Central Licenses for Business in India
To start a business, one needs to have a license in India. Various certificates and licenses are required depending on the type of business, the business location, number of company owners and other factors. We will first look into the different kinds of business and the documents /licenses necessary for them. In the second part, we will see the how-to for these documents/licenses. We will look into the Central Licenses required to do business in India.
LMPC Certifications
There are certain rules and regulations that Legal Metrology Act defines related to selling and distribution of packaged products. This act also provides the guidelines to follow during the import and export of goods. If you want your business to run efficiently and smoothly you need to setup a consumer and buyer right protection system and in order to establish a protection system you need to comply with the act that has described the legal metrology and measurement system.
Sanitary Import Permit
There are certain rules and regulations that Legal Metrology Act defines related to selling and distribution of packaged products. This act also provides the guidelines to follow during the import and export of goods. If you want your business to run efficiently and smoothly you need to setup a consumer and buyer right protection system and in order to establish a protection system you need to comply with the act that has described the legal metrology and measurement system.
Payments Bank License
Payment Bank License is a mandatory requirement to open a Payment Bank in India. Before applying for the license, the applicant needs to accumulate 100 Crores paid-up capital first and then incorporate a Public Limited Company under the Companies Act, 2013
Insurance Broking License
The registration of insurance company and issuance of insurance company license is regulated under the Insurance Regulatory and Development Authority of India (Registration of Indian Insurance Companies) (Seventh Amendment) Regulation, 2016.
Payment Wallet License
These payment services are operated under financial regulation and performed via mobile or cards or the internet. The regularity and issuing authority for issuing the Payment wallet license or a prepaid payment license is RBI. RBI is also responsible for issuing guidelines and rules for prepaid payment wallets. Payment wallet instruments are instruments that facilitate the purchase of goods and services against the stored value on such instruments.
PSARA License
Private security agencies (agencies) are business establishments formed with the purpose of offering security services to businesses in various sector, including banking, information technology, finance, industries and the like.
PSARA, 2005 was introduced so as to establish a certain standard of professionalism in the field of security services. Agencies cannot lawfully exist without obtaining a PSARA license. These agencies not only provide security services but also offer the option of training potential candidates for their security-centric careers.
CPCB License
In this series of our articles on trade license. We are going to discuss in detail about pollution NOC certificate required by various industries in India. Pollution NOC certificate is issued by central pollution control board. Pollution NOC certificate is a consent provided by various government under Water (Pollution & Control of Pollution) Act, 1974 and Air (Pollution & Control of Pollution) Act, 1981.
FFMC License
FFMC is an abbreviation for fully fledged money changer. A company which intends to carry out the activities of forex currency exchange after obtaining the prior approval of Reserve Bank of India shall be regarded as Full Fledged Money Changers (FFMC). Under Section 10 of the Foreign Exchange Management Act, 1999, the Reserve Bank of India authorizes entities to deal in foreign exchange for specific purposes. These entities are called as Authorized Money Changers (AMCs).
