What Are the Business Licenses? Eligibility, Documents, and How to Apply?
Any individual looking to launch a business must first obtain a business license. This license authenticates the venture. Aside from that, it also serves as a means for the government to ensure that your business is catering to the country’s laws and basic business protocols.
A Municipal Council issues the license for your business. As such, there are certain eligibility documents you must carry and specified rules you must follow to apply for the license. Also, learn about the different types of licenses for your business that you might have to choose from. This article covers all that. So, even if you wish to apply for online loans for your business, it is only possible with a license at hand.
Eligibility For Your Business License in India
● The candidate who is applying for the license for their business must have no criminal records.
● The firm must provide lawfulness in order to be operated in the country.
● The candidate applying for the license must be approximately 18 years and above.
How To Apply for A Business License In India?
You can have a list of business licenses in India. However, you need to understand which one you must pick. For this purpose, you may consult a professional service provider like a CS or a CA. Even if you want online loans, they can help you gain sufficient information on them. However, here are some mandatory documents you will require to apply for the license.
● Pan Card
● Voter Id and Driver’s License
● Aadhar Card
● Passport
● Rent Agreement and Lease Agreement
● Telephone Bill, Electricity Bill, and Water Bill.
● Chartered Accountant’s Certificate
● Article of Association and Memorandum of Association
● Partnership Deed
What Are the Different Business Licenses In India?
1. Company Registration
Any business that wishes to function in India must mandatorily obtain a company registration license. This implies that the business can now begin operating in the country with no legal hindrance. For this purpose, there are a few significant company registration categories you may find here.
Limited Liability Partnership, One Person Company, and Private Limited Company are some of the main company registration categories here. You may also find a Public Limited Company to consider. So, even if you wish to obtain online loans for your business someday, it is important to have a company registration. This helps minimize tax liabilities, improve your brand’s legal position, and make useful investments in need.
2. GST Registration
Any company that makes an annual revenue of nearly Rs. 20 lakhs or above must mandatorily apply for this. In the special category provinces, anybody with an annual income of Rs. 10 lakh may have to apply for GST registration mandatorily. So, when you are applying for this form of registration, you are advised to go through the legal terms and conditions appropriately. This helps eliminate the risk of any legal obligation that you might miss. Also, if you wish to apply for online loans, it is important to have this registration at hand.
3. Udyog Aadhaar Registration
Yes, even a small business license is mandatory in the long run. For this purpose, registration for Udyog Aadhaar becomes prudent. With this license, any venture can be eligible for diverse forms of Government benefits. This helps small enterprises in India. Make sure you find out more about the eligibility criteria for this registration for a successful registration process. Also, before you begin seeking any form of online loan, make sure you have these registrations at hand to avoid any form of legal trouble.
4. Import Export Code
Anyone with an import or export business must opt for this registration. The Import Export Code makes it legal for you to practice your overseas business. As such, the company must have a PAN card and a potential bank account to help get an Import Export Code. This registration is significant for any online loans that the business may need to conduct import and export business.
5. Gumastha Registration
Are you based in Maharashtra? For anyone who wishes to initiate a firm in this part of India, Gumastha registration becomes important. So, obtaining the license using some significant documents is essential too. Here are the documents you may need to present.
● Residence Proof
● PAN card
● Proof Of Address and Business Documents of Agreement Certificate of Incorporation of the Business Director’s ID.
● Business Authority Letter
● Municipality of Greater Mumbai Application Letter
● Governmental Approval for Partnership
6. FSSAI License
Any food business that wishes to operate in India legally needs this license right away. Even if they want to obtain online loans, this license is crucial to have. Since FSSAI takes responsibility for food safety in the country, the license becomes important for every food business owner to hold.
This is all the significant information about business licenses in India. If you are also looking to register for one, you know what to do and how to.