What Is NGO Registration?

An NGO or non-governmental organization is an entity which is not for profit but is created for the welfare of the poorer areas of the society or those who are backward or for a specific reason. The motive of the NGO firm could be ecological, related to human or animal’s right, enhancing the healthcare for youngsters, awareness about an art, etc. Numerous NGOs are sometimes fronts for political interests. But being a non-profit organization, these entities can't pay out any benefits to the individuals or members rather, any benefit must be reinvested toward the cause for which it is. In India, an NGO can be set up as a trust.

What are the methods for NGO Registration?

NGO Registration in India can be done as trust registration.

Trust Registration- One way through which you can enroll a Non-Government Organization is by enlisting it as a trust registration. This sort of technique is utilized by NGOs who work with annihilating poverty, giving medical assistance and education to them. You must be aware of this that trusts are unalterable. This implies that they can't be changed without the authorization of beneficiary.In spite of the fact, that there is no national law that represents trusts.

What is the process of NGO Registration?

Under the trust registration process, a person who has the power or property which is transferable, can create a trust organization.Similar to NGO, trust also needs to get registered, and the process is very simple. If you begin the process of you will require the name of the trust, registered address, two trustees of the trust, one settler of the trust, you must have the object for the trust such as charitable or religious property of the trust which is movable or immovable.

What are the Documents Required for NGO Registration?

When you have all the documents prepared, you are prepared to register your NGO. Make sure that you have every essential document for secure processing.

Following are the documents that are required to be submitted to the Registrar as follows:-

• A letter asking for registration, signed by the members of the NGO. This letter will contain the purpose of NGO demonstrating that it is enlisted under an Act. The signature of all members is necessary.
• A certified copy of the tenets and rules signed by the founding members with aduplicate copy is must.
• The names, address, qualification, an occupation of all the members with their signatures.
• Address proof of registered office is required as well as a no-objection certificate from the landlord.

There are many reasons as to why it is better to register an NGO, one most important reason is funds. You will receive funds from various sections and the money that you will get, you will have to put in banks. And you can create your bank account under your NGO organization name. NGO Registration documents show that your funds are under the name of NGO. If you have any query regarding trust registration then let us know by contacting our experts at Swarit enterprise.

Original Source - https://swaritadvisors.com/learning/what-is-ngo-registration/

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How to Make Change in Registered Office of the Company?

This article will help you with the process to make a change in registered office of the company if you own a company or a business.There are resolutions required by the company for changing the address of the registered office.Any business or a company who wishes to change the registered office of their company from one place in a region to another then your company must pass a particular special resolution in its general meeting, with its board resolution which is also required to be passed. This is authorised by the company director’s signature and then the form INC-22 is submitted with ROC.

How to get approval for change in registered office from one state to another?

If anyone requires making change in the registered office address of the company from one state to another then the company must apply for the approval of the director of the region and then the company has to also file for such an approval to the regional director by filing a form INC-23. Once this is approved by regional director then the approval needs to be presented to ROC within the time span of 60 days. When ROC too has confirmed the change within the 30 days of time for approval application.

What are the steps in the legal process of change in registered office when there is change from one ROC to another ROC?

Primarily the company must amend MOA which is the memorandum of association of the company. It wouldn’t have any provisions regarding the same. A certain special resolution must be passed by the company for its alteration in the memorandum of association and this is then required for filing to the ROC as per the form number MGT-14 and that has to be within 30days of passing the resolution.

Now for making a change in registered office of company from one state to another state in India, following documents will be required to be attached along with the form INC-23.

• Copy of memorandum of association and AOA of the company.
• Copy of the notice stating the general meeting of the company.
• Copy of the minutes of conducting the general meeting for presenting the resolution that sanctions the alteration of the location of the registered office of the company regarding MOA and AOA.
• Along with an affidavit that verifies the application.
• The other documents that is related to the application fee payments.
• The board resolution copy and the central government may dispose of the application within 60 daysof the change of registered office with the consent of its creditors, the debenture holders and other some persons that are concerned with the respective company.
• The approval is to be sanctioned by the central government and shall be filed with registrars for that of both states. That is the one where it was situated and the one which is relocating to.
• And the very last step is registrar of the new state. He shall keep the records of this change in the registered office and accordingly shall also issue a fresh certificate for the company mentioning the change in the registered office of the company.

