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Proprietorship registration means making a business owned and managed by an individual. This type of business in India doesn't require incorporation in a formal way; rather, it is identified through various registrations like GST, MSME, and the Shops and Establishment Act.
Sole Proprietorship Firm Registration in Greater Noida is one of the most inexpensive and easy routes into entrepreneurship. Registering as a sole proprietor in Greater Noida is for those who want to start small, with less investment and regulatory baggage. The guide consolidates all the information about proprietorship registration in Greater Noida, including eligibility qualification parameters, types, advantages, taxation, documents to be submitted, and a step-by-step process.
For sole proprietorship firm registration in Greater Noida, the following conditions are needed:
However, there is no formal Proprietorship Firm Registration Services in Greater Noida; here are the registrations that are legally required:
Income Tax Acts tax sole proprietorships as individual taxpayers. The tax slabs for the financial year 2024-25 are:
A Cess of 4% for Health and Education shall also be levied on the total tax amount due.
The following are the documents to be presented:
The name should preferably be suitable and distinctive enough to reflect the business activity. The name should not already be used so as to not create any legal or branding problem.
For keeping the bank accounts or for tax purposes, the sole proprietor would need a Permanent Account Number. If there is no PAN, it can still be registered with the Income Tax Department.
Opening a current account in the business name under proprietorship and PAN and the document of business address is a prima facie necessity. This creates a clean bottom for accounting.
Forced registration under GST comes into play where there is a turnover of over ₹20 lakhs per annum or if there is interstate business involved.
Under MSME (Udyam) registration, the company is eligible for grants, incentives, and easy loans.
The licenses will need to be taken based on the type of business, i.e., FSSAI license for food business and Shops & Establishment license for service and retail industry, etc.
Being compliant, keep a check on timely payment of income tax and GST returns in case of registration.
Time to be taken: Usually seven to ten working days.
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How can I register a proprietorship firm in Greater Noida?
Choose a business name, get a PAN card, open a current bank account, and obtain local registrations like GST, Shop Act License, or Udyam Registration as needed.
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