What are the benefits of acquiring permits and licenses?
What are the benefits of acquiring permits and licenses?
Main Reasons for Getting Permits:
- Helps Protect Property Value. Your home or business is an investment.
- Saves Money. Property insurers may not cover work or damages caused by work done without permits and inspections.
- Makes Selling Property Easier.
- Improves Safety.
- It’s the Law.
What is the difference between business license and business permit?
Licenses are more general, granting permission to do something or use something. Permits are usually given for safety issues, like health permits, and may require an inspection before they are granted. A permit to carry a gun is another example.
What are permits and licenses for a business in the Philippines?
All businesses are required to get a business permit or mayor’s permit from the Local Government Unit (LGU) in the Philippines. This is required as you will be setting up a business in the LGU’s area of governance. Having a business permit proves that you have a legitimate business recognized by the local government.
Why the business licenses and business permits are important for entrepreneurs to undertake certain business related activities?
Industry or sector specific licenses from government ministries. Activity specific licenses….2. Industry or sector specific licenses.
| Industry | License | Authority |
|---|---|---|
| Manufacturing/Factory | Manufacturing License | Malaysian Investment and Development Authority (MIDA) |
What are the advantages and disadvantages of licensing?
Advantages and Disadvantages of Licensing
| Advantages to Licensing | Disadvantages to Licensing |
|---|---|
| You will not need to incur the costs of producing, promoting, packaging, or selling your product. | You will likely lose control over your product, including promotion, packaging, and selling. |
Is a permit the same as a contract?
A permit could be a minor or major part of a contract: for example a lease may call for the tenant to obtain all required permits before construction; or one could contract with an individual to obtain a permit for them. While a permit may be incidental to a contract the permit itself is not part of contract law.
What are the permits needed to start a food business in the Philippines?
Business Permit Requirements in the Philippines
- Barangay Clearance.
- Certificate of Registration.
- Contract of Lease if you are leasing your business’ area, however, if you own the place, a copy of the Transfer Certificate of Title (TCT) or Tax Declaration is what you would provide.
- Certificate of Occupancy.
Why do we need business permit?
Business permits regulate safety, structure and appearance of the business community. They act as proof that your business follows certain laws and ordinances. Requirements vary by jurisdiction, and failure to comply often results in fines or even having your business shut down.
What is the purpose of business permit?
