Proprietorship - Company Registration in India
What is Sole Proprietorship in India?
Sole Proprietorship is an unregistered business entity owned, managed, and controlled by one person. The simplicity of a sole proprietorship makes this form of business structure extremely popular among small businesses, freelancers, and other self-employed individuals.
The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. Sole Proprietorship registration is ideal for entrepreneurs who are setting up a small business with few clients.
Who is a Sole Proprietor?
A Sole proprietor is the owner of the business. There are no partners in the business. It is not a corporate or legal entity. The proprietor and the Proprietorship are the same legal entity.
The PAN and other documents of the proprietor are the basis for obtaining all the registration and licenses. The proprietor is held personally liable in case of any liabilities in a business.
What documents are required for registering a proprietorship in India?
The entire process for proprietorship registration can be completed online. You will just have to upload the following documents:
- Identity Proof – Aadhar & PAN Card
- Address Proof – Latest Bank Statement
- Passport size photos
Agencer can help you in registering a Proprietorship in 7-10 working days.
BASIC
iNR 5,899
GST Registration
MSME Registration
Bank Current Account
Domain Registration
(example : www.agc.com/in/org)
STANDARD
iNR 7,899
GST Registration
MSME Registration
Bank Current Account
LEDGERS Accounting Software
EQL Business Credit Card.
Domain Registration (example: www.agc.com/in/org
PREMIUM
iNR 12,899
GST Registration
MSME Registration
Bank Current Account
LEDGERS Accounting Software
EQL Business Credit Card
Trademark Filing.
Domain Registration (example: www.agc.com/in/org)
MSME Registration or UdyogAadhar
MSME registration or UdyogAadhar is provided to the micro, small, and medium-sized businesses in India that comes under the Micro, Small, and Medium Enterprise Development Act, 2006 (MSMED).
Earlier, UdyogAadhar used to be recognized as MSME registrations. Now the process has been merged, and an application can be made online. The main objectives of the MSME department concerning providing UdyogAadhar registration are as follows:
To enable the micro, small and medium enterprises to compete with the international competition efficiently; To promote the growth of micro, small and medium enterprises on a large scale to tackle the problems related to unemployment and poverty effectively.
To extend the benefits of various government schemes at one stop to the SSI units. To safeguard the small-scale industries from financial harassment in the hands of the big industries.
Eligibility for UdyogAadhar
Only the entities that are classified as micro, small or medium enterprises are eligible for UdyogAadhar.
Classification
Manufacturing Sector
Micro Enterprises
Up to Rs. 25 lakh investment in plant and machinery
Small Enterprises
Up to Rs. 5 crore investment in plant and machinery
Medium Enterprises
Up to Rs. 10 crore investment in plant and machinery
Why is UdyogAadhar registration Beneficial?
UdyogAadhar registration is offered at no cost by the Government, and it’s easy to obtain the registration online. After obtaining the UdyogAadhar registration, a business can enjoy the following benefits:
- Financial support will be provided for participating in foreign expos to showcase their products.
- The applicant will also be eligible for government subsidies.
- Getting a registration would facilitate the opening of a current bank account in the name of the business.
- The registration also allows businesses to apply for government micro-business loans and other such related beneficial schemes.
- Banks sanction a loan at lower interest rates.