For more insight details you may contact us anytime to get support for your problems and queries if you are making change in the registered address of your company. We will feel glad to help you.

Original Source - https://swaritadvisors.com/learning/how-to-make-change-in-registered-office-of-the-company/

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How Patent Registration Can Be Useful For Individual in India?

Each day there’s an increase in individual inventors and small to medium sized businesses regularly asking to patent their work by patent Registration. The process of Patent Registration will be discussed in this article.

What is a patent and Patent Registration?

A patent registration is an absolute exclusive right of ownership to their invention or discovery granted to a particular person or an inventor or territory or an assignee by the Indian government to exclude others from using, making or selling or even importing the patent holder’s work.

Any invention or discovery can get a patent registration if it follows with following points:-

1) Novelty- An invention or discovery has to be new and not something simply modified. It can not be a prior state of art. The prior art reference is for everything that’s been published and presented or rather disclosed in front of the public by means of newspaper, website or any research article in a journal as of on the date of filing for the patent.

2) The inventiveness -Any inventive step means a feature of any invention that is supposed to involve any technical advances in comparison with the already existing knowledge and that would make the invention no so obvious to the person quite skilled at that art. The invention wouldn’t be considered so if the inventive step is not inventive in mind and is just combination of teachings of different documents available to the public.

3) Utility or industrial- An invention must be truly capable of being reproduced and used in some kind of industrial engineering. It must take shape of a device or an apparatus. A product such as some kind of new material or any industrial process. An inventor is certified for its patency only if –
a) It can be remanufactured.
b) It can be used at least in any one activity.
c) It can again be reproduced with exactly the same features or properties as many times required.

What Are The Types of Applications for Patent Registration?

• Provisional application–A provisional application is something of a temporary application field with a patent office, that’s to claim a priority date. So when an invention isn’t yet complete in every aspect, this application will be helpful. It is relatively less expensive to prepare and file which enables the investors to study the feasibility of their invention. However it’s complete application must be filed within 12 months or else it’d be treated as an abandoned work.

• Complete application–An application for patent registration containing the complete specifications and it claims of the invention is called a complete application.

• Convention application–when an applicant files the application for patent registration claiming a priority date based on the same or similar application filedin one or more than one of the convention countries and this is called convention application.

• Patent co-operation treaty or PCT for short. – It’s an internal application for patent registration. It’s an international agreement to file a patent Registration application that has an effect up to 138 countries.
Note: PCT doesn’t grant you an international patent.

Original Source - http://swarit-advisors.blogspot.in/2018/05/how-patent-registration-can-be-useful.html

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How To Change The Name Of The Company?

When you plan to build or start your organization, you can feel like you've been put on the spotlight. But what will you name your new organization? This ought to be something that you should consider important - it's how the customers are going to know you and your business. However, in spite of the fact that, it is technically true that you can obviously Change Company Name whenever you wish to.

What You Should Consider Before Changing Your Company Name?

Definitely you must be thinking would it be a good idea for you to change the name of your organization? Let us consider few things before you think of changing the name of your organization.

• Affordable or not? - When you make your mind to change company name, it’s not only about the name but its everything attached to it such as your product and services as well, including websites, logos and everything. So make sure whether it is affordable or not.

• Is Your Company Established?- Have your company achieved the desirable reputation in your serving areas? If you have made your mind to change company name then it could cost you business.

• Is it necessary to change company name?- Make sure that are you hurrying in changing the name of your business. In case if you have a weak business name or too complicated then you can think about it, but if its perfect then you must not opt for it.

What Is The Step-By-Step Process To Change Company Name?

1. Board Resolution of the Company- according to the Section 173(3) of Companies Act, 2013 board resolution is prepared for the change in the name of the Company. Here they will suggest proposed names for your company and set meeting of shareholders.

2. Check the Availability of Name on Trademark & Website Search- Once the resolution is passed, availability of name is checked whether the name is available or not.

