Consents, Approvals & Licences

What are Consents, Approvals & Licences?

Consents, approvals and licenses documentation includes the permits required by your company to operate your business efficiently, and your compliance with local regulations.

Consents, approvals, and licenses documentation serves as a comprehensive source of all information on various permits granted to your company by various authorities, to conduct business across jurisdictions. It also contains details of the guidelines and regulations and costs and tenure of such permits.

The requirement of such documents may vary across industries and jurisdictions.

They cover:

• Professional permits and approvals related to your business operations
• Commercial permits and approvals related to your facilities
• Environmental permits and approvals related to business activities

Why are Consents, Approvals & Licences important for business today?

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

• Conduct business operations in a particular industry and across jurisdictions
• Mitigate the risks and liabilities of your company related to non-compliance with permit guidelines and regulations
• Assess the costs related to the purchasing of new licenses and their renewal fees
• Comply with audit norms and allows for registration with various authorities

Why are Consents, Approvals & Licences important for an event tomorrow?

Consents, approvals and licenses documentation is important for an event tomorrow, as it helps:

• Assess the type of permits granted to your company to perform business activities across jurisdictions
• Account for annual expenses to purchase and renew permits
• Evaluate your company’s compliance with the terms and conditions of such permits and understand penalties for any non-compliance
• Assess information on consents and licenses renewal dates, and any redundancy across these permits

Pros of addressing Consents, Approvals & Licences

• Reduced potential for operating outside of the licences held
• Reduced potential for failing to adhere to license conditions
• Improved speed and cost of due diligence
• Helps eliminate duplicate or redundant permits

Cons of not addressing this topic

• Impact on the financial performance of your company, as non-compliance with guidelines may lead to penalties and lawsuits
• Increase in business risks, as the required documents are not maintained by your company
• Over-utilization of resources, as your company may end up sourcing similar or redundant permits.