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.
Private Limited Company
Private Limited Company is the most popular form of business entity in India.
Limited Liability Partnership
Limited Liability Partnership (LLP) is one of the popular legal structure for businesses in India
One Person Company
OPC was recently introduced through the Companies Act, 2013
Public Limited Company
allows to sell shares to investors this is advantageous in raising capital.
Partnership firm is common business entity under Indian Partnership Act.
is a business that is owned and managed by a single person
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Investment & Disinvestment in India, Malaysia & Middle East
Apart from being a critical driver of economic growth, foreign direct investment (FDI) is a major source of non-debt financial resource for the economic development of India.
Real Estate & Infrastructure
India has relieve foreign direct investment rules for the construction sector in an effort to attract more money into the country to build new hotels, housing and townships.The minimum capital investment by foreign companies has also been halved to $5 million
The Term General Litigation Refers To Litigation And All Other Aspects Of Law Which May Or May Not Be Litigious In Nature Such As Family Laws, Criminal Laws, Writ Matters, Business Laws, Service Law, Contracts, Real-Estate Transactions, Disputes With Administrative Bodies, And More.