Description
Reasons to Register a Proprietorship Firm
Easy to Start
Proprietorship needs minimal registration. Therefore, it is one of the easiest form of business entity to start with minimal formalities. However, after starting up a Proprietorship, it is relatively harder to open a bank account or obtain a payment gateway in the name of the business – since more registrations like MSME, GST, TAN may be required.
Business Name
Since the name of a proprietorship is not registered, a proprietorship can choose to have any name – as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.
Single Promoter
Proprietorship is the only type of business entity that can be registered and operated by one person. To register a one person company, a nominee Director is required and for all other types of entities like company or LLP or partnership firm, two or more promoters are required.
Lower Taxes
Proprietorship with less than Rs. 3 lakhs of income is not required to pay any income tax, as proprietorship’s are taxed as the individual owing the business. However, unlike a company or LLP, a proprietorship cannot enjoy some of the tax deductions, which could potentially increase the tax liability.
Easy to Close
The Proprietor and the proprietorship are one and the same for all legal purposes. Hence, there is no formality for winding up or closing a proprietorship. In most cases, to close a proprietorship, only the tax registrations obtained in the name of the proprietor must be cancelled.
Procedure To Obtain Sole Proprietorship Registration Certificate Online
Drafting Documents
Application Filing
Application Processing
Completion of Registration
Documents Required for Sole Proprietorship Registration
Proprietor
Partnership Firm
Private Limited
One Person Company
Public Limited
LLP
Trust / Society / Section 8 Company
Proprietor
- Mobile no and Email Address of Proprietor.
- PAN of Applicant along with any One Address Proof (Voter ID, Passport, Driving License, Aadhaar).
- Photograph of Applicant.
- PAN / ID proof and Authorization Letter where applicant and Authorized Signatory are different.
- Proof of Principal place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Proof of Additional place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Bank Account details – Bank Statement / First Page of Passbook.
- Digital Signature of Authorized Signatory / Proprietor.
Partnership Firm
- Pan of Firm.
- Partnership Deed of Firm.
- Mobile no and Email Address of All Partners.
- PAN of All Partners.
- Address Proof of all Partners (Voter ID, Passport, Driving License, Aadhar).
- Photograph of All Partners.
- Board Resolution Appointing Authorized Signatory for GST Registration.
- Proof of Principal place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Proof of Additional place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Bank Account details – Bank Statement / First Page of Passbook.
- Digital Signature of Authorized Signatory / Partner.
Private Limited
- Pan of Company.
- MOA/AOA and Certificate of Incorporation of Company.
- Mobile no and Email Address of All Directors.
- PAN of All Directors.
- Address Proof of all Directors (Voter ID, Passport, Driving License, Aadhaar).
- Photograph of All Directors.
- Board Resolution Appointing Authorized Signatory for GST Registration.
- Proof of Principal Place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Proof of Additional Place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Bank Account details – Bank Statement / First Page of Passbook.
- Digital Signature of Authorized Signatory / Director.
One Person Company
- Pan of Company.
- MOA/AOA and Certificate of Incorporation of Company.
- Mobile no and Email Address of Applicant Director and Nominee Director.
- PAN of Applicant and Nominee directors.
- Address Proof of applicant and nominee directors(Voter ID, Passport, Driving License, Aadhaar).
- Photograph of Applicant and Nominee Director.
- Board Resolution Appointing Authorized Signatory for GST Registration.
- Proof of Principal place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Proof of Additional place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Bank Account details – Bank Statement / First Page of Passbook.
- Digital Signature of Authorized Signatory / Director.
Public Limited
- Pan of Company.
- MOA/AOA and Certificate of Incorporation of Company.
- Mobile no and Email Address of All Directors.
- PAN of All Directors.
- Address Proof of all Directors (Voter ID, Passport, Driving License, Aadhar).
- Photograph of All Directors.
- Board Resolution Appointing Authorized Signatory for GST Registration.
