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Kannan (Research)     09 November 2011

Proprietorship business

Dear Lawers

I'm an individual planning to start a proprietorship firm. Planning to buy and export some items (Merchant Exporter) in a small way. I believe there is no need of Registration under company act. If not registered how to open a Current Account? What are all documents I have to submit to the Bank?

I have another question. what are the other registations I need like VAT/TIN/CST/TAN etc. Also I believe that, if the business turnover is less 10L per year then there is no need of any registrations like VAT/CST/TIN. Please clarify.

Advance thanks and Best Regards

R. Kannan



Learning

 6 Replies

adv. rajeev ( rajoo ) (practicing advocate)     09 November 2011

You cannot register as co.,   You will have to apply for the VAT and to obtain the import , export license.

K. GOPALAKRISHNAN (ADVOCATE)     09 November 2011

VAT, PAN, EXIM CODE, EXPORT IMPORT LICENSE AND TIN & CST (FOR TRADE WITHIN STATEWIDE AND NATIONWIDE) ARE REQUIRED

Rajeev Kumar (Lawyer/Advocate)     09 November 2011

I agree with above persons. No further addition needed

R.venkatesh Naidu (.)     09 November 2011

you need not registered under company act.  you must got the licneces from proper export and import officer and also got the tax registration.  i.e. vat.etc.

RAKESH PIPRODIA (ADVOCATE)     11 November 2011

For opening a current ac is a simple procedure, all u need is a gumasta licence, pan card, photo identity, residential proof and ofcourse one introducer.

SURESH GODBOLE (ADVOCATE)     11 November 2011

NO ,

TO OPEN A CURRENT ACCOUNT , YOU MUST A VALID REGISTRATION OF YOUR COMPANY WITH SEAL AND SIGNATURES (ANY TYPE)

GO TO A BANK AND ASK

FOR IMPORT, YOU WILL HAVE TO PAY (IN USD , PL Ask Bank what regulations are required

TO EXPORT , You will receive money in Rupees thro RBI , no problems

If you want to receive in USD , Foreign Exchange Account is required

GO TO A BANK and Comp Registering Lawyer , they will help


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