Licensing

Certain activities might be subject to licensing from relevant Governmental authorities. This means that, in order to engage in provision of particular services, it is possible that your company will need to prepare and submit the request, together with supporting documents, to the authorities for them to allow the company to conduct the intended business activities. Authorities examine the request and issue a license or reject the application.

Successfully obtaining a license, however, does not come without further responsibilities. Being granted the license means that the company will have to follow additional requirements, for example, specific reporting procedures, for the license not to be revoked.

Some activities do not require licensing in a traditional sense but are subject to non – objection certificates from authorities or informing the authorities in advance that the company is about to conduct particular business activities.

As a general rule, licensing requirements apply for gambling business, crypto exchanges, depository wallet service providers, Forex companies, in certain cases - ICO projects (see Nomad Law’s legal consultancy solution for ICO projects here). Operating without a license might lead to fines and other types of legal trouble, such company would also not be able to access banking services as financial institutions are obliged to check whether the business is operating accordingly with all applicable regulations.

Obtaining a license without help from a legal professional oftentimes proves to be extremely challenging and time-consuming, especially if the outcome is not positive.

Whether you are only exploring the waters and would like to find out what options would be best for your business idea, are looking for potentially simpler ways of achieving your objectives (sometimes, obtaining a license in the country of business owners could be too difficult or too expensive) or would like to obtain assistance during a particular process, contact Nomad Law and allow us to contribute.

If your business is already licensed, but you are having difficulties keeping up with the fast-changing legal environment, check Nomad Law’s corporate governance solutions – we are more than glad to assist not only in obtaining, but also in maintaining an already issued licenses.