Firm Registration in Delhi is very easy online process. it’s completely online and hassle free with required some important documents. so today we learn step by step process ” How to Register a Firm in Delhi“
FAQ manner on Register a Firm in Delhi
What is Firm Registration in Delhi ?
Firm Registration is basically called the Sole Proprietorship Registration. its required just only one person during the registration. if proprietor working in another company as employee then its a diffcult to register on his name so in that case you can register sole proprietorship firm in delhi on your family member name. Note :- Sole Proprietorship firms are not a company. it’s a simply firm where government of delhi or central government gives you license for doing the business. it’s not secure your business name or liablity.
Features or Advantages of Firm Registration in Delhi ?
Feature of the Proprietorship Registration :-
- Easy to Start and Manage because its required only the one person for the registration.
- Easy to Close the Business if your business or idea will be failed.
- Less Compliance as Compare to Private Limited Companies and other business formation because you have to just file the tax returns only.
- Low Cost of Formation as compare to other legal entity because its need only the tax registration like Service Tax Registration or Delhi VAT or GST Registration in Delhi.
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What is required Documents in Delhi ?
Required Documents for the Proprietorship Registration :-
- PAN Card of the Proprietor. ( It’s a personal pan card copy, there is no separate pan card copy in case of firm registration in delhi)
- Aadhar Card or Voter id or Passport or Delhi Driving License of the Proprietor.
- Delhi NCR Electricity bills if business place have own property or rented ( there is no issue if electricity bill copy is on another person’s name or landlord name).
- NOC (No Objection Certificate) from another person ( if delhi NCR electricity bills copy is on other person name).
What Registration are required for the Firm Registration in Delhi ?
- Shop and Establishment Act From Delhi Government ( But its not relevant now as banks are not accept the self certification like udyog aadhar registration or shop and establishment license)
- Service Tax Registration. ( it’s a best license for the service based business)
- VAT/Sales Tax/CST Registration. ( it’s a best license for the product based business).
Classification of Registration for the Firm in Delhi ?
- Shop and Establishment Act :- Prefer by the startups in delhi which have their own shop and a proper business place so its can be used just only for open a current bank account but maximum banks are not allowed this certification.
- Service Tax Registration :- Prefer by the service providers because its need when service provider turnover exceed 9 lac rupees in a year but as a firm its require as opening a current bank account so its not mean that you have to charge the service tax. you get the exemption regarding the same.
- VAT/CST or DVAT Registration – Prefer by the product based or trading based business or delhi startups which is required to sell their products.
Note – Now GST Registration applicable from 1st July 2017 but till the date fresh GST Registration will not be started yet. even if your turnover cross more than 20 lakh in a year then you have to required the GST Registration.
Online Procedure to Register a Firm in Delhi ?
- Shop and Establishment Act can be taken from Delhi Government Labour Department Website or you can hire a Good Legal Professional or Expert Online.
- Service Tax Registration can be taken from service tax department website but its very complicated for doing the yourself. you can
- VAT/Sales Tax/CST Registration can be taken from state government sales tax website but its need lot of things like security amount, guarantor and many other things.
Update : Now Service tax and VAT/CST or Sales Tax has been converted into the GST Registration in Delhi.
Compliance After Registration of Firm in Delhi ?
- Open a Current Bank Account on the basis of Shop and Establishment Act Certificate or VAT Certificate or Service Tax Certificate.
- Filings Indirect tax returns and Income Tax Return for Sole Proprietorship Firm & maintain books of accounts.
Disadvantages of Firm Registration in Delhi ?
- Unlimited Liability so proprietor can beard heavy losses.
- Name protection of the firm name is not avaialble so you can’nt create the unique identity.
- Difficult raise the funds from the investor or banks or financial institute due to simple firm registration.
So Hope this guide regarding the Firm Registration in delhi helpful for you. still if you are confuse to choose the right legal entity for your buisness then suggest you must read this guide on difference between Private limited company Vs LLP Vs Proprietorship Vs Partnership.