Opening a Bank account for a Proprietory Concern
Dear sir
the bank asks for at least 2 proofs of the proprietory concern to open an account. the following are the requirements and i have mentioned the related answers for the same:
proof of the name, address and activity of the concern:
• registration certificate (in the case of a registered concern). proprietory concern requires no registration
• certificate/licence issued by the municipal authorities under shop and establishment act. available
• sales and income tax returns new concern hence not available
• cst/vat certificate new concern hence not applicable
• certificate /registration document issued by sales tax/service tax/professional tax authorities. sales, service tax not applicable. prof tax not issued in proprietory concern name
• licence issued by the registering authority like certificate of practice issued by institute of chartered accountants of india, institute of cost accountants of india, institute of company secretaries of india, indian medical council, food and drug control authorities, registration /licensing document issued in the name of the proprietary concern by the central government or state government authority/ department, etc. not applicable
• banks may also accept iec (importer exporter code) issued to the proprietary concern by the office of dgft as an identity document for opening of the bank account etc. not applicable
• the complete income tax return (not just the acknowledgement) in the name of the sole proprietor where the firms income is reflected, duly authenticated/ acknowledged by the income tax authorities. not apllicable as it is new business
• utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern. not avaiable. electricity bill in the joint name of proprietor and other owners, water bill not applicable, landline in the name of other joint owner
any two of the above documents would suffice. these documents should be in the name of the proprietary concern.
plus
id and address proof of the proprietor available
how is one to open a current account in the name of the proprietory concern