Cost of Sole Proprietorship Firm Registration in India
Sole Proprietorship Firm is one of the most popular business registration in India for the small business and testing our ideas. so today we told you about the Cost of Sole Proprietorship Firm Registration in India Basically for the Sole Proprietorship firm there is no legal registration like the Limited liability partnership or partnership firm and private limited company.
Sole Proprietorship is like a simple single person registration firm which are enable doing the business in India. so you need minimum 2 Legal Entity Certificate so you are able to doing the business in India or in your state.
Propreitorship Firm Registration Fee
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What Registration Required for the Sole Proprietorship Firm ?
Basically for the Sole Proprietorship Firm our ultimate purpose is opening a current bank account on our firm so we can raise the invoice but banks always ask for Minimum 2 Legal Proof as per RBI Guidelines for opening a current bank account on your business name.
so now talk about What are these 2 legal Proof and How Much Cost of the Sole Proprietorship Registration in India.
a) Shop Act License or Gumasta License :- Its a local municipal corporation Shop act license certificate which need to start the business. In Some state like Maharashtra its also good Gumasta License. its need your basic documents like Pan Card, Voter id or adhar card and Business Registration Address Proof like rent agreement copy or No Objection Certificate from landlord.
Cost and Fee for the Sop Act License or Gumasta License cost nearby 3000 Rupees in India. its very on professional to professional. so on the basis of Shop Act License or Gumasta License you can easily Open a current bank account on your firm name.
b) VAT/CST Registration or Service Tax Registration (Outdated Now Replace by GST Registration. Checkout Below about GST):- VAT/CST Registration is required when you are dealing in the products or trader or supplier or manufacturer. VAT/CST Registration Number is also require when you want to sell Online on Marketplace like Flipkart or Paytm & many more.
VAT/CST Registration is state wise so every state have own rules and regulations. In Most of the States there is security concept like you have to provide Security in terms of Bank Guarantee or you have to provide minimum 2 Guarantor which can provide surety on the paper which are registered under the same VAT for minimum 3 years.
VAT/CST Registration cost nearby 5000 INR to 15000 INR state to state apart from the Security.
Service Tax Registration is required when you are dealing in the Services. Service tax registration certificate obtain by the service provider and charge the service tax when their turnover crossed 10 lac rupees in a year. Service tax registration certificate is enough for the opening a current bank account for the service provider as Sole Proprietorship Firm.
Note – VAT/CST or Service Tax Registration Now Converted into the GST Registration.
c) GST Registration Certificate – GST Registration is required in following situations –
- Deals inter state ( for ex Delhi to Rajasthan )
- Having turnover more than 20 lakh rupees in a year
- Trader or Manufacturer or Retailers
- Online ECommerce Company
GST Registration cost nearby 2500/- INR which include Govt & Professional Fee for the same. you can check more details about the GST Registration.
How to Obtain Sole Proprietorship Firm Registration Online ?
You can take the help from Legal Experts or Chartered Accountants & Lawyer or Tax Consultants. Basically there are lot of popular online legal service provider like myonlineca which can provide these services to startup & small business completely online.