Sole Proprietorship
Sole proprietorship is the easiest Business Structure to start in India. A proprietorship is a type of business that is owned, managed, and controlled by one person – who is the proprietor. This type of business entity is best suited for every small business. As the proprietorship and proprietor are one and the same, it is very easy to start and there are very minimal compliance requirements.
2 Licenses
In India every business must register for two licenses:
Trade License
Shop and Establishment License
FSSAI
All Food Business Operators should get registered with FSSAI. Requirement for License/Registration depends on the Kind of Business.
Obtaining GST registration will help the business to be competitive in the market. This depends on the audience we target whether it is the end customer or not. Because business entities especially ECO’s (Amazon, Swiggy, OYO etc) prefer GST registered units over unregistered for various reasons. Financial requirements: In order to operate, these businesses will be in need of Working Capital and Term loan. UDYAM Registration help MSMEs in availing the benefits of various Schemes of Ministry of MSME. In addition to the basic requirements above, additional licence and permits may be required depending on the industry, state, and local regulations.
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