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DoyouknowabouttheHowtoopenacurrentbankaccountinabankas
SoleProprietorshipFirminIndia?InIndiamostly,morethan50%legalentities
aretheSoleProprietorshipFirm.IntheSoleProprietorshipFirm,theultimate
objectiveisopeningacurrentbankaccountsothereisnoseparateregistration
certificationfortheSoleProprietorshipFirmlikeaPrivateLimitedCompanyor
LLPorOPCorPartnershipFirm.LetslearnaboutaChecklistwhichisrequired
toopenacurrentbankaccountinabankasSoleProprietorshipFirmasperthe
RBIGuidelinesinanybank.
http://legaladda.myonlineca.in/opencurrentbankaccountsoleproprietorship/
1/10
12/12/2016
openacurrentbankaccountinabankasSoleProprietorshipLegalAdda
ShortDetails
1.ServiceTax
Itsissuedbythecentralexciseand
RegistrationCertificate(ST2)
customboarddepartment.itsrequired
bytheserviceproviderasaSole
ProprietorshipFirmandmostlyFirmcan
availtheservicetaxregistration
certificateinthestartingtoopena
currentbankaccountontheFirmName.
2.ValidShopactLicense|
Itsissuedbythelocalmunicipalparty
GumastaLicense|Trade
andrequiredbythetradingbusiness
License
wheretheyhaveaphysicalshop.In
theMaharashtraStateitsalsocalled
GumastaLicense&IntheWBorsome
otherstateitscalledTradeLicense.
3.VAT/CSTRegistrationorTIN
ItsissuedbytheeachstateVAT
Number
Department.itsrequiredbythedealer
http://legaladda.myonlineca.in/opencurrentbankaccountsoleproprietorship/
2/10
12/12/2016
openacurrentbankaccountinabankasSoleProprietorshipLegalAdda
ortraderormanufacturewhichare
dealingintheVATeligibleproductsor
doingthebusinessonlinewiththee
commercecompanieslikeFlipkart|
Snapdeal|Amazon|Paytmetc.
4.ProfessionalTax
ProfessionalTaxRegistrationis
Registration
applicableonlyinthesomestate,soif
youprofessionalserviceproviderlike
thedoctororCAetcthengowiththe
professionaltaxregistrationandopen
thecurrentbankaccountonthatbasis.
5.Licensei.eCertificationof
ItsissuedbythepracticingCAorother
Practiceissuedbythe
professionallikeCSorCWAregarding
CharteredAccountant,
thenatureofthebusinessand
CompanySectorCWAetc.
identificationofthedocuments.
6.FoodorDrugLicenseby
ifyouaredealingintheFoodrelatedor
Authority
medicalbusinessthenyouhaveto
requirethefood&druglicenseonthe
firmnamesoyoucanopenacurrent
bankaccountforthesame.
7.CertificationofRegistration
Insomebusinessyouhavetorequire
UnderanySpecificStatueof
theparticularlicense.forexFactory
ActoftheGovt
Registrationactsoyoucanopenthe
accountonthislicensebasis.
8.ValidBusinessLicenseor
Ineachstate,thereisadifferentpolicy
CertificationofRegistration
forsomeindustrywheregovtprovide
issuedbythestateorcentral
thegrantsorloanssupportsothey
government.
issuedthecertificationofregistration
underthatparticularactsoyoucanuse
thiscertificationforthebankaccount.
9.PermissionCertification
GovtofIndiasupporttheparticularline
issuedbytheCentralorState
ofthebusinesssotheyestablishedthe
GovtintheSEZZone,
specialeconomiczoneorsoftware
SoftwareTechnologyPark,
technologyparksoifyougotthe
ExportOrientedUnits,Export
permissiononthepaperonyourFirm
ProcessingZoneetc.
Namewiththeaddressthenitsworkfor
thecurrentbankaccount.
10.RegistrationCertificateof
Whenyouaredoingthebusinessthat
recognizedprovidentfundwith
timeyouhavetoregisterundersome
thePFCommissioner
otheractsalsolikeEPFActsoifyou
haveacertificationregardingthisthen
itsworkforthecurrentbankaccount.
11.RegistrationCertificate
ifyouapplyfortheSSIUnitsfromthe
issuedbytheMSME
MSMEDepartmentandgotthe
Department.
certificationthenitsworkforthecurrent
bankaccount.
http://legaladda.myonlineca.in/opencurrentbankaccountsoleproprietorship/
3/10
12/12/2016
openacurrentbankaccountinabankasSoleProprietorshipLegalAdda
12.IECCode(ImportExport
Ifyouaredoingtheimportexport
Code)
businessandapplyfortheIECCodeon
thelegalentitynamethenitsworkfor
thecurrentbankaccount.
13.LatestIncomeTaxReturns
Ifyouarefilingsyourbusinessincome
whichhasbeenfiledinthe
intheITRthenyoucanuseyourFinal
nameofthesoleproprietorship
ITRwiththeComputationforthecurrent
firmincludingthecomputation
bankaccount.
oftheincome
14.LatestVAT/CSTorST
ifyouhaveoldTINNumberorST
Returns
Numberandfilingstheregularreturns
thenyoucanusethefinalreturnsforthe
currentbankaccount.
15.TANAllotmentLetteron
TANisrequiredforthedeductingthe
theLegalEntity
TDSsoifyouhaveTANNumberonthe
firmnamethenitsworkforthecurrent
bankaccount.
16.LatestPropertyTax
ifyouhavetaxpaymentreceiptCopyon
PaymentorUtilityBillsCopy
theLegalEntitiesNamethenyoucan
useforthecurrentbankaccount.
MustReadServiceTaxReturnandPaymentDueDate:2016
MustReadGovernmentEMarketplace:RegistrationUltimateGuide
LegalExpertSuggestionBeforeappliesanyabovecertification,firstofall,you
havetofineyournatureofthebusiness.ifitsaservicebasedbusinessthen
alwaysgowiththereliablecertificationwhichcanproveyourlegalentityasSole
Proprietor.Sowegiveyoubelowsomesuggestionfortheserviceorproduct
basedbusiness
MustReadUltimateListof68StartupIncubatorsinIndia
a)ServiceBasedBusinessGowiththeServiceTaxRegistrationCertification.
Itsnotmeanthatyouhavetopaytheservicetax.still,youareeligibleforthe
http://legaladda.myonlineca.in/opencurrentbankaccountsoleproprietorship/
4/10
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openacurrentbankaccountinabankasSoleProprietorshipLegalAdda
exemptionofthe10lacRupeesTurnover.itsabestreliablecertificationforthe
serviceproviders.
b)ProductBasedBusinessGowiththeVAT/CSTRegistrationorShopact
LicenseorMSMECertificationfortheproductbasedbusiness.VAT/CSTisa
permanentsolutionbutinsomestateitsreallyexpensivesoyoutoalwaysgo
withtheShopactLicenseorMSMECertification.
HelpfulResources
CompareabouttheEachLegalEntity
RegisteryourSoleProprietorshipFirmOnlineviaMyOnlineCA
YoucanCheckoutbelowVideoalsoonHowtoRegisteraSoleProprietorship
FirminIndia
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