A proprietorship firm is the most basic form of business entity. It doesn’t have any separate legal identity; it’s quite easy to setup and it doesn’t require any minimum capital. In simple terms, you can start a proprietorship firm with zero capital. In this post, we are going to tell you how to start your proprietorship firm with zero capital.
One thing that you should be glad about is this: there is no official process to register a sole proprietorship firm. Therefore, you can already exclude a lot of the legal costs involved with the process. All you need to do to register your sole proprietorship firm is to open a bank account in its name. To do so, follow the general process of opening a bank account and attach any two of the following document:
The capital requirements for sole proprietorship registration are nil. And, the cost of starting a bank account under the name of your sole proprietorship is nominal. Just attach any of the two above with the application for opening the bank account and you are good to go.
The minimum capital requirements for sole proprietorships are none. However, you’ll have to pay a nominal fee to open a bank account in its name. That’s it. That’s all it takes to start your own business without much effort, and with zero money.