Proprietorship firm is also called a sole proprietorship firm, it is the easiest and simplest form of business for individuals to run and maintain. In India, most of the traditional businesses such as retail, wholesale, small-scale service providers, and retail and wholesale outlets were mostly registered as proprietorship businesses due to their simplicity and easy setup. The most significant advantage of a proprietorship business is nominal setup and annual cost.
How to register proprietorship in Chennai?
Registration for a proprietorship is simple in Chennai, registration for a proprietorship means getting registration in the Ministry of micro small, and medium enterprises by applying for the MSME Udyam registration certificate. Practically, this udyam certificate acts as a proof for the date of commencement of business. For proprietorship firms, the bank accounts can be opened if they apply for GST registration, however we should consider whether it will be beneficial if we apply for voluntary GST registration.
Documents required for Udyam MSME proprietorship registration
Documents required for proprietorship registration
1. The checklist
2. Pan card of proprietor
3. Aadhaar card
4. Bank account details