3. Approval of new Name by the Registrar of the Company- Once the approval of new name is done, they issue Name availability letter for the name of the company and this name will be valid for 60 days as per Section 4(5).

4. Passing Special Resolution for Company Name Change- Here in this step change in company name & alteration of MOA & AOA is done. If the owner change company name due to the change in business then main object in MOA is also changed. Liability clause in MOA is amended and new MOA & AOA is adopted which are in accordance with Companies Act 2013.

5. Insurance of new Certificate of Incorporation- In this step Registrar of the company check and review the documents and the forms that has been submitted. If your verification is done without any problem and error then they issue the new incorporation certificate where they state the new name of your company that has been proposed. And it will come into effect from the date of the issue of the certificate.

6. Changes to MOA & AOA- Once your new incorporation certificate is issued then company must make changes in MOA & AOA.

These are the basic steps which you have to follow while going through the process of changing your company name. For further details or inquiries you may anytime get in touch with our professionals.

Original Source - http://swaritadvisors.over-blog.com/2018/05/how-to-change-the-name-of-the-company.html

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Apply For Copyright Registration Now

What Is Copyright Registration?

Copyright registration in India gives economic rights to the maker or creator of an extensive variety of materials like craftsmanship, writing, music, movies, sound chronicles, official manifestations and many other services to give them a chance to control the utilization of their products online or making duplicates to the people in general. Moreover Copyright registration also offers the moral right to the maker of the materials and furthermore to protest its mutilation.

A copyright is a type of intellectual innovation which ensures unique works such as books, periodicals, PC projects, and aggregations including PC and databases, musical song and graphical documentation of the same, cinematographic and sound recordings. In reality, it is a heap of rights including privileges of multiplication, correspondence to general society, adjustment and interpretation of the work. There could be slight varieties in the arrangement of the rights relying upon the work. Copyright laws only save the expression of the ideas rather than the ideas.

Why Is Copyright Registration Necessary For Us?

1. The confirmation of Copyright Registration is a legitimate verification of substantial title and proprietorship that can be created in the court as an evidence of ownership if there arises any dispute.When a work is to be used economically, it is prudent to complete Copyright registration. As it is exceptionally prescribed to put a copyright mark on the work regardless of whether it isn't registered.
2. Copyright registration is much more critical if it is about software program on the grounds that the replicated work appears to be indistinguishable to the first work and it is to a great degree hard to separate between the two.
3. Copyright enlistment builds up an open record of the copyright claim.
4. Registration declaration is essential to have, in case, that it ends up vital for the copyright proprietor to get an injunction against a copyright infringer.The assumption of legitimacy will just apply if the work has been registered.

Hence, despite the fact that the Copyright registration isn't required, it is smart thought to complete it, particularly when the work must be utilized industrially. It is evidence of proprietorship and legitimate title.

What Is The Purpose Of Copyright Registration?

Copyrights in India don't protect the titles, names or thoughts of the person. The main purpose of the Copyright registration is to let copyright registrants increase monetary prizes for their endeavors and accordingly encourage creativity & development that advantage our country. There are many experts who are available to help you to register your material or work. The copyright material ought to be the result of imaginative expertise or speculation and without protection as it would be simple for others to misuse material without paying your creativity.

There are likewise special cases to India copyrights with the goal that some minor uses would not bring about copyright encroachments. The Copyright registration in India would naturally ensure copyright material if it is appropriately and legitimately enrolled offering you all the rights to possess your material. Thusly, make a point to pick the correct copyright lawyer in India who can legitimately and effectively entire copyrights documenting.


Original Source - https://swaritadvisors.com/learning/apply-for-copyright-registration-now/

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Know The Procedure To Apply For Trademark Registration

What is a Trademark?

A Trademark is a special logo or a brand that can be used for distinguishing your products from your competitors. By trademark registration you can protect your unique idea of presentation of your brand or a logo by legally restricting other people and/or your competitors from using your brand or logo or even your tag line.

What is the procedure for trademark registration?

Step 1- Find an appropriate yet catchy brand name for your trademark registration.

