Business licensing

Freedom is the right to do what I like; a license is the right to do what you like.

Bertrand Russell

License is the right or permit to conduct particular activities that is authorized by a document of the same name. As a document, license indicates the right of a legal entity or individual- a licensee -to conduct business activity specified in the license for a certain period of time with the obligatory observance of licensing conditions. In case of violation of the license conditions — the license may be canceled.

Business license is an authorization document issued by a state licensing authority or a licensing body authorized by the state, which entitles business entities to conduct particular business activities that are subject to state regulation and control. The list of activities requiring a license is established at the legislative level by each individual state and varies across countries.

Conducting a licensed business activity without an appropriate license is a gross law violation that is punishable even with criminal prosecution.

The list of most demanded business licenses include:

financial license — gives the right to conduct financial activities — bank licenses, brokerage licenses, Forex licenses, cryptocurrency licenses, licenses of payment and processing systems, licenses of emoney issuers;
pharmaceutical license — gives the right to conduct activities in the pharmaceutical business, is issued
to control the circulation of medicines and may be required not only for production of medicines and medical
instruments, but also for distribution and retail sale of medicines;
gambling license — allows gambling business activities of, gambling houses, casino, bookmaking firms, lotteries. In some countries, company’s prize drawing marketing campaign can also be treated as a lottery and
subsequently require a license.
privilege seller’s permit – is often required for both personal and online sales of goods and services to consumers. This often allows you to charge sales tax to cusomers on goods and services. Many countries require a such type of license, although registration requirements vary. Some regional and city authorities may also demand that you should obtain an individual privilege seller’s permit for the designated territory.