- Proof of Principal place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Proof of Additional place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Bank Account details – Bank Statement / First Page of Passbook.
- Digital Signature of Authorized Signatory / Director.
LLP
- Pan of LLP.
- LLP Agreement and Certificate of Incorporation.
- Mobile no and Email Address of All Partners.
- PAN of All Partners.
- Address Proof of all Partners (Voter ID, Passport, Driving License, Aadhaar).
- Photograph of All Partners.
- Board Resolution Appointing Authorized Signatory for GST Registration.
- Proof of Principal Place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Proof of Additional Place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Bank Account details – Bank Statement / First Page of Passbook.
- Digital Signature of Authorized Signatory / Director.
Trust / Society / Section 8 Company
- Pan of Trust / Society / Section 8 Company.
- Bye laws / MOA of Organization.
- Mobile no and Email Address of All Directors.
- PAN of All Members.
- Address Proof of all Directors (Voter ID, Passport, Driving License, Aadhaar).
- Photograph of All Directors.
- Board Resolution Appointing Authorized Signatory for GST Registration.
- Proof of Principal Place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Proof of Additional Place of Business – Bank Statement / Consent Letter/ Electricity Bill/ Rent Agreement.
- Bank Account details – Bank Statement / First Page of Passbook.
- Digital Signature of Authorized Signatory / Member.
What Is In Our Package?
Package 1
- Certificate of MSME/SSI ( Same Day)
Package 2
- Certificate of MSME/SSI ( Same Day)
- GST Certificate
Package 3
- Certificate of MSME/SSI ( Same Day)
- GST Certificate
- TAN
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[su_heading]HIGHLIGHTS[/su_heading]
[su_spoiler title=”How do you get MSME Registration?” style=”fancy” anchor=”How do you get MSME Registration?”]Although, there is no compulsion to get MSME registration but is always advised to do so as it provides lots of benefits to the enterprises registered under MSME Act. It will save you from a lot of inconveniences later on. After assigning you the Provisional MSME Certificate and you can begin with your production and even apply for a Permanent Certificate which will add more advantages for you. Always apply for provisional registration at an initial stage of the business.[/su_spoiler]
[su_spoiler title=”Is SSI/MSME Registration voluntary or mandatory?” style=”fancy” anchor=”Is SSI/MSME Registration voluntary or mandatory?”]As said above, SSI/MSME registration is totally voluntary. Businessmen and entrepreneurs usually get this done to utilise the advantages offered under it. The registration process is quite easy and simple. You can easily avail it (provided you have a manufacturing plant or a commercial space where you render services), many businesses opt for it over other registrations.[/su_spoiler]
[su_spoiler title=”Why should I apply before commencing operations?” style=”fancy” anchor=”Why should I apply before commencing operations?”]It is advisable to get a Provisional SSI Registration Certificate (PRC) before starting your operation in your enterprise. The PRC will work smoothly for you and will help you out with particular NOCs and clearances from regulatory bodies.[/su_spoiler]
[su_spoiler title=”For how long is an MSME Provisional Registration Certi?cate (PRC) valid?” style=”fancy” anchor=”For how long is an MSME Provisional Registration Certi?cate (PRC) valid?”]The validation of a PRC is for 5 years and if the unit is still not under operational then you may still re-apply for it. As soon as you start with your operations, you can easily apply for the Permanent License.[/su_spoiler]
[su_spoiler title=”How does SSI/MSME help me get a loan from a bank?” style=”fancy” anchor=”How does SSI/MSME help me get a loan from a bank?”]MSMEs are recognised by all the institutions and banks. Special schemes are drafted to recognise them as well. Banks prefer MSMEs instead of normal enterprises to lend loans. The possibility of getting a sanctioned loan is much higher in a case of MSME. Bank loan interest rates will also be lower. There may also be preferential treatment in case of delay in repayment.[/su_spoiler]
[su_spoiler title=”What bene?ts are given to MSME by state and central government?” style=”fancy” anchor=”What bene?ts are given to MSME by state and central government?”]Many state government prefers enterprises which are registered under MSMED Act. Subsidy such as on power, taxes, and much more is offered by state governments. In most of the states, sales tax exemption is provided purchase preferences is given on goods produced. The enterprise may also relish excise exemption scheme and exemption from certain direct taxes in the initial years of your business.[/su_spoiler]
[su_spoiler title=”How is the value of plant and machinery computed for SSI registration?” style=”fancy” anchor=”How is the value of plant and machinery computed for SSI registration?”]While computing the value of Plant and Machinery, only original value is asked to be taken into account as per the MSME notification.[/su_spoiler]
[su_spoiler title=”What is the support available for collateral free borrowing?” style=”fancy” anchor=”What is the support available for collateral free borrowing?”]Certain trust such as Credit Guarantee Fund Trust has been set up by Ministry of MSME, Government of India and SIDBI, so that there won’t be any breakage in the flow of credit to the MSE sector without any interference from the third party. The scheme is solidified on the basis that the lender should give importance to project viability and secure the credit facility purely on the primary security of the assets financed.