Picking up quirky unique brand name is a wise way since most generic names would be rather predictable and yours should stand out in the crowd. You could try picking multiple generic names and invent or coin words with their mix to create a completely unique brand name for yourself.

Step 2 –Preparing application for trademark registration.

Following are documents you’d require along with the application for the Trademark Registration.

1) Proof of business Registration.

2) Photo Identity proof of the directors of your company.

3) Address proof of the same people.

4) Only Identity proof along with PAN card and Aadhaar card could be submitted.

5) However in case of companies, address proof of the company will need to be submitted.

6) And the last but not the least, the soft copy of trademark.

The proof of the claim that’s applicable to the proposed mark could be used in another country.

7) Power of attorney signed by the supposed applicant.

Step 3 - Application filling of the trademark registration.

There are two ways of filling for trademark registration, one is manual filling and other is e-filling. If you decide to go for manual filling then you’ll have to go and handover your application for Trademark Registration personally to the registrar’s office of trademarks. The office is situated in major big cities like Mumbai, Delhi, Kolkata, Chennai and Ahmedabad. After applying, there’s a waiting period of at least 15 to 20 days for receiving the receipt of the acknowledgement.

However, if you decide to go for e-filling of the application you will receive the receipt of acknowledgement quite instantly through the government website. Once you receive your receipt of the acknowledgement, you are now eligible for the use of your trademark name along with (TM symbol) beside the name of your brand.

Step 4- The process of examining the brand name application of trademark registration.

After dispatching application, the registrar will check if you’ve followed certain terms and conditions that your brand name complies with the existing law. There should also not be any conflict or dispute with the already existing or pending brands there for their trademark registration.

Step 5- Publication of brand in the journal of the trademark in India.

After examining, the registrar shall publish your brand name in Indian trademark journal. This is the most important part of all of the trademark registration and if there’s no opposition for 3 months after publication and sometimes 4 months then the brand name proceeds to acceptance.

Step 6- The issue of a certificate of trademark registration.

The registrar shall accept your trademark application if there hasn’t been any opposition from anywhere then the registrar will issue your trademark registration certificate with registry seal on it.

Original Source - https://swaritadvisors.com/learning/know-the-procedure-to-apply-for-trademark-registration/

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Why Do We Require Sole Proprietorship Registration For Our Business?

What is Sole Proprietorship?

An Entrepreneur is always willing to set up his own business to procure more advantages. But with regards to legal archives and registrations, the work included can be extremely overpowering. Peoples generally get befuddled between the kind of organization they need to consolidate and after that, how to continue with its registration process. It sometimes requires a great deal of diligent work. In the midst of this, comes up the idea of Sole Proprietorship Registration.

Sole Proprietorship is the smallest type of business which is not viewed as a separate lawful entity. It can be considered as one of its advantages or inconveniences relying up on the individual observation. All the income and loss of the organization are saddled on proprietor's Income Tax Return, sounds terrifying? Well once more, it all about the perceptions! Portrayed underneath is in detail of what precisely sole proprietorship is.

What Are The Main Features Of Sole Proprietorship Registration?

One of the main features of Sole Proprietorship Registration is that it doesn’t have separate legal entity& it completely belongs to the owner, i.e. all the debts belongs to him. Due to which the personal assets of the owner are at risk. Sole Proprietorship Registration is quite easy and all you require is few local licenses & identity cards such as PAN Card, bank account, Aadhaar Card, etc. There is a choice of mixing different businesses, no separate name will be required for the business. As everything is earned by the Sole Proprietorship therefore, tax procedure is also very simple.

Have A Look On The Advantages Of Sole Proprietorship Registration

A sole proprietorship encourages those who want to start their own business, i.e. growth of self-employment. Peoples who are with you in relations, family or friends when interact with you & appreciate your work and benefit that you are getting through it, encourages them as well. There are few advantages that are as follows:-

• Easy Tax Filings- As discussed owner & business are the same therefore capital earned by the sole proprietorship is under the name of the owner,, hence, tax filings are done easily.
• Whole Control over the Business- Without the legal intervention of anybody, you can run your business under your control, according to you.
• Inexpensive Setup- There are no as such formalities are required for Sole Proprietorship Registration, only a few local licenses and identity verification documents are required.

