1. Who Can be Proprietor?
The Proprietor must be an Indian citizen and a Resident of India..
3. How to open a bank account for a proprietorship firm?
To open a bank account for a Proprietorship, Reserve Bank of India mandates that the proprietor must provide two forms of registration for the Proprietorship firm along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: service tax registration, MSME registration, VAT/TIN/CST registration, Shop & Establishment Act registration, Professional license, Chartered Accountant certificate or others as provided in the RBI Know Your Customer norms.
2. Will Proprietorship firm have certificate of incorporation?
Proprietorship firms do not have a Certificate of Incorporation.
4. How much money do i need to starting the business?
There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.