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Sole Proprietorship Company Registration

A sole proprietorship is a business owned, managed, and controlled by a single individual. Unlike a Private Limited Company or an LLP, it does not create a separate legal entity from the owner. This means the proprietor is personally responsible for all business profits, liabilities, and decision-making.

Registration Costs The cost of setting up a sole proprietorship in Ranchi is relatively low. Professional service fees for assistance with GST, MSME, and Shop Act registration can start from as low as ₹999 onwards, excluding government fees. Government charges are typically incurred for the Shop and Establishment License, which can range from ₹500 to ₹5,000. I hope this comprehensive guide helps you successfully start your business in Ranchi. If you have a specific type of business in mind, I may be able to offer more tailored information on any additional licenses you might need.

Key Benefits of Proprietorship

  • Easy Formation: It is the simplest business entity to set up, with no complex legal procedures or mandatory registrations with the Ministry of Corporate Affairs required to start operations.
  • Complete Control: As the sole owner, you have absolute authority over all management and decision-making without needing to consult partners or shareholders
  • Fewer Compliances: Sole proprietorships face significantly fewer legal formalities and annual compliance requirements compared to Private Limited Companies or LLPs
  • Tax Simplicity: Business income is taxed as the proprietor's personal income, which simplifies tax filing and allows you to benefit from individual tax slabs.
  • Lower Costs: With minimal compliance requirements, you can avoid costs associated with audits and complex legal filings, making it a budget-friendly option

Why Register with Sujata Associates?

In your search for dependable registration solutions, Sujata Associates stands ready to aid you with their **seasoned team of experts**, dedicated to expertly steering you through the process. Their utmost focus is on client contentment, and they maintain close collaboration with government entities to ensure a **seamless registration experience**.

Our **chartered accountants** and legal professionals are unwaveringly committed to delivering **flawless registration services**. The average time taken to complete a proprietorship company registration is **3 – 5 working days**, subject to government processing time and client document submission.

Get a free consultation for proprietorship company registration and business setup in India by scheduling an appointment with a Sujata Associates Advisor.

Start Your Proprietorship Registration

Book a free consultation and get started in 3-5 days.

Documents Required for Registration

  • Identity Proof: PAN Card and Aadhaar Card of the proprietor.
  • Address Proof of Proprietor: Recent utility bill (electricity, water) or copy of Passport/Driver's License.
  • Business Address Proof: If the premises are owned, proof of ownership (property tax receipt). If rented, a rent agreement and a No-Objection Certificate (NOC) from the owner.
  • GST Registration: Mandatory if your annual turnover exceeds ₹20 lakh (₹10 lakh for some special category states). It is also required if you engage in inter-state trade
  • Bank Account Proof: A canceled cheque or the first page of the bank passbook.

Step-by-Step Proprietorship Company Registration Process

  • Choose a Business Name: Select a unique name for your business. While there is no central registration for the name, ensure it is not already in use by another established business to avoid legal issues
  • Obtain a PAN Card: If you don't already have one, apply for a Permanent Account Number (PAN), as it is essential for all financial and tax-related matters.
  • Open a Business Bank Account: Open a dedicated current account in the name of your business. This helps separate personal and business finances.
  • MSME/Udyam Registration: Registering as a Micro, Small, or Medium Enterprise (MSME) on the Udyam portal is free and provides access to various government schemes, subsidies, and priority lending
  • Shop and Establishment Act License: If you operate from a physical location like a shop or commercial office, you must obtain this license from the local municipal corporation.

Post-Registration Compliances

Income Tax Returns (ITR): File your personal income tax returns annually, declaring your business income.

  • GST Returns: If registered under GST, you must file monthly or quarterly returns based on your turnover.
  • Tax Deducted at Source (TDS): If you have employees or make payments that require TDS, you must deduct and deposit the TDS with the government.
  • Basic FSSAI Registration Required for small business or start-ups.Applicable for businesses with annual turnover **below Rs. 12 lakhs**.
  • The **Import and Export Code (IEC) Registration** is a **mandatory requirement** for any business seeking to engage in import or export activities.
  • Trade License Registration** is a critical step when engaging in business activities and ensuring adherence to **municipal laws**

Essential Registrations & Licensing

We ensure your proprietorship is fully compliant with all necessary licenses for smooth operation.

MSME Registration
GST Registration
Shop & Establishment
FSSAI Registration
TAN Registration
TAN Registration
TAN Registration
Professional Tax
Professional Tax
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