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India is one of the fastest-growing economies in the world and is a hub for start-ups. Growing businesses in different sectors are contributing to the economic growth and development of India. To establish a business in India, several permits and licenses are mandated to legally operate a business. Each country has its laws prescribing permits and licenses. India has liberalized several laws in recent years, making it simpler for entrepreneurs to set up businesses in India. Many factors such as the number of employees, industry, type of business, location of the firm, etc affect the permit requirement differently.
Permits are important for carrying out any type of business in any sector or industry. A business that obtains all permits and licenses stays away from any kind of legal trouble. Permits guarantee that no one is harmed in any manner as a result of the business formation. Permits and licenses also ensure that the business is not involved in any illicit commercial operations and keeps a track of when and where is the business or trade being conducted. Thus, it is mandatory to obtain business registration in India for the benefit of the business entity. Further, the municipality or the state in which the business is carrying on its business requires the business to obtain several permits and licenses to grant approval for carrying on business in its locality or state. These permits and licenses allow the regulatory authorities to keep a check on the businesses to see if they are abiding by the law.
There are three eligibility criteria to fulfill in order to obtain permits and licenses for setting up a business in India. They are:
The list of business permits and licenses required for setting up a business in India is as follows:
Every business irrespective of its structure requires certain permits and licenses from government agencies to register the business. Further, certain businesses are involved in managing and providing security and safety, financial services, broadcasting, Defence services, etc. They require permits and licenses from public agencies such as the RBI, IRDAI, Fire Station, Pollution Control Board, RTO and so on. Due to this, it becomes very important to determine and know the legal formalities associated with obtaining every business permits and licenses in India.
Read our Article: How to Start a Profitable Small Business in India
Ankita is an Advocate and has joined Enterslice as a Legal Researcher. Her work focuses on General Civil and Commercial laws, Corporate Taxation Laws, Labour and Employment Laws and Dispute Resolution. She is a law graduate from School of Law, University of Petroleum and Energy Studies. Prior to joining Enterslice, Ankita has the experience of practicing law in Delhi and Odisha.
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