Sole Proprietorship Registration
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Small manufacturers and traders, who typically have just a GST registration, are known as sole proprietors.
- Service Pick
We help you pick the right government registration
- Vendor Connect
We connect you with a verified vendor to file the application
- Receipt of Registration
We offer continuous support until you receive the registration
What is Sole Proprietorship?
A sole proprietorship is a business that is owned and managed by a single person. You could have one up and running within 15 days, which makes it very popular among the unorganised sector, particularly small traders and merchants. There is no such thing as registration; proprietorships are recognised by other registrations, such as a GST registration. As you would imagine with a business thatís so easy to set up, though, its shortcomings are severe: the liability of the proprietor is unlimited and it does not have a continuous existence.
Advantages of a Proprietorship
- Minimal Compliance
Sole Proprietorships are only recognised via their government and tax registrations, so the extent of their compliance is limited to the annual filing of their service, professional or sales taxes.
- Easy to Start
A sole proprietorship could take 15 days to start if all you need is a GST registration. Either way, the process is uncomplicated. PAN card and identity and address proofs are enough to get them done.
- Relatively Inexpensive
A Sole Proprietorship is inexpensive as compared to a One Person Company (OPC) and, thanks to the minimal compliance requirements, is inexpensive even over the long-term. You would not need to hire an auditor, for example. This is why, despite its severe shortcoming (unlimited liability), small merchants and traders opt for it.
Sole Proprietorship Registration Process
1 WORKING DAY
We will help you decide what registration you need, whether service tax, sales tax, import/export code, professional tax or Shops and Establishments Act registration. We will also inform you of the documents you need to get started.
5 WORKING DAYS
We will connect you to a verified vendor who will file your application and keep you up-to-date on its status. Our vendors are well-experienced in handling local registrations.
15 WORKING DAYS
We will offer our complete support until you receive the registration you've selected. This could take up to 15 days in some cases, but as few as 5 days in others. This depends on the workload of authorities and other externalities.