Sole Proprietorship

Home / Sole Proprietorship

What is a Sole Proprietorship?

A Sole Proprietorship is the simplest and most common form of business ownership. It is a business structure where a single individual owns, manages, and controls the entire business.

Minimum Requirment

1. Single Person Ownership

2. Only a natural person can be a proprietor

3. Only Indian citizens are eligible to start a sole proprietorship.

4. NRI/PIO can start a proprietorship on a Non-Repatriation basis.

5. Must have a Registered Address

6. Unique Name

7. Adequate Capital (No Min or Max Limit)

Consult With an Expert

Process:

Here are the steps to start a Sole Proprietorship:

1. No registration is required.

2. You can start at your discretion.

3. The proprietor (owner) must be 18 or older.

4. Apply for GST registration if needed.

4. Obtain the MSME registration for the firm.

4. Protect the brand or trademark.

4. If planning for export and import, apply for IEC.

Benefits of Sole Proprietorship:

1. Lesser compliances

2. Privacy Intact

3. Full managerial control

4. Pocket all profits

DOCUMENTS REQUIRED FOR SOLE PROPRIETORSHIP:
  • Passport size colour photo
  • PAN Card (Mandatory)
  • Identity Proof of Proprietor
  • Proof of Residence of Proprietor
  • Proof of Registered Office Address
  • NOC from the owner of registered office premises