In India most emerging type of firm is the Sole Proprietorship Firm. An opening of a current bank account of the Sole Proprietorship Firm helps in easy transaction and for the Sole Proprietorshipthere would be no separate certification of registration for the Firm like in a Private Limited Company or Partnership Limited By Liability or Partnership Firm. Thereof this article concentrates on the opening of current bank account for sole proprietorship.
REQUIRED DOCUMENTS FOR CURRENT ACCOUNT
The documents required for opening of a current account by sole proprietorship can be categorized under 2 major heads which are: –
- Identity and address proof
- Proof for line of business.
DOCUMENTS FOR VERIFICATION OF IDENTITY AND ADDRESS
- PAN
- VOTERS CARD
- DRIVING LICENSE
- PASSPORT
- ADHAAR CARD
DOCUMENTS FOR AUTHENTICATING BUSINESS
- SERVICE TAX REGISTRATION (if annual turnover crosses 10 lac)
- TAN CERTIFICATE
- TIN
- CERTIFICATE OR LICENCE ISSUED BY THE MUNICIPAL AUTHORITIES UNDER SHOP AND ESTABLISHMENT ACT
- VAT AND CST REGISTRATION
- SALES AND INCOME TAX RETURN
- EXPORT OR IMPORT LICENSE
- BILLS (Telephone bills, electric bills, water bill)
- SHOP ESTABLISHMENT DOCUMENTS
PROCEDURE FOR APPLING FOR CURRENT ACCOUNT
- FILING APPLICATION: –
Primary formality for opening an account in a bank is by filling a form, hence a proprietor has to fill an application form which could either be downloaded from their websites or can be obtained from any branch office of that bank.
- SUBMISSION OF DOCUMENTS: –
All the required documents according to the bank norms along with proof like PAN card, passport size photographs and all other formalities as required by the bank norms should be submitted.
- SUBMISSION OF APPLICATION: –
Filled form with affixed photographs, attested with required authenticate documents and signature submitted in any branch office of that bank.
- SUBMISSION OF AMOUNT: –
with the application the initial amount must also be submitted which can vary for different banks according to their norms.
Thereof it is an easy procedure to set up a current account on behalf of sole proprietorship in any bank but for any further information or for any better advice about norms of bank one should always refer to the bank manager, as he is always in the better position to advice best about his bank and its norm. Once all the formalities starting from filling to submission are over, within a couple of days all the account details, Cheque book and debit card would be provided. And one should always remember to maintain the minimum required balance in accordance to the bank norm as to avoid any further charges or any trouble in account.
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