Cluster based approach to lending is intended to provide a full-service approach to cater to the diverse needs of the MSE sector which may be achieved through extending banking services to recognised MSE clusters.
The banks have, therefore, been advised to treat it as a thrust area and increasingly adopt the same for SME financing. Banks are always asked to take appropriate steps so that the flow of credit is smoothly done to the identified clusters of micro and small entrepreneurs from the Minorities Communities residing in the minority concentrated districts of the country.
The CGTMSE would provide cover for credit facility up to Rs. 100 lakh which have been extended by lending institutions without any collateral security. A nominal annual fee is charged by the CGTMSE to avail of the guarantee cover.
[/su_spoiler]
[su_spoiler title=”What is credit rating and why is it mandatory?” style=”fancy” anchor=”What is credit rating and why is it mandatory?”]Credit rating is an estimate to figure out the capability of an enterprise to meet all the financial needs based on the previous year dealings. Although credit rating is not compulsive but it is in the interest of the MSE borrowers to get their credit rating done as it would help in credit pricing of the loans taken by them from banks.
[/su_spoiler]
[su_spoiler title=”In which cities does eFilingIndia provide MSME registration?” style=”fancy” anchor=”In which cities does eFilingIndia provide MSME registration?”]eFilingIndia provides MSME application services across India in all cities. We have done MSME registration in Mumbai, Delhi, Gurgaon, Noida, Bangalore, Chennai, Hyderabad, Ahmedabad, Kolkata, Surat, Pune, Jaipur, Lucknow, Kanpur, Nagpur and other Indian cities.[/su_spoiler]
[su_spoiler title=”When I will get my SSI Liscense?” style=”fancy” anchor=”When I will get my SSI Liscense?”]If you are currently running small-scale industries(SSI) in India then you need to get the registration of SSI to avoid future conflicts. There is no such term as SSI License. Once you will be done with your SSI Registration, then you will get an SSI certificate which would be valid for any small scale industry runner.[/su_spoiler]
MSME/SSI REGISTRATION PROCESS
[su_row][su_column size=”1/3″][su_box title=”Complete our MSME Form” style=”soft” box_color=”#a6b3a0″]You need to fill our simple online MSME application form & submit documents.[/su_box][/su_column] [su_column size=”1/3″][su_box title=”Preparation of Documents and Filing” style=”soft” box_color=”#a6b3a0″]According to the details provided to us, we will draft your documentation accordingly and file your application.[/su_box][/su_column] [su_column size=”1/3″][su_box title=”MSME Registration Certificate” style=”soft” box_color=”#a6b3a0″]Once the SSI/MSME application is approved and your MSME certificate/SSI certificate is issued, we shall send it to you via email and courier.[/su_box][/su_column][/su_row]
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