Welcome to MyOnlineCA Legal Guide Lesson 3. In this lesson we let you know about How to Register a Service based Sole Proprietorship Firm. in the previous lesson 2 you learn about the nature of the business and the type of the registration in case of Sole Proprietorship, Now Let’s learn about How to Register a Service Based Firm.

We create a simple FAQ Manner for this lesson in a simplified manner –


a) Type of the Registration which is required for the service based Firm in the Sole Proprietorship ?

Service based business which wants to register a simple sole proprietorship firm have to required following minimum anyone 2 registration

  1. MSME Registration or
  2. Service Tax Registration

In the sole proprietorship firm ultimate objective is opening a current bank account so most of the banks accepted above 2 Certification for opening a current bank account.

-more than 95% banks are accepted MSME Registration + Service Tax Registration for the quick current bank account as per the RBI Guidelines.

–  Sometimes there is some service based business where service tax is not applicable so in that case, you can go with the MSME Registration + Chartered Accountant Certification but its accepted by only the 10% Banks.


b) Service Tax Registration Benefits ?
Service Tax Registration is issued by the Central govt of India so you are able to do the business across India. You get the service tax number which you have to mentioned on your invoices.

Note – Service Tax Registration does not mean that you have to charge the service tax. Till the 10 Lac Rupees Turnover in a year, you have not required charging the service tax.


c) MSME Benefits ?
Ans: MSME Registration also issued by the central govt which have the separate department for the small scale business and industry. Even govt have some beneficial policy for the business like in the subsidy or loan like Mudra Loan etc. so for this you need MSME Registration for your Service Based Firm, it’s a helpful certification to obtain all the govt benefits.


d) Documents Required for the Service Tax & MSME ?
Ans: You need only the 3 Documents for the above both registration –

  1. Person I’d Proof : Pan Card Mandatory
  2. Person Address Proof : Adhar Card Mandatory for MSME | Driving License | Voter id | Passport etc anyone.
  3. Firm Address Proof : Electricity Bill Copy of the Premise ( Doesn’t matter if it’s on another person name) | Rent Agreement Copy | Sale Deed Copy anyone.

e)  What are the Costing or Charges of the Sole Proprietorship Firm ?
Ans : Sole Proprietorship Firm which is dealing in service based business cost to you 2000/- INR by MyOnlineCA. In that my online a providing following things –

  1. Above 2 Certification MSME + Service Tax Registration.
  2. 10+ Premium Legal Agreements Templates like Website Terms, Employment Contract, MOU etc.
  3. Premium Invoice Templates.

MyOnlineCA is a Leader in the segment of Sole Proprietorship Firm Registration which is trusted by more than 100+ Startups per month. Its provide to you amazing service satisfaction on startup friendly discounted pricing.