Save Taxes with Expert Assisted ITR filing.
Starts from ₹799 onwards
Trade License

Trade Licence Renewal Procedures

When it comes to Trade License Renewal, read the following blog to understand the process in detail.

The process of getting the trade license is not a difficult one and requires little or no hassle. A professional service provider can guide you through the process and help you get the right document without any hassles. There are two types of licenses for a running organization, namely, the permanent license and the temporary license. The permanent license is given to organizations that have been registered for many years, whereas the temporary license is issued to new entities that want to start working in the city. It is recommended that you should not renew the temporary license until you have a permanent one. Read more to know the steps involved in the renewal of the trade license.

Checklist of the Documents for Trade License Renewal

The trade license document checklist contains all the necessary information regarding the license. This includes the following:

  1. Trade License Document
  2. Trade License Fee
  3. Certificate of Registration
  4. List of Permitted Products
  5. Permission for the establishment of a warehouse
  6. Permission for the establishment of an office
  7. Permission for the establishment of a workshop

We’ve got a trade license for you. This is the right way to start your journey in the world of trading.

Steps to Renewal of the Trade License on the MCD Portal

After the MCD receives the application, the authority will process the application for the issuance of the new license within 48 hours. The authority may conduct an onsite inspection of the establishment to determine if the licensee is in compliance with the requirements of the act.

The initial idea behind this was to show that a business is a social construct, and so it is the people who are at the core of a business. So when we look at a business, it is a social construct. 

Renewal of the Trade License Online can be done through the MCD portal. The renewal of the trade license is a process that is automated by the MCD portal. When the authority receives the renewal application, it will conduct the same investigation as when a new license is issued. During the application process, the authority may undertake an on-site audit of the institution under the guidance of an investigator.

There are various methods for ensuring that a company complies with the laws and regulations. One method is to conduct an inspection. If the inspection results are unsatisfactory, the authority may request that the inspection be canceled. On the contrary, if the inspection results are satisfactory, the authority will issue a new license within a few days.

trade license registration

Why is a Trade License Required to be Taken?

Trade licenses are issued by the government to those who want to trade goods, commodities, and services. A trade license is a legal document that requires a trader to obtain before trading.

For those who are interested in starting up a small business, one must first get an E-TIN number. This would help in making your online transactions smoother.

A trade license is a legal document that authorizes enterprises to undertake a type of business at a specific location. Businesses and traders must obtain a trade license in order to perform their business licenses. Those who have recently created their business can go to the respective municipal corporation’s website and fill out an application for a trade license. 

If you are looking for a trade license or a permit for your business, you can get them online. 

What Are the Main Objectives of a Trade License?

The primary goal of instituting trade licenses was to assist the government in regulating and strictly supervising all trades and businesses conducted within specific municipal or corporation limits. The goal of the trade license is to develop a mandate relating to the establishment and operation of the business from inside the assigned localities for the exclusive purpose of commercial operations, as well as to guarantee that all enterprises are under the guidance of government authorities and that no unethical business conducts are functioning within the nation. 

Categories

Licensing is a form of legal protection that gives you the right to use a trademark or service mark in connection with a business. This means that your business can use the trademark or service mark to identify its products and services in a certain way. It also means that you can stop other businesses from using the same trademarks or service marks without permission.

Trade Licenses are categorized into three types – 

  • Industrial License

When it comes to Industrial licenses, there are two types of licenses that you need to apply for. The first is an Industrial License and the second is a Trade License.

Industrial licensing is the process by which a manufacturer of goods or services must obtain permission from the SIA before selling their product or service. The purpose of this is to protect the public by ensuring that only legitimate businesses are operating within the state.

If you want to set up a business of your own, you need to apply for an industrial license. The cost of an industrial license varies from state to state and depends on the type of business you are setting up.

  • Shop License

The purpose of the Shop and Establishments Act (SEA) is to regulate and control the conduct of businesses involving the supply of goods or services in Singapore.

There are laws that protect workers from being exposed to dangerous working conditions. This is meant to ensure that the working conditions and wages are fair and equal for all workers. If your business has employees, then you need to make sure that you comply with these rules.

  • Food Establishment License

The first step towards opening a business is to obtain a business license from the government. The next step is to apply for an individual or corporate business license. You will be required to submit a detailed application form along with all relevant documents such as a business plan, business registration, and the required license fee. The license fee depends on the type of license you are applying for, whether it is individual or corporate, and the number of employees involved.

If you are planning to open a restaurant, you should apply for the appropriate licenses before you actually start. 

If you wish to commence a new business or a trade, then you need to obtain a trade license from the concerned authorities. This is done by drafting an application form and submitting it to the relevant department in your municipality/corporation.

An application for a trade license typically takes seven to ten days to process. Furthermore, all trade licenses issued must be reauthorized between January 1st and March 31st. The application for license validity extension must be submitted at least thirty days before the license expires. Penalty charges will be imposed if the renewal application is not submitted on time. To make the process smoother, the experts at Vakilsearch can help. 

Hope this blog related to Steps Involved in Renewal of a Trade License was helpful.

Read more,

0

Back to top button

Adblocker

Remove Adblocker Extension