If you are thinking of starting a new business on your own, than you can register your new business with few basic documents and swift online process. Sole Proprietorship is the easiest and quickest way to start your new venture in India. You can curate your idea and simply execute the same with less documentation and time. Online business registration is the new concept in India which empowers new entrepreneurs to start their business with minimum government involvement and no physical appearance.
Anyone and everyone can start their new business and “be your own boss” by saying good bye to the restricted jobs forever. Indian government had also take initiatives to help the business owners to get themselves registered under various schemes like Online Udyam/Udhyog Aadhar Registration, GST Registration, Online Trademark registration etc.
Documents Required For New Sole Proprietorship Registration–
For Online Sole Proprietorship registration just the basic personal documents of an individual are required which are-
- PAN Card of the Proprietor/Owner
- Aadhar Card of the Proprietor/Owner
By having just these documents with a creative business idea and passion to build something on own you can start new business on the go. The online registration process will take just few days of time and you will have your certificate authorized by government of India.
Procedure for Sole Proprietorship Registration
- Select the business you want to pursue
- Give your Business a Unique Name
- Choose the location or place of doing business
- Pan Card of the Proprietor
- Aadhar Card of the Proprietor
- Business Address Proof (eg: electricity bill, rent agreement (if business premises not owned)
- GST Registration
Benefits of Sole Proprietorship Business
- Single Control- Since you are the only owner of a sole proprietorship, you are in complete control of your business. You do not need to seek the approval of any partners, members, directors, or shareholders, as you would need to do if you had a partnership, LLP, or company.
- Easy to form and dissolve- Sole Proprietorship business can be started easily with minimal legal documentation.
- Privacy- Since a sole proprietor entity does not requires annual filing of statements of affairs to the government authorities therefore your business operations are not subject to public disclosure like company or other form business entities.
- Direct relationship between efforts and rewards as both decision making and execution are in the same hands.
- Sole Beneficiary of Profit- The right over the entire profit earned is of the Sole Proprietor only.
- No Separate Income Tax Return-The Proprietor have to file returns and pay taxes only in his/her personal name. There are no separate income tax returns to be filed and no tax to be paid by the firm
- Suitable for Micro Small and Medium Enterprises– Sole Proprietorship is best suitable for starting a small scale business where the capital and other resources requirements are quite less.
By following the above simple process, you can start your business anytime with no legal documentation and no minimum capital.