As an entrepreneur in the MSME sector, it is imperative for you to keep a periodic check on whether your business is compliant with the mandatory licenses and permissions necessary for your business. Having these permissions and licenses issued by various regulatory bodies in the state can ensure a smooth functioning of your business without any sudden hiccups or disruptions.
Remember, there are multiple stakeholders from the government and civic bodies that issue licenses related to various businesses. While some of the licenses and permits for all the businesses may be common, a few licenses would be different for every line of business. For instance, an equipment manufacturing unit would not require a Food and Drug (FDA) license, but a business manufacturing chemicals or food products would need that license.
Also, one must be updated with the periodic announcements, launches by the government. Say for example, after GST was rolled out it became mandatory for every business to be registered with it.
It is not only the licenses that directly impact your business are mandatory and necessary. There are several other clearances and permissions to be taken for running a business. For instance, is there fire-fighting equipment in place in your premise. Has the license been renewed regularly without lapsing?
There are several other clearances to be taken from designated bodies on carbon emissions, noise pollution, safety equipment audit. While it is important to have all the licenses and permissions required for your business in place, it is equally important to renew them from time to time.