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Tata Capital > Blog > Loan for Business > 5 Tips to Get Yourself a Business License in India Hassle-Free

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5 Tips to Get Yourself a Business License in India Hassle-Free

5 Tips to Get Yourself a Business License in India Hassle-Free

Planning to start your business? Getting a business license forms the first step to starting your journey.

A business license is a formal document issued by the government that validates you satisfy all the legal criteria. In short, it acts as your business passport. With all your legal documents in place, you can start your business hassle-free.

Getting a business licenserequires you to be aware of a few steps in advance to avoid last-minute hurdles. So, here are our top five tips to help you get a business license in Indiastress-free. Read on.

Understand your business type

Understand the different business categories first. Then craft your business idea and define your category. Some of them are listed below:

  • Public Limited Company
  • Private Limited Company
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • One Person Company
  • Sole Proprietorship
  • Nidhi Company

Next, move ahead with your planning on how to get a business license in 2022.

Additional Read:- When You Need to Opt for Business Loan

List down mandatory business registrations

Once you have finalized your business category and structure, it is mandatory to register your business. You should decide on your business name before going through the registration process. Below is the list of compulsory registrations to follow in all states in India:

  • GST Registration
  • Register your business name
  • Director Identification Number (DIN)
  • State Business License

Types of business license

The process to get a business license differs based on your business' nature, type, structure, and location. You can consider taking professional advice on the kind of business license you need depending on the business type. Furthermore, professional advice can save your time and leads to minimum error throughout the process. Some standard business licenses are mentioned below:

  • Shops and Establishment License
  • Udyog Aadhaar Registration
  • Fire Department License
  • Air & Water Pollution Permit
  • TAN
  • Professional Tax
  • Import Export Code

Documents verification

It is best to have the required documents ready to get your business registered. Avoid last-minute delays by keeping records handy and complete the verification process with ease. Listed below are vital documents you need to verify for business registration:

  • ID proof
  • Pan Number
  • Address proof
  • NOC from the office landlord
  • Articles of Association (AOA)
  • Digital Signature Certificate (DSC)
  • Director Identification Number (DIN)
  • Memorandum of Association (MOA)

Research loan options

Although this step does not directly contribute to getting a business license, it does form a critical step in business planning. Starting a business demands capital planning in advance. Leaving a gap in budget planning can cost you in the future. So, research multiple business loan options to finance your business.

Additional Read:- Why Credit Score is Important While Availing a Business Loan

Over to you

Getting a business license approved is the first stepping stone towards building your own company.

However, if you’re looking for funding for your business, we are here to help. You can rely on Tata Capital’s unsecured loan products with attractive business loan interest rates to grow your business.

Visit our website and check your business loan eligibility today!

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