Steps to Register a Proprietorship Firm
The process to register a Proprietorship Firm is simple and involves the following steps:
1. Choose a Business Name
The very first step is to identify an appropriate name for your firm. It should be wise, unique, and carried out in accordance with the existing legal regulations according to your business in general.
2. Obtain PAN Card
A valid PAN card issued in the founder's name is also the last identification of your firm for taxation purposes.
3. Open a Bank Account
To run and manage your business transactions effectively, you must open a current account that is in the name of the proprietorship.
4. GST Registration
If the profit exceeds some specified threshold, or the sector of operation requires compliance with a GST regime, obtaining a firm GST registration certificate for the firm is a must.
5. Apply for Licenses and Permits
Depending on your business type, you may require licenses like FSSAI for food businesses or MSME registration for small businesses.
6. Obtain Proprietorship Registration Certificate
Once the documentation is complete, you'll be able to download the certificate of registration of the proprietorship firm from the concerned authorities.