A Sole Proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. Sole Proprietorship is the most common form of business in India, used by most micro and small businesses operating in the unorganized sectors. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for starting and operating. So, it ideal for small businesses and first-time Entrepreneurs who would like to get a taste for business.
Bank Account Opening for Proprietorship
A Business Current Account can be opened for a Sole Proprietorship through SPCS Corporate Solutions from various banks in India. SPCS Corporate Solutions offers exclusive partnerships through which zero-balance current accounts can be opened in India. For a Sole Proprietorship to open a bank account - it is recommended that GST registration be obtained.
Documents Required:
1. Proof of Identity and Address: Photo Copy of Voter ID Card/Aadhar Card/Passport.
2. PAN Card of the Proprietor.
3. Passport Size Photo(3 Copies).
4. Affidavit/Self Declaration of Sole Proprietor.
5. Rubber Stamp.
6. Trade License (Application Only).
7. Business Current Account (Application Only).
The normal processing time for application is 3-7 working days.
