Become a Proprietor

A Sole Proprietorship business is the most suitable business model for an individual to start a business with fewer complexities and with limited capital. Start your own business with Mybizaid.

Sole Proprietorship

Understanding Prop.

A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss etc.

Registration under SP

There is no mechanism provided by the Government of India for the registration or incorporation of a Proprietorship. Therefore, the existence of a proprietorship is established only by tax registrations and other business registrations that a Proprietorship is required to have as per the rules and regulations.

For Start-ups

By far it is the most popular business structure for start-ups because of its ease of formation, least record keeping requirements, minimal regulatory controls and avoidance of double taxation. The Government of India in collaboration with Reserve Bank of India has allowed Foreign Direct Investment (FDI) under approval route in a sole- proprietorship firm.

Advantages of Sole Proprietorship

Easy to Start

A Proprietorship business needs no registration. Therefore, it is one of the easiest to start with no formalities. A proprietor can run its business autonomously and has complete control over its business.

Tax Filings

The business is not treated as a separate taxable entity. The proprietorship firm’s income is reported on the owner’s individual tax return. So there is no separate tax filing for the business thereby saving time and hassle.

Foreign Investment Permissible

Under the extant foreign direct investment policy issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, non-resident individuals can invest in sole proprietorship firms.

Services

SERVICE TAX

₹6000

Plus Stamp Charges

Service Tax,

First year Service Tax Return Filing,

First Year Income tax Return.

IMPORT/EXPORT CODE

₹3750

Plus Stamp Charges

Import Export Code,

First Year Income tax Return.

RVAT

₹5750

Plus Stamp Charges

R-VAT,

First year VAT Return Filing,

First Year Income tax Return.

FOOD LICENSE

₹1500

Plus Government Fee

Food License,

First Year Income tax Return.

MSME

₹2750

Plus Stamp Charges

MSME,

First Year Income tax Return.

OWN PACKAGE

CUSTOMIZE YOUR PACKAGE

Write down the services you want and we will give you a customized package.

Request a call back.