Opening Current account with proprietorship firm name for export business

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  1. Harikrishnan V

    Harikrishnan V New Member

    Dear Sir/Madam,


    i have started sole proprietorship firm (chennai based Export business ). in which i would like to export Agricultural products (ex: vegetables). To obtain IEC (Import Export Code) i need Current account with Firm name in any one of nationalized bank in India.

    i have approached SBI, HDFC, ICICI banks to open a Current account but they were asked either TIN or TAN number of Firm. As i planned to export Tax free products, i don't required to get TIN right now and current turnover of this firm is nil.


    so my questions are:

    1. do Export business (sole proprietorship firm) which has turnover less than 10 lakhs required TAN number?

    2. Without having TIN and TAN, is there any possibility to open "firm name current account"?

    3. Normally where export business has to be registered officially in TamilNadu-INDIA?


    Thank you so much for your support!

    Regards,

    Harikrishnan V
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Banks require a Govt certificate in the name of the business establishment and that is what they are asking you for.

    Either a TAN No. or TIN No. or Service Tax No. or Business Registration Certificate etc will work fine.

    Most sole proprietors in such cases opt for a service tax registration, get the account opened and then surrender it.
     
    umeshyadav likes this.
  3. Deep Raval

    Deep Raval New Member

    When you are opening a current account in the bank, all the banks asks for a certificate issued by the government in the name of your established business. For that purpose, you should have an import export code along with the TAN no. and business registration certificate.
    In many cases, it is better to open a current account and surrender it for a service tax registration.
     
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