Upgrad LLM

opening of current account in the name of propreitor firm


I am floating a new propreitorship firm and will be doing Events. When I had approached banks for opening of Current Account in the name of my firm, they were insisting on Registration Certificate without which they say the account cannot be opened. To apply for Service Tax Registration, I was told, I should have a turnover of 10 lacs which will take atleast a year or two for me. Pls suggest on how to proceed.

 
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ADVOCATE & DIRECTOR

EVENT MANAGEMENT COMES UNDER SERVICE SECTOR OF INDUSTRIES DEPT. OF DIC(, APPLY FOR THE PROVISIONAL SSI CERTIFICATE. THAT WILL DO FOR OPENING A BANK A/C / EVEN U CAN ASK FOR CREDIT LIMITS ON INDUSTRY/

 
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Advocate

Get the business registered under the Shops & Estb Act and take a PAN Card and you can start a new bank account for your business.
 
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Thanks for your suggestion to register in Shop & Establishments Act. But we are at present operating from our residence only &we do not have a seperate office. Is it fine if we register in S&E Act with our residence address.

 
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Advocate

I think you can partially convert your residence into a makeshift office.

 
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