What is a business license

A business license is a required permit and a prerequisite for companies to meet, if they wish to engage in business activities. It provides the business entity with the authority to lawfully conduct activity under the rules and regulations of its jurisdiction.

Business license explained

Most businesses are required to obtain a business license in order to legally engage in business activity in a specific jurisdiction. A business license is issued by a legal authority to enable an individual or company to legitimately conduct business. It can encompass a number of company types; however the main purpose of a business license is to allow a company to legally conduct business.

In order to obtain a business license and engage in business activity, a number of documents, certificates and applications must be submitted to the relevant business license issuing authority. Moreover, there is a certain capital requirement that needs to be fulfilled; however the amount of this is dependent on the nature of your business.This license is needed for a range of business types, such as an offshore bank – which requires a specific type of business license. Once the business has been licensed, it can provide a range of offshore financial services to its clients.

In order to successfully obtain a business license and set up your banking institution, it is advised to seek the assistance of a professional consultancy firm. In addition, experienced consultants will help ensure that you obtain the license in a professional and timely manner. This is important as expert consultants are able to administer and submit the relevant documentation to the correct issuing authorities well as ensure that your business is in compliance with the jurisdictional regulations.