust and credibility
c)Lack of resources and funds
d)Funds cannot be raised easily
e)Cannot add more members like partnership
f)Big business cannot be handled by Sole Proprietorship firm

8. Whether Sole Proprietorship firm can have a NRI proprietor?
Nope, only an Indian resident can be proprietor to a Sole Proprietorship firm. However, provision is there for an investment by NRI

9. What is the minimum capital requirement for a Sole Proprietorship firm?
There is no minimum capital requirement for Sole Proprietorship firm. You can start your Sole Proprietorship firm with the amount of your will.

10. Whether there is any compliance on annual basis for Sole Proprietorship firm?
Sole Proprietorship firm has to comply with following annual compliances:

1.File GST returns
If you have applied for GST registration then you will have to file GST return annually and when required as per the Sole Proprietorship firm activities.

2.Income tax return
AsSole Proprietorship firm is not a separate legal entity so it does not have a separate PAN but the returns are filled in personal income tax of the proprietor under the head of business.

11. Whether Sole Proprietorship firm can be converted into Company ?
Yes you can after following the steps as mentioned here to convert proprietorship into company.

12. Can I register the name of my Sole Proprietorship firm?
The name of the Sole Proprietorship firm is not governed by any law so it could be any name. However, the name should not be trademarked. You can trademark your Sole Proprietorship firm name so as to protect it from illegal use by others.

13. How MyOnlineCA will provide GST/ MSME/ CA Certificate?
We will provide you the digital certificate of GST/MSME certificate through emails and hardcopy of CA certificate through courier. These certificates will be in softcopy only.

14. Do I have to visit office or department for registering my Sole Proprietorship firm?
No, you don’t have to go anywhere MyOnlineCA will do all the work for you. You just have to provide the documents through email or whatsapp and it will be rest assured.

15. How to check the authenticity and validity of the above mentioned certificates?
We will provide you the verification steps so as to check the validity of your certificates on the government websites.

16. Whether Sole Proprietorship firm and company registration are same ?
No, as there is no registering and regulating authority for Sole Proprietorship firm per se however, Company is registered with the Ministry of Corporate Affairs. Also Sole Proprietorship firm is not a separate legal entity so no such registration is required but on other hand the company is a separate legal entity and governed by companies Act, 2013.

17. Can I reduce the fee for Sole Proprietorship firm registration ?
Yes, by going with the MSME along with CA certificate or GST you will be paying the minimal cost for registering Sole Proprietorship firm.

The author has provided with various steps and methods for registering the Sole Proprietorship Firm, the easiest and a hassle free method is to opt for registering with MyOnlineCA where all the efforts will be taken care by us, rest one can apply for an easy method by registering with MSME registration certificate or GST registration, also one can choose the less feasible option as mentioned above.