Annual Compliance of Proprietorship Company: Dreams have only one owner at a time, that’s why dreamers are the sole proprietors. For all your compliance and other regulations, we are interested in working out for you, With the help of our great experts.

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Proprietorships of India have only the minimal statutory compliances, which are much lesser than those applicable to the private or public limited companies.  The annual income of the proprietor is considered the annual income of the proprietorship firm. Hence, like other business/service entities which are registered under the Ministry of Corporate Affairs, the sole proprietorship firms are not required to file any annual report or financial statements with the MCA. The main and major statutory compliances to be made by these proprietorship firms are thus tax related periodic and annual compliances. However, some more periodic or annual compliances may also be required for the purposes of business regulation/recognition.