All you Need to Know about Trade License

Last Updated at: May 06, 2020
139
All you Need to Know about Trade License
  1. What is a Trade License?

  2. The varied benefits of having a Trade License?

  3. What is the eligibility for applying for a Trade License?

  4. Documents required for a Trade License?

  5. What all steps are required for Trade License registration?

  6. Procedure for Trade License renewal?

  7. Trade License Renewal

  8. FAQs

What is a Trade License?

Trade license refers to the permit or authorization or business given by the municipal corporation to carry on a specific business at a specific location. It guarantees that the residents are not affected by any health hazard or nuisance. The trade license ensures that particular trade is carried out by keeping in mind all set standards and guidelines of safety. This license is issued by the municipal corporation of the state.

There are many types of licenses, like food establishment license, shop license, and industry license.

What are the varied benefits of having a Trade License?

  • One of the major benefits is that the business which is licensed enjoys the goodwill and can attract more customers. This is the era where customers value quality rather than quantity, and then it’s important to have a trade license.
  • Those companies which are having trade licenses, they prove that they have better business practices, and those who do better business practices can attract more investors and business organizations for collaboration purposes.
  • In case the person is unable to get the trade license, then the government has the right to impose the charges on any such business, which may even lead to a shutdown.
  • It also protects the owner against any unexpected liability.

What is the eligibility for applying for a Trade License?

There are also eligibility criteria which have to be followed if the person does not fulfill the basic eligibility criteria, efforts for applying for a license would go in vain. Eligibility criteria for trade license application are:

  1. The applicant must be 18 years and above
  2. The applicant should be not having any kind of criminal records
  3. The business must be legally permissible

What are all documents required for a Trade License?

Certain documents are required to be submitted to get the trade license. You can apply for a trade license online or offline.  But before that, there are certain documents that one needs to have when they want to apply for trade license:

The following documents are as follows:-

  1. Address Proof
  2. ID proof
  3. PAN Card, along with the incorporation certificate of the company
  4. Aadhaar card is necessary
  5.  They have to carry Latest Municipality Property Tax Payment Receipt
  6. In case the person who runs a company has taken the property on lease to run the business, then they are supposed to carry Lease documents or consent letter from the owner of the property
  7.   The NOC or No objection certificate of the neighbor has to be carried
  8.  A certified layout plan of the office
  9. It takes around 7-8 days for the issue of trade license

What all steps are required for Trade License registration?

Vakilsearch helps you avail Trade License in 3 simple steps –

  1. We help you put together all the required details.
  2. We will file the application on your behalf
  3. You will receive a trade license.

Alternative Way – 

  1. Log on to the respective website of the Municipal Corporation
  2. Additionally, go to the Citizen Service Option
  3. Now, click on to Online application
  4. Therefore, you need to enter all the details like personal information and credentials
  5. Submit the form, and you will get a registered user ID and password
  6. Additionally, Login in with ID and then apply for a new license
  7. Moreover, you need to fill all the credentials like NOC, property details, type of business, etc.
  8. Next, you need to upload all the required documents to support your information.
  9. Additionally, submit all the details.
  10. The next step is the verification of the documents
  11. Additionally, after successful verification, you will get a Unique Application Number
  12. Thereafter the page will redirect you to the trade license payment page. Moreover, you will get to choose different modes of trade license payment online. After paying the fees, you will the Trade License Number

get your trade License

What is the procedure for Trade License renewal?

Once you have got the trade license, it must be renewed annually. The right time to apply for trade license renewal is 30 before the date of expiry. In case there is a delay in the trade license renewal, then there is a late fee of up to 50% of the license fee.

So, if you are going ahead with trade license renewal, then you must have the following documents handy with you:

  1. Original copy of Trade License
  2. ID and address proof
  3. Last year’s challan
  4. Old G-8 receipt
  5. Property tax receipt

Trade License Renewal Online

You can choose online or offline methods of trade license renewal. The process remains the same, but you need to have the above-mentioned documents with you when you are going for trade license renewal online. Additionally, the timeline for trade license renewal online and offline is between 1st January to 1st March every year. Failing to do so may subject you for a penalty.

FAQs

1. Why get a Trade License?

Trade licenses have been issued in the country for the past 40 years. The implications are that unfair trade practices and carrying out any such activities which harm the locality or people are under control. Having a trade license ensures that the business can meet all the set standards of legal business, and they are also able to pursue safety measures.

2. When to renew the trade license?

In India, trade licenses need to be renewed after a year of issue. Moreover, they are renewed from the period of January to 31st March. Trade licenses are renewed every year.

3. What are the penal provisions?

If the person has the license to run the business, yes, it ensures their goods image in the market. But, having a trade license demands greater responsibility. Additionally, the responsibility is to comply with the rules and regulations. Moreover, if they are unable to fulfill the same, they can be charged a good amount of penalty by the administration.

