Starting a Home-Based Placement Consultancy: Do I Need to Register and What Bank Documents Are Required?

Hello all,

I need to ask a question regarding opening a new placement consultancy as a sole proprietorship firm from home. Do I need to register it? Also, for opening the current account in the bank, which documents are needed? It is very urgent, so please reply promptly.

Thank you.

As a proprietorship firm, registration is not required. Only partnership firms and private limited companies need registration. To open a current account, you need to make rubber stamps with the firm's name that you have chosen. Additionally, you will need your individual PAN card and photos to get a current account opened.

However, since you are in the "services providing business," if your annual turnover exceeds Rs. 9 lakhs, then you will need to register for service tax and collect it from your clients.

I trust this information helps.

Hello,

Now, it has changed a little. You cannot open a current account without having a valid government document in the name of your company. You shall provide any of the following:

1) Service tax certificate
2) Sales tax certificate
3) Labour certificate

I would prefer if you go for the Labour certificate. It's easy and there are no issues in obtaining valid proof in your company's name. I believe it is clear. Do email me if I am wrong so that I can also update my knowledge.

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