As we know that it is always required to get an expert advisor, but in case if your business doesn’t require more involvement then you are better with being sole proprietorship of your business.

Points To Consider

Starting a new business being the sole proprietorship is most common and one of the easiest way to begin. There are some misconceptions & rumors regarding employing the peoples but it is common in a small business organization as well. Your concerns will be regarding how to raise the capital, some important decision to be made for the growth and other liabilities, taxes, accounting, etc.

Original Source - https://swaritadvisors.com/learning/why-do-we-require-sole-proprietorship-registration-for-our-business/

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How To Avail FSSAI License Online Easily?

The Food Standards and Safety Authority of India (FSSAI) is the in charge supreme authority of directing and regulating the food safety. It is mainly responsible for carrying all the Food Business Operators (FBOs) keeping in mind the end goal to get an FSSAI License. The FSSAI issue the food license which is required to ensure the food quality in your business & also for the advantages one from the government.

FSSAI License guarantees the safety and security of food in India. FSSAI is an office under the control of Indian government which is related to the health and family affairs. It has been established under the 2006 Act of food safety & security. It is essentially an association made for ensuring the wellbeing of the general population. It supervises the health of the public in general through this act. The central government selects the chairperson of the FSSAI, among the people who are in the field of home science. It is essential for all the producers, dealers, and restaurants to get this FSSAI License.

How To Apply For FSSAI Registration?

FSSAI has been made for setting down science based standards for food and to regulate their storage, manufacture, distribution, sale & import to guarantee the accessibility & availability of food for human. If you want to apply for FSSAI Registration then have a look on the following procedure:-

• In order to get valid FSSAI License, you must have a personal email id & Mobile Number which is permanent or active,
• You name must be spelled correctly in the application as well as the License,
• Once the submission of application is successful, the system will generate a unique Reference ID for your application.
• Take out the print for “Acknowledgement” & “Online Application Form”,
• Attach the demand draft for paying the fee and attach the required documents,
• After the attachment submit your application to the State Authority or Regional Office of FSSAI.
FSSAI provides three types of license which is generally based on the food business of the applicant and its turnover also:
• Basic License-if the turnover of your food business is less than 12 lakh then Basic FSSAI License is provided.
• State License-If the turnover is between 12 lakh to 20 crore,
• Central License-turnover above 20 crore.

The documents required for FSSAI Registration is a passport size photo of food Business operator (FBO), identity card like Ration Card, PAN card, Passport, Driving License, Aadhaar card, etc. If any applicant has supporting documents such as NOC by panchay at or municipality or Health NOC then they can also submit this.

What Is The Importance Of FSSAI License?

A food license is generally a permit which is a prerequisite for all the business that comes under the category of food related operations. This guarantees the high food quality for the welfare of peoples, if anybody is found not following these rules of government then certain actions are taken against them. Being an entrepreneur, the FSSAI License is an awesome method of promoting your business and the items that you are providing. Peoples have turned out to be educated on the things to maintain a strategic distance from what that can affect their health, they really feel more quiet devouring whatever it is that you are offering. Businesspeople buckle down in order to advance their sale and consequently this license really proves to be useful for any individual who needs a lift in their food business.

Original Source - https://swaritadvisors.com/learning/how-to-avail-fssai-license-online-easily/

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Why NBFC Registration is Required in India?

What is NBFC?

NBFC stands for a non – banking financial company, it’s a company registered under the “companies act 1956”. It involves the principal business of lending the investments in -

1) Stocks

2) Shares

3) Bonds

4) Debentures

5) Or leasing

6) Or insurances

7) Hire purchases

8) Insurance businesses

9) Involvement in chit business on a bigger scale or something involving getting deposits under any agreement or a scheme.

NBFC is under RBI preview and this article shall help you to understand about NBFC registration in India and Its rules and regulations governing the operations.

When can you not do an NBFC Registration?

