Features of Sole Proprietorship
Few Benefits of having sole Proprietorship
It can be easily incorporated very less headache.
Tax benefit you need to pay initially @ of 10% only also got minimum exemption limit.
Easy and less compliance
Documents for Registration
There is no formal process for registering a Sole-proprietorship.
But, For Registration a sole proprietorship you need to register you business under any two category
Shops and Establishments.
However, Your Proprietorship need not to register under all registration. The kind of registration will
depend on your business and its turnover. Moreover, you also need to open a current account in a
For a seamless registration process, please keep the following documents ready. These documents
will serve for all the above registrations and also for opening a current account.
. Copy of your PAN card.
. Address proof in your name, such as passport, voter ID, or utility bills.
. Your passport sized photographs.
. Proof of address for your business such as telephone or electricity bills.
. Shops and Establishments registration certificate (for opening current bank account)
. Bank account statement (for at least 6 months) from the current banker.
. Bank account details (for GST Registration).
Fee for Registration of Sole Proprietorship
The government fee and the professional fee depending on your registration needs.
Timeline for Registration of Sole Proprietorship
It depends on the type of registration. Therefore, there is no fixed timeline. The process of
registration may take anywhere between 2 to 20 business days. This timeline is further subject to
government procedure and approval.