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problem in opening current a/c for proprietorship firm

mountaintrekkerindia (indian) (26 Points)

10 April 2009

I am facing problem in opening current account for a proprietorship firm. Nationalised as well as private banks are refusing to open current account on the name of the firm. They demand a registration certificate for the firm.

It has been cleared many times to them that there is no registration required for a proprietorship firm in India. But they don’t listen.

I have even got a trademark acknowledgement letter from Trademark registry office, Government of India. But banks don’t even accept the letter.

Somebody advised me to get it registered under ‘Registration act 1908’

What can be done now to open the account?

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5 Replies

anil k ranade (tax & management consultan) (22 Points)
Replied 11 April 2009

Dear Sir,

1. There is no necessity of any seperate registeration of properitory firm, it is always identified with concern individual only.

2. You enroll your business with Inspector under "shop & establishment' with specific properitory name & stamp ,seal as name & address proof. (In case of mfg. activity enrollment under factory act will be necessary). Bankers have to accept the same.

3. However any other current a/c holder will have to sign relevant bank a/c opening form for KYC formality. Your normal photo identity proof of PAN/Passport /voter identity card are adequate

Thanks!

Anil Ranade .

mountaintrekkerindia (indian) (26 Points)
Replied 11 April 2009

Originally posted by :anil k ranade

Dear Sir,

.

2. You enroll your business with Inspector under "shop & establishment' with specific properitory name & stamp ,seal as name & address proof. (In case of mfg. activity enrollment under factory act will be necessary). Bankers have to accept the same.

3. However any other current a/c holder will have to sign relevant bank a/c opening form for KYC formality. Your normal photo identity proof of PAN/Passport /voter identity card are adequate

Thanks!

Anil Ranade .

Thanks Anil,

But can you locate the shop and establishment office in Delhi?

Do you advice me to register it under 'reg act 1908' or the "shop and establishment" ? Which is much easier and better?

(its not a shop, it is a consultation firm.)

isha (student) (253 Points)
Replied 11 September 2009

Dear All, As all is aware that the registration under Delhi Shop & Establishment Act. is not required since kept in abeyance w.e.f. 23.11.89. now what???

isha (student) (253 Points)
Replied 11 September 2009

Please let me know the procedure to enroll business with Inspector under "shop & establishment' with specific properitory name & stamp ,seal as name & address proof.

Please mail me on isha0040 @ gmail.com

Regards

Isha