Proprietorship Firm:

For a proprietorship firm, there is no separate registration is necessary. Likewise, there is no procedure for obtaining name approval.  You would have to just open a bank account with the firm name. But in case your business is liable for VAT and / or Service Tax registration, then you must obtain VAT and / or Service Tax registration. Further, for a single proprietorship firm, no separate income tax PAN is necessary. The PAN of the proprietor will be the PAN of the firm and proprietor will have to file income tax return in his personal name.

To open a bank account for a single proprietorship, RBI’s KYC norms mandate that any two of the following document must be submitted to the Bank:

• :: CST/VAT certificate
• :: Registration/licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/ Department, etc.
• :: Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of the bank account etc.
• :: Certificate/license issued by the Municipal authorities under Shop & Establishment Act,
• :: Sales and income tax returns
• :: Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities
• :: The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities.
• :: Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.