NBFC is a company that is registered under the company’s act 1956 as stated above, and with the activities similar to the banking system. However, there are few differences, which are as followed:-

1) NBFC unlike a regular bank, can’t accept demand deposits.

2) NBFC also can’t draw a cheque issued on itself.

3) The bank deposits are insured by the credit guarantee corporation and /or deposit insurance.

An NBFC just like any other regular bank apart from the above differences mentioned engage in other businesses like making loans, trading of shares, stocks, bonds, securities and debentures etc. and other mentioned in the 1st list of this article but doesn’t involve into an institution that has principal business with respect to agriculture activity or industrial activity and purchase and sale of any products that’s other than security, also provide services and sales/purchase or construction of non motile property. Also, the company involving principal business of receiving deposits and scheme or arrangement in the instalments by the way of contribution in any manner is also a form of NFBC. NBFC is categorized in taking deposits and not taking of the deposits.

What are the Basic Requirements of NBFC Registration with RBI?

By the sec 45-IA of the RBI act 1934, none of the companies in India are allowed to carry on any business of NBFC institution without the getting a certificate of NBFC Registration and having net owned funds of Rs 2crores. The NBFC registration is required as it incorporates sec-3 of companies act 1956 and having at least a minimum of net owned funds minus the amount that’s invested in shares of subsidiaries, companies in same group and all other NBFCs, outstanding loans and the book value of debentures and bonds, the advances that include hire purchases and financial lease made for deposits and subsidiaries and companies of the same group.

The owned funds is an aggregated paid up capital of equity, the preference shares that are compulsory to convert to equity, the free reserves and balance in the shares premium account and monitory or capital reserves that represent the surplus that arise out of the sales and proceeds of the assets. This is excluding the reserves generated by the revaluation of assets which is after deduction of collective accumulation balance of loss, deferred revenue expenditure and other assets.

 
Original Source - https://swaritadvisors.com/learning/why-nbfc-registration-is-required-in-india/

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What is Nidhi Company Registration?

"Nidhi" is a Hindi word, which implies fund or finance. Nidhi is an organization which has the sole purpose of building up the habit of thrift and reserving funds among its individuals & furthermore getting deposits and loaning to their members for their benefit. Nidhi Company is a Non Banking Financial Company which don’t require RBI license. The borrowing and lending of cash are confined to its individuals just for their advantage. It has been perceived under the area 406 of Companies Act 2013 & Nidhi Companies Rules, 2014. The fundamental thought of Nidhi Company Registration is the "Rule of Mutuality" as a result of which it is also known as Mutual Benefits Company.

What are the Requirements For Registering Nidhi Company?

A Nidhi Company might be used as a Public Limited Company and it requires 7 shareholders and 3 directors which are appointed by the 7 shareholders. The least paid up value share capital ought to be Rs.5 lakh. Nidhi Company neither issue preferences hares nor pursue any other objectives. Each company after finishing Nidhi Company Registration must have "Nidhi Limited" associated with them in their name.

After the incorporation of the company atleast 200 number of shareholders will be required within a year and the minimum owned fund must be about Rs 10 lakh. If any company who is unable to meet such conditions then within 30 days from the end of the first financial year, you must apply for Regional Director for the extension of time period.

What is the Procedure for Nidhi Company Registration?

• Fill the form- every individual must fill the details that are asked and submit the document.
• Get DSC & DIN- to proceed further you will require DSC & DIN, we will provide you this, and you also need to give your approval. It will take about 3 working days.
• Verification- in this step the details you have provided or submitted in the form will be verified. It will take around 2 working days.
• Document Submission- on behalf of you we will create your document & file them with ROC. This process will take to complete about 6 working days.

Now once your company is registered we will provide all the documents & DSCs to you. Have a look on the documents that will be required for the Nidhi Company Registration:-

• Copy of Aadhaar Card/ Voter ID of directors
• Copy of Pan Card of directors,
• Passport Size Photographs of directors,
• Electricity or Water bill of your business place to confirm the address,
• If you are on rent then rent agreement copy will be required,
• If it is your owned property then a copy of property papers will be required,
• Landlord NOC will be provided,

What are the Concerns & Benefits Related to Nidhi Company Registration?

