Sole Proprietorship Registration Online Is Now Easy and Fast

1. Sole Proprietorship Registration Online Is Now Easy and Fast Sole proprietorship business means where a business enterprise is entirely managed by a single owner. It is considered the easiest form of business that is not regulated by any specific rules. But, you have to go for the sole proprietorship registration online. The compliance under this form of business is easy to fulfill and minimal along with no hard and fast rules for registration. There are requirements of tax registration, establishment registration, and GST registration which are used as proof of the existence of the business. The owner basically signs a contract in his/her name. The online registration process for sole proprietorship business The process of establishing a sole proprietorship business is briefly illustrated below:   The first and foremost requirement is applying for a PAN card. If the owner already has a PAN card or after receipt of the same the next step is to get a name for the business. Another important step is opening a bank account in the name of the business and it will be used for all business-related transactions. Although no specific registration is not needed for sole proprietorship certain basic registration requirements are required to be acquired for starting the business activities. Following is a list of basic requirements of this form of business is mentioned: Acquiring the Registration Certificate under the Shops and Establishment Act of the location Registration to GST if the turnover of the business exceeds 20 lakh rupees. Registration under MSME Act can be beneficial though it is not mandatory.      What are the documents required for a sole proprietorship?

2. Following is the list of documents required for sole proprietorship registration online:  Aadhar Card: This is one of the necessary documents for registering as a sole proprietorship business in India. Moreover, income tax returns can be filed only if the PAN card is linked with the Aadhar card. PAN Card: Without this document, an individual will not be able to file an income tax return. So, the proprietor needs to apply it as early as possible with a scanned identity proof, a photograph, and address proof. Bank Account: After receipt of the Aadhar card and PAN card, the proprietor can go to the bank for opening an account. Along with the above-mentioned cards, identity proof and address proof are required for opening a bank account. Registered Office Proof: If the business place is a self-owned property then a utility bill r sale deed must be submitted and if it is a rented property then the agreement and No Objection Certification are required.    End Note Hopefully, the above-mentioned requirements are clear enough to make a proprietor follow sole proprietorship registration online. However, it is always a wise decision to take professional advice from a legal attorney or consultant like UComply for making the entire registration process smoother.