 

 

 

0

All you Need to Know about Trade License

139
  1. What is a Trade License?

  2. The varied benefits of having a Trade License?

  3. What is the eligibility for applying for a Trade License?

  4. Documents required for a Trade License?

  5. What all steps are required for Trade License registration?

  6. Procedure for Trade License renewal?

  7. Trade License Renewal

  8. FAQs

What is a Trade License?

Trade license refers to the permit or authorization or business given by the municipal corporation to carry on a specific business at a specific location. It guarantees that the residents are not affected by any health hazard or nuisance. The trade license ensures that particular trade is carried out by keeping in mind all set standards and guidelines of safety. This license is issued by the municipal corporation of the state.

There are many types of licenses, like food establishment license, shop license, and industry license.

What are the varied benefits of having a Trade License?

  • One of the major benefits is that the business which is licensed enjoys the goodwill and can attract more customers. This is the era where customers value quality rather than quantity, and then it’s important to have a trade license.
  • Those companies which are having trade licenses, they prove that they have better business practices, and those who do better business practices can attract more investors and business organizations for collaboration purposes.
  • In case the person is unable to get the trade license, then the government has the right to impose the charges on any such business, which may even lead to a shutdown.
  • It also protects the owner against any unexpected liability.

What is the eligibility for applying for a Trade License?

There are also eligibility criteria which have to be followed if the person does not fulfill the basic eligibility criteria, efforts for applying for a license would go in vain. Eligibility criteria for trade license application are:

  1. The applicant must be 18 years and above
  2. The applicant should be not having any kind of criminal records
  3. The business must be legally permissible

What are all documents required for a Trade License?

Certain documents are required to be submitted to get the trade license. You can apply for a trade license online or offline.  But before that, there are certain documents that one needs to have when they want to apply for trade license:

The following documents are as follows:-

  1. Address Proof
  2. ID proof
  3. PAN Card, along with the incorporation certificate of the company
  4. Aadhaar card is necessary
  5.  They have to carry Latest Municipality Property Tax Payment Receipt
  6. In case the person who runs a company has taken the property on lease to run the business, then they are supposed to carry Lease documents or consent letter from the owner of the property
  7.   The NOC or No objection certificate of the neighbor has to be carried
  8.  A certified layout plan of the office
  9. It takes around 7-8 days for the issue of trade license

What all steps are required for Trade License registration?

Vakilsearch helps you avail Trade License in 3 simple steps –

  1. We help you put together all the required details.
  2. We will file the application on your behalf
  3. You will receive a trade license.

Alternative Way – 

  1. Log on to the respective website of the Municipal Corporation
  2. Additionally, go to the Citizen Service Option
  3. Now, click on to Online application
  4. Therefore, you need to enter all the details like personal information and credentials
  5. Submit the form, and you will get a registered user ID and password
  6. Additionally, Login in with ID and then apply for a new license
  7. Moreover, you need to fill all the credentials like NOC, property details, type of business, etc.
  8. Next, you need to upload all the required documents to support your information.
  9. Additionally, submit all the details.
  10. The next step is the verification of the documents
  11. Additionally, after successful verification, you will get a Unique Application Number
  12. Thereafter the page will redirect you to the trade license payment page. Moreover, you will get to choose different modes of trade license payment online. After paying the fees, you will the Trade License Number

get your trade License

What is the procedure for Trade License renewal?

Once you have got the trade license, it must be renewed annually. The right time to apply for trade license renewal is 30 before the date of expiry. In case there is a delay in the trade license renewal, then there is a late fee of up to 50% of the license fee.

So, if you are going ahead with trade license renewal, then you must have the following documents handy with you:

  1. Original copy of Trade License
  2. ID and address proof
  3. Last year’s challan
  4. Old G-8 receipt
  5. Property tax receipt

Trade License Renewal Online

You can choose online or offline methods of trade license renewal. The process remains the same, but you need to have the above-mentioned documents with you when you are going for trade license renewal online. Additionally, the timeline for trade license renewal online and offline is between 1st January to 1st March every year. Failing to do so may subject you for a penalty.

FAQs

1. Why get a Trade License?

Trade licenses have been issued in the country for the past 40 years. The implications are that unfair trade practices and carrying out any such activities which harm the locality or people are under control. Having a trade license ensures that the business can meet all the set standards of legal business, and they are also able to pursue safety measures.

2. When to renew the trade license?

In India, trade licenses need to be renewed after a year of issue. Moreover, they are renewed from the period of January to 31st March. Trade licenses are renewed every year.

3. What are the penal provisions?

If the person has the license to run the business, yes, it ensures their goods image in the market. But, having a trade license demands greater responsibility. Additionally, the responsibility is to comply with the rules and regulations. Moreover, if they are unable to fulfill the same, they can be charged a good amount of penalty by the administration.

 

 

 

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