Nidhi Company is exceptionally reliant on the trustworthiness, honesty and loyalty of its members. It takes into account just the necessities of little and medium-income groups. Nidhi Company Registration are typically overseen by the beginners, rather than those of expert directors, as they can't be contracted because of lack of funds. Most of the individuals might be hesitant to deposit funds in light of the fact that Nidhi Companies don't require a permit from the RBI. But there are many advantages if you are planning to apply for Nidhi Company Registration. It doesn’t require minimum share capital and transfer of ownership is very easy. It offers tax benefits and no stamp duty is required. It has a very clear end goal to provide donations and loans to the peoples, thus it is very helpful to the peoples who belong to lower or middle class. It provides relaxation in compliances and its exemptions & privileges come under Companies Act 2013. It assures for secured investments and provides low rates of interest.

Original Source - https://swaritadvisors.com/learning/what-is-nidhi-company-registration/

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Ways to setup Sole Proprietorship in India

Sole Proprietorship Registration is a simple form of business entity with minimum regulatory compliances. It is owned by the single owner whose liability will be unlimited. Under this, owner is called as Sole Proprietor. To start with sole proprietorship, one has to acquire license according to the business type such as registration under GST, Shops and Establishment Act, MSME registration and food license in case of food business. However there are threshold limits which exempts from compulsory registration.

Features of Sole Proprietorship Registration

Ø  Full control over the business

Ø  Unlimited Liability

Ø  Decision making power

Ø  No Perpetual Succession

Ø  It is not a separate legal entity

Ø  Lesser regulatory compliances

Advantages of Sole Proprietorship Registration

Ø Easy formation

Ø Taxation Benefits

Ø Decision making power

Ø Less legal compliances

Ø Lower formation cost

Disadvantages of Sole Proprietorship Registration  

Ø  Limited Ideas

Ø  Unlimited Liability

Ø  Lack of Credibility

Ø  Inability to raise funds

Ø  Further addition of partners cannot be done

Documents required for setting up Sole Proprietorship Registration

There is no prescribed process of Sole ProprietorshipRegistration. It can be done as per the type of the business activity. 

In case of registration under Shops & Establishment Act

Ø  Copy of PAN of Proprietor

Ø  Copy of Identity Proof (Aadhar/ Passport/ Voter ID)

Ø  Bank Statement

Ø  Copy of Address Proof

Ø  Passport Size Photograph 

In case of Tax Registration(GST Registration)

One has to obtain GST registration, in case turnover exceeds Rs.20 lakhs and Rs.10 lakhs in case of north east region. However in some cases GST registration is required to be obtained. 

Following below mentioned documents are required for GST registration:

Ø  Copy of PAN

Ø  Copy of Aadhar Card

Ø  Proof of business location

Ø  Copy of bank statement

Ø  Passport size photograph

In case of Bank Account Opening

Bank account can be opened on the name of the Company, if proprietor has obtained any of the license. As banks ask for legal certification from the proprietor. 

Following below mentioned documents are required for bank account opening as per RBI for KYC such as:

1.       License issued under Shops & Establishment Act;

2.      GST registration certificate

3.      Certificate of Practice issued by authorities such as following:

Ø  Institute of Chartered Accountants of India,

Ø  Institute of Cost Accountants of India,

Ø  Institute of Company Secretaries of India,

Ø  Indian Medical Council, Food and Drug Control Authorities.

4.      License issued by Central or State Government to the proprietors.

5.      IEC (Import Export Code) issued to the proprietor by the DGFT.

6.      Income Tax Return (ITR)

7.      Utility bills on the name of the proprietor.

Usually sole proprietor finds it difficult to manage all the business activities solely and they decide to convert it into another form of business entity. 

Sole proprietorship is best for small entrepreneurs as it involves low formation cost. Our team of experts will help you in Sole Proprietorship Registration process. They will verify the documents and start the necessary process. 

Read More - https://swaritadvisorsindia.wordpress.com/2018/05/16/ways-to-setup-sole-proprietorship-in-india/

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