Business licenses and permits

Business licences are government-issued permits that allow individuals or businesses to conduct business within the government’s territorial jurisdiction.

Our Relationship Managers will assist you at every stage of the corporate lifecycle.

Key benefits of a Business License

A business licence is advantageous to both the company and the company owner. These advantages include:

  • Legal protection for the corporation and its owner
  • A business licence enables the corporation to acquire access to specified groups or organisations that require a business licence.
  • A company having a business licence can take advantage of special tax breaks available in that field.
  • Increase the company’s trust and alleviate clients’ concerns about deceptive advertising.
  • With Business License, companies will have many chances to:
    • Enter new markets
    • Seek new opportunities
    • Find new customers
    • Open new facilities
    • Bid for new contracts
    • Legal Right and Brand Reputation

Type of Licenses

Payment Service Provider

A single payment gateway for clients to multiple payment methods.

Investment Dealer

For a forex license, one can legally offer forex trading with the legal counsel’s advice.

Banking

Legal prerequisite for a financial institution that wants to operate in banking industry

Investment Fund

Increase the asset diversification to reduce some unsystematic risk

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5 Steps to Apply for a License

Step 1.Licence Research

  • Determine all of the federal, state, county, and local licences and permissions your company requires.
  • Provide you with the necessary license/permit application forms.
  • Include filing instructions, documentation requirements, and fees.

Step 2.Payment

  • After you have finished searching for licences that are appropriate for your business, you will be asked to complete the first part of the payment. After receiving your initial payment, Ruihong will walk you through the following stages.
  • If your licence requires 2-3 payments, you will be prompted to complete payment procedures after completing steps 3 and 4.2.

Step 3.Preparation

  • Prepare licencing paperwork as requested by the government. One IBC will assist you in compiling a list of the required documents for each licence.
  • Documents pertaining to people and stakeholders are also required and listed as such.

Step 4.License Fillings

  • Identify requirements
  • Complete all application forms
  • Verify license is issued

Step 5.License Compliance

  • The government agency will review your data and, if necessary, offer more information. After completing the information, you will be notified that your Licence has been authorised.

  • Compliance with business licences can be a significant burden on your company’s day-to-day operations. Through our online web portal and our renewals team, the licencing professionals at ne IBC ensure that your firm remains compliant while you focus on your business.

FAQs


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What paperwork do I need to obtain a business licence?

Depending on the type of licence you need, you may be required to present your legal company document, shareholder/director information, business plan, and other documents such as a finance statement audit, renting office agreement, and so on. Rest confident that we will assist you in completing all of your tasks.

Do I need a business license if I have an LLC?

In most cases, no business licence is required when incorporating an LLC. However, depending on the state and industry, an LLC will require suitable business licences to operate. There are numerous licences available, awarded at various levels ranging from federal to local town hall. Some states have regulations that require generic business licences regardless of the sort of business.

What kinds of business licences and permits will I require for my venture?

In order to legally function in the country where your company is registered, you may need to get one or more types of business licences and permits. The sort of business licence you need will be determined by the jurisdiction in which you live, the products and/or services you sell, the structure of your firm, and the number of employees you have. There is no common way to identify exactly what form of licence or permit you need for your business because each country/jurisdiction has so many distinct criteria.

Here are some examples of frequent business licences and permits:

  • Seller’s permit/license: to collect sales tax on any taxable goods/services
  • Professional license: required for some specific businesses such as: accounting, legal counsel, plumbing work, massage therapy.
  • Financial services licensing: can be divided into 4 types:
    • Broker license: A must-have if you are doing business in trade markets
    • E-money License: For business that needs its own payment system
    • Banking License: Mainly for small credit organizations to provide banking services
    • Financial License: Important license for financial management and investment funds services

What licenses do I need to start a business?

Almost all enterprises will require some sort of licence, and many may require multiple different forms of permissions. This is heavily influenced by where you reside and the business you work in. You should be aware of the licences and permits required to establish a firm.

  • General Business License: Businesses are often required to have a general business license to operate. These are also considered indispensable licenses and permits needed to start a business.
  • DBA (Doing-business-as) License: You will need this license if you are operating your business under a fictitious business name (also known as a DBA name).
  • Federal and State Tax Identification Numbers: Applying for a federal EIN, also known as a tax identification number, is almost mandatory for most businesses.
  • Tax sales license: If your business sells goods, you may need to apply for this type of business license.
  • Zoning permit: There are some regions or localities that have laws that prohibit the sale of certain products or services. You will have to learn to apply for this license before proceeding with business.
  • Home Residency permit: This permit is applicable to home-based businesses.
  • Professional license: All types of businesses, especially in the professional services industry, companies and employees need this license.
  • Health Permit: You will need this if you are in the food industry or are involved in employee and customer health.
  • Special federal permits: A federal license will be required if your business engages in activities supervised by a federal agency.

Which licences do Ruihong provide?

Depending on your business, we can support you to get any licence required from the local government.Contact to us for further details.

What is my business license number?

The business licence number is normally found at the top of the business licence certificate or corresponds to a different number supplied by the government office during the application procedure. If the certificate is not available, the business licence number can be checked up at the local business licence office using the other number.

What types of businesses need a license?

You must have questioned at some point before beginning a business what types of enterprises require a licence. Businesses are obliged by law to have at least one business licence or permit granted by their municipal, county, or state government. The type of business licence you require will be determined by where you operate, the items or services you sell, and the structure of your company.

Here are some examples of enterprises that require a licence that you should be aware of:

  • Any type of business – General business license
  • Product or service business – Seller’s license
  • Companies doing business under another name – Business license doing-business-as (DBA)
  • Health-related business type – Health license
  • Businesses related to alcohol and beer – Liquor license
  • Businesses providing certain professional services – Professional license

How to get a business license?

When you start a new offshore firm, you will almost certainly need to apply for a business licence and other licences in order to operate legally.

The type of licence and permit required depends on the industry and location of your firm. The licence fee will be adjusted accordingly. Because obtaining a business licence requires time and resources, it is critical to consult with an expert to determine what you need to obtain a business licence.

To obtain a business licence through Ruihong, follow these five basic steps:

  • Step 1: Do a license research.
  • Step 2: Make your payment.
  • Step 3: Prepare the required licensing documents.
  • Step 4: File your application form
  • Step 5: Receive your business license.