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Registering a sole proprietorship is straightforward and cost-effective for individual entrepreneurs. Here’s a concise guide to the key steps.
Select a unique name reflecting your business. Check availability with local authorities to avoid conflicts and ensure it’s not trademarked.
Apply for GST if your turnover exceeds ₹20 lakh (₹10 lakh for special category states). Also, secure trade licenses from municipal corporations and other sector-specific permits. For seamless compliance, consider services like FilingPro (https://filingpro.io/), which handles GST registration, trade licenses, income tax filings, and other regulatory requirements in India.
Open a current account in the business name using your PAN and address proof. Once completed, commence operations while maintaining compliance records.