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What is a trade license?
A trade license is a certificate that allows you to run your business or any kind of trade in any particular location. It is important for you to have a trade license in place, in order to ensure that you do not engage in any unethical practices in your business. It is regulated by the Municipal Corporation Act of various state governments.
What are the different types of trade licences?
There are three types of trade licensed in India. They are as follows:
Industry licenses which are applicable for any small, medium and large scale manufacturing factories.
Shop license which is provided for any dangerous and offensive trades like manufacturing of crackers, candles and such.
Food supply license which is important for restaurants, hotels and bakeries.
What documents are required to obtain a trade license?
For a private limited company;
Company documents -
Incorporation Certificate
MOA
AOA
Company PAN card
ID proof of all the directors
Address proof of the business premises
For Karnataka - Katha extract certificate and copy
Building proof or a sanction plan
How much time does it take to obtain a trade license?
The timeline for a trade license varies from state to state. If you are going to apply for a trade license in a metro city, it could take about 20 days to obtain a license. In case you are applying from smaller cities or rural areas, it could take longer.
How does the renewal of trade license work?
So there is a renewal time frame for a license and that is from Jan 1st to March 31. Therefore, in case you have a trade license in place, you can renew it before March 31st to extend its validity. The trade licenses issued by a municipal corporation are valid for a year and it should be renewed every year.
