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Get Expert Advice to Successfully Launch as a Sole Proprietor or Freelancer
We help small businesses begin their journey without apprehension and stress
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Ease the registration process with experts guiding you from start to end
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Cost-effective services, transparent pricing, and no hidden fees
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Fast turnaround time and complete control over your business
Why Choose MyBizCFO for Small Business Registration?
Small businesses are perhaps the most common way to run businesses in India. A sole proprietor is a person who conducts business, and a proprietorship firm is the name of the business entity that they operate under. An individual's identity and a business's identity are the same. People choose this structure during the early stages of business because of its lower tax rate, flexibility, and many benefits. However, lack of knowledge often causes issues for small business owners. At MyBizCFO, we help sole proprietors and freelancers get the right start in the business landscape.
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On-call support with dedicated account managers
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A simple, quick, and easy online registration process
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A team of qualified experts with extensive financial know-how
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Fast turnaround and cost-effective services for small businesses
Benefits of Registering a Private Limited Company
Simplicity
Establishing and registering a sole proprietorship is comparatively simple. Setting up this firm doesn't require any particular steps. When compared to other business structures, the cost of registering as a single proprietorship is also extremely low. The owner's identity is the foundation of the company. Any legitimate business can be operated by someone under his own name or under a separate legal name as a brand.
Autonomy and Control
The owner of a sole proprietorship has complete control over what they do and how they run their business. It is not necessary for a proprietor to report someone or accept orders from others. There isn't any outside intervention. There aren't many transparency or compliance requirements for the entire fiscal year, in contrast to a corporate firm. Therefore, there is also relatively little government intervention.
Profitability
Since the proprietor is the sole owner of the company, he is entitled to the entire profit. Additionally, the proprietor's assets are treated as the business's assets, and vice versa. He is free to choose when to reserve or take a profit.
Tax Advantages
For income tax purposes, a proprietorship is not regarded differently. The tax slab designated for an individual's income solely applies to company income. The tax rates are lower than those of other business structures, such as partnerships and companies. Deductions are an extra benefit of combined ITR for both individuals and businesses.
Deciding the Name of Your Small Business
Here are a few things you must keep in mind when deciding the name of your small business:
Uniqueness:
Find a distinctive sole proprietorship name that will help people recognise the business and increase its brand value.
Brief and Easy:
The name should be easy to spell and remember, and it shouldn't be too long or complicated.
Business Objective:
For customers to readily connect a firm with its products, a portion of the name should allude to the business activity.
Documents Required to Register a Small Business
Self-attested copy of the proprietor’s Aadhar Card
Self-attested copy of the proprietor’s PAN Card
Details of the current or savings bank account
Our Process: Steps to Register your Small Business with MyBizCFO
Step 1: Answer Quick Questions
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Pick a package according to your requirements
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Take 10 minutes to fill in our questionnaire
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Provide basic details and documents needed for registration
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Pay our fees through secured payment gateways
Step 2: Get Expert Guidance
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Dedicated Relationship Manager
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Application preparation and filing
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Registration under the MSME Department
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Firm Seal & TAN allotment
Step 3: Business Incorporation
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Set up in only 4 working days
Get on a free assessment call with an expert.
Small Business Registration Timeline
Days 1
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Collection of basic details
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Gathering required documents
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Business registration consulting
Days 2-3
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Preparation of online registration application
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Online business registration
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Application for TAN allotment
Day 4
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Dispatch of Firm seal
Frequently asked questions
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Does the small business proprietor have to be an Indian to start a firm?
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The proprietor needs to be a resident of India and an Indian citizen. Before the business can begin, no approval is needed. However, only with prior permission from the Indian government can Non-Resident Indians (NRI) and Persons of Indian Origin invest or begin a sole proprietorship.
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How much money is needed as a minimum to register a sole proprietorship online?
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Any amount of money can be used to launch a sole proprietorship. It is important to present a sum that is adequate to start the business. The owner is free to alter capital at any time because there are no restrictions on the amount that may be infused or withdrawn. The sole decision to introduce capital in a business is made by the proprietor, who owns the company.
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How to register the name of a small sole proprietor business?
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A sole proprietorship firm's name cannot be registered through any registry or legislation. As a result, a sole proprietorship can choose any name as long as it doesn't violate any registered trademarks and is available. The only method to guarantee the exclusive use of a business name is to register it as a trademark, as there is no registration or law for registering a proprietorship's name.
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How can a sole proprietor or freelancer open a small business bank account?
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The Reserve Bank of India requires the proprietor to present two forms of proprietorship registration in addition to their PAN card, proof of identity, and proof of address in order to open a bank account in the name of a sole proprietorship firm. The two types of registration can be any of the following: professional licence, chartered accountant certificate, GST registration, MSME registration, Shop & Establishment Act registration, or other types specified in the RBI's Know Your Customer guidelines or the requirements of the individual banks.
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Will my small business have a separate legal identity or a new PAN card after registration?
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Even once a sole proprietorship firm is registered, neither the person nor the business has a distinct identity. As a result, the proprietor's and the company's PAN cards are identical. Additionally, the proprietorship's and the owner's assets and liabilities are unchanged.
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What compliance requirements must be met in order to establish a sole proprietorship in India?
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The Income Tax Department is where proprietorships must submit their yearly tax returns. Depending on the business operations carried out and the registrations chosen, additional tax filings, such as GST returns, may occasionally be required. However, Limited Liability Proprietorships and Companies must submit their annual report or accounts to the Ministry of Corporate Affairs.
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In a sole proprietorship, is it possible to have partners?
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The fact that a sole proprietorship is owned and run by just one person means that it is unable to have any other business partners. You can choose a partnership firm, private limited company, or limited liability partnership, depending on whether your business needs partners.
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What are the advantages of registering a small business under the MSMED Act?
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On the basis of a registration certificate, the registered entity under the MSMED Act is eligible to receive subsidies, incentives, and programs introduced by the Central Government with regard to the particular business.
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Who is eligible to register under the MSMED Act?
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This registration is open to any corporate entity. The Central Government has, however, lately decided that trading operations are not eligible for registration under this Act. Under the Shop & Establishments Act, a company engaged in trading activities may request registration.
Do you have more questions? Get in Touch
What Clients Say About Us
Nisha Raut
Local Guide • 4 days ago
MyBizCFO simplified my journey as a small business owner. I was completely overwhelmed by the registration and compliance guidelines. But these experts made everything simple and seamless for me.
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Pooja kamde
Local Guide • 2 hour ago
Setting up my freelance business through registration seemed like an uphill task to me when I got started. MyBizCFO came to my rescue with all the guidance and advice I needed for the process. I still rely on their seasoned support!
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5.0
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Mangesh Nair
2 days ago
Big thanks to MyBizCFO for their constant support, availability, and efficient assistance. I couldn’t have started my business without them, and I cannot run it without their guidance.
Google Reviews
5.0
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