Is there any channel here where I can ask queries about setting up a sole proprietorship in India?

@nice-electrician-7689 You can ask right here as well. No issues.

I had some queries on how to get started on registering a sole proprietorship in India? My friends told me I need to do 3 things : -- 1. Register for GST and get this person to file your annual / monthly GST thingys 2. Open a current bank account Is that it? I just needed some help / advice on how to go about doing this

@purple-animal-84963 ^^

Thanks @nice-country-1598. I am already having a discussion with Karun on the same

2. is optional, right? I guess I'm a 'sole proprietor' and all i did was register a gst no. and file periodically.

@shy-salesclerk-56315 whats the pro's and cons of not having a current bank account?

I don't know all the details. But iirc no min balance required in current account, or maybe lower minimum. But also no internet. I've also been told that current accounts tend to get better exchange rate conversions in general for inward payments in foreign currency. Someone else can add/correct.

@nice-electrician-7689 Current Accounts will give you substantially better exchange rates. We are talking 25-30p vs Rs. 2-3 per $ Also, if you are a freelancer and get money multiple times in a month at various time frames, your savings account might eventually get blocked (I received a letter from ICICI asking me to switch to using a Current Account) due to the weird nature of remittances I was receiving in my Savings account. I am glad I did because the exchange rate is substantially better. Most Current Accounts will have a min balance requirement. My ICICI & Kotak EEFC accounts need me to have 50K in all the time.

@loud-glass-33663 You mean 2-3 rupees per dollar is deducted as tax? Is there any tool to calculate the amount in INR we can get after all tax deductions on forex transactions?

@nice-electrician-7689 no. That’s the exchange rate. If your rate is $1000 and google is showing Rs. 72 /$, the amount you will get in your bank is not 72,000 but closer to 69,000. The 3000 you lose is the banks exchange rate charges and they will also charge you like 350 bucks for bringing in foreign currency. This is for a savings account. If you have an EEFC account, you don’t get charged the 350 bucks and you would probably get 71.5-71.75K as the exchange rate there is 25p to the $ (in the best case). Taxes come in much later and don’t have anything to do with the type of bank account you have.