Contents, Approvals, & Licenses Register

What are Contents, Approvals, & Licenses Registers?

A consents, approvals and licenses register contains the particulars of your company’s consents, approvals, and licenses that permit it to operate legally.

Documents the details of permits granted to your company by the concerned authorities to conduct business within a jurisdiction, giving your company guidelines to comply with.

Information contained in these documents includes business permit start and end dates, nature of activities allowed, name of the issuing authority, operational jurisdiction and the limitations these permits.

Examples:

• Commercial permits related to buildings and facilities of your company
• Professional permits related to your business activities and employees
• Environmental permits related to business activities that impact the environment

Why is Contents, Approvals, & Licenses Registers important for business today?

A consents, approvals and licenses register enables your company to:

• Operate in a particular industry and jurisdiction and file tax returns
• Mitigate risks and liabilities related to non- compliance of the permit guidelines
• Evaluate permit expenses with purchase and renewal
• Comply with audit norms and registration with other authorities

Why is Contents, Approvals, & Licenses Registers important for an event tomorrow?

A consents, approvals and licenses register is important for an event tomorrow, as it helps:

• Evaluate the business activities that your company can undertake in a specific jurisdiction
• Assess information on renewal dates, new permit requirements and redundant permits
• Evaluate the new consents, approvals and licenses required by your company post transactions
• Assess expenses in the form of legal fees, right- to-use fees, repurchases and penalties for non- compliance

Pros of addressing Contents, Approvals, & Licenses Registers

• Assessment of legal requirements for expansion or engagement in a certain activities
• Budget planning to allow for permit cost forecasting
• Evaluation of short- and long-term permit requirements of your company
• Transparency of guidelines related to the use of permits
• Increased credibility of your company in the market
• Registration and memberships of associations with multiple authorities in a jurisdiction

Cons of not addressing this topic

• Over-utilisation of resources, as your company may end up sourcing similar and redundant licenses
• Impact on the financial health of your company as non-compliance may lead to penalties and lawsuits
• Increase in risk of business suspension due to certain permit expiration without visibility.