Registration of business gives the legal identity to a business, but without the Trade License running a business would be considered illegal. If any person is found to run a business without it will be penalized. Trade license registration
is done by the concerned states based on their rules and regulations.
Once a business wants to start its operations it needs to procure the Trade License 15 days prior to commencement. In some states it is mandatory to apply for the trade license 3 months prior to the commencement of any business activity.
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Trade license is the best approach to direct particular business from a specific area. It is managed to guarantee that the native isn't unfavorably influenced by Health Hazard and Nuisance by the disgraceful conveying of an exchange.
The trade license permit is a way to guarantee that the way and area in which the business is being carried on is as indicated by the significant principles, gauges and security rules. The arrangement of trade licence permit is
set around the State government to screen and manage the exchange inside a city. It is issued by the city enterprise of where business is found. An exchange permit is a consent to bear on a particular trade or business at the premises
for which it has been issued. Any unapproved running of Trade is an offense which may bring about a significant punishment and resulting indictment. The entrepreneurs must apply for trade license permit if required specifically
region immediately. An application must be made before the beginning of the action. Be that as it may, some state governments permit 15 days - 3 months time to look for trade license permit. Permit once issued requires periodical
re-establishment on yearly premise. Application for re-establishment must be documented no less than 30 days before expiry of permit.
Important documents required to submit for processing of Trade license Certificate are as follows:
Copy of Rental Agreement
PAN Card copy for identity proof
Aadhar Card for address proof
Certificate of Incorporation
Occupation Certificate
Fire Department NOC
Municipal Tax Receipts
Registration Certificate under Shop and Establishment Act or Infrastructure development department etc.
Trade license registration is often a time consuming and expensive process as it may be the case that setting up a single business requires multiple types of licenses, depending upon the sector, type of business ownership, a number
of employees...etc. Localised licenses are often required in different geographical units with respect to the various taxes imposed on such units.
Before entering into business, the first step should be to check out about the licensing requirement and the application procedure. This will save both money and time. If one fails to comply the licensing and permission requirement
specified for that locality, you would have to face the complicated situation for your business.
A business procuring legal license, in whatever form you choose to incorporate the business, facilitates the status and stability to your business that will be attractive to customers and investors.
If there is a damage or failure of the business and if you have a Trade License then your personal assets or finances would be safeguarded.
If there is a Trade license to your business you can be a part of certain groups which otherwise a person cannot do if it is in his own name
Many companies have good business practices, business relationships, investment groups may not agree to join hands if the business is not having a Trade License
Trade License is a proof of authenticity that the company is trustworthy and abiding the laws of the government
Trade License is a permission granted to see that no kind of unethical business operations are conducted in the residential premises.
In India, trade licenses are renewed in the period from January 1st to March 31st. Applications for Trade license renewal of such licenses must be made at least 30 days before the commencement of the year for
which renewal is sought. If you delay the renewal process, then you will attract a fine of 50% license fees. The following documents have to be submitted for renewal of trade license –
Previous year fees challans
Original License copy
Up to date tax paid receipt
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