Any Indian citizen can start a proprietorship firm.
Most local businesses are run as a Sole Proprietorship, from your grocery store to a fast food vendor, and even small traders and manufacturers. This is not to say that larger businesses do not operate as sole proprietors.
Thanks to Government of India’s digital initiatives, all registrations are completely paperless and online. We provide all services online so that you don’t need to move an inch from your office or home.
To open a current account, you need proof of the existence of your business. Many banks will ask for MSME registration and/or GST Registration. In addition, you will need a PAN card and address and identity proofs.
You can always choose to do so. The procedure is very simple. It is very common for sole proprietors to convert into partnerships and private limited companies at a later stage.
1. As a sole proprietor, you must file Income Tax Return annually.
2. Also, you need to file your GST Return if you are registered under GST.
3. A sole proprietor should also deduct TDS and file TDS return if liable for Tax Audit.