All businesses that wish to operate in the UK need to have a business license. A business license is a certificate issued by the government in order to allow the individuals or partners to run businesses legally. These certificates are issued for a couple of purposes. One, they are used to identify and keep track of all the businesses operating in the country; and, two, the businesses are taxed by the state.
Every business in the UK needs to obtain a business license, or register with HMRC. There are different types of business licenses issued by the government. Depending on each business, obtaining a business license may differ from business to business. For example, an import export business may need to obtain a different sort of business license than a jewellery business; similarly a restaurant may need to have a license that is quite the opposite of a tiles business. Regardless of the business type, every business must have a business license.
A money transfer business needs to have a valid business license issued by the government. All businesses operating in the financial sector need to register with anti money laundering scheme. Similarly, a money transfer business also has to comply with the money laundering rules and regulations set-up by the state. Businesses operating in the financial sector are supervised by the government. The regulation of the financial sector is an extremely important part of a financial system of the economy without which many financial crimes may take place.
The financial regulations are applied to the following businesses:
- financial and credit businesses
- accountants, tax advisers, auditors and insolvency practitioners
- Trust or Company Service Providers
- estate agents
As can be seen, these businesses have to deal with the financial aspect of the economy. The financial and credit businesses are required, by law, to keep money in their accounts. The accountants, tax advisers and the service provider companies are needed to keep their record and file their credit ratings with the government. Similarly, estate agents and casinos need to have a clear record of all their transactions. All these businesses make an integral part of the economy, and contribute a great deal towards the tax revenues of the government.
Businesses operating in other sectors also need to register with their respective regulatory authorities that are set up in the state. All the businesses are regulated for various reasons. For example, as stated above, financial businesses are regulated in order to combat money laundering, the restaurants are regulated for health purposes, and other businesses are regulated for other various reasons. It is very important for the businesses to register with these regulated authorities and is illegal to run a business without registering with them.
The government website contains all the detailed information about business licensing, supervisory authorities for each business, and on how to apply for the business licenses. A money transfer business cannot be started before registering with the HMRC and signing in with the anti money laundering scheme. The following links provide further, detailed information.