WHY IS IT INSECURE TO WORK WITHOUT A LICENSE AND PARTICULARITIES RELATED THERETO
01Carrying on business without a licence. Entails imposition of a penalty up to 500 basic units with forfeiture of profit earned as a result of carrying on the business or without forfeiture or deprivation of rights to carry on such business (Article 12.7 of the Code of Administrative Offences).
In such a case, profit is understood as all proceeds received in the result of carrying on such business (Article 12.39 of the Code of Administrative Offences).
02Time consumption. If you submit documents individually, you should study a list very attentively since it is not infrequent that licensing authorities don’t accept documents on the first try, therefore, you’ll have to submit documents several times and the documents submission procedure may take several months.
03Compliance with the requirements. In order to obtain a licence you’ll need to prepare a certain package of documents as well as meet requirements provided for licensees accordingly to applicable laws.
04Areas of licensing. Prior to start carrying on your business, you should make sure whether it is subject to licensing or not, since consequences of carrying on business without a licence are extremely negative (See Clause 1).