There are different businesses, and most of them require to have a corresponding license. However, every other license works on different basis. Even if you are selling your handmade goods, it’s recommended to have a home business permit to be fully legal in your business. As I am a representative of gambling-related field, I can tell that gambling business is no exception when it comes to licensing.

As a rule, a license has a validity period determined by law, and to obtain it, a company must comply with licensing requirements. Doing a business that is subject to licensing without a license is illegal in any country in the world: a business and its owner may be fined forcing a license, or the company may be closed.

Among business licences are:

Financial license
Medical license
Gambling license
Each of those requires different set of papers that also depends on the licensing body or jurisdiction. However, I can outline some documents that are needed for any type of permit:

Company registration.
Documents identifying the founders, beneficiaries, directors, as well as confirming their reliability and sufficient financial support (in particular for obtaining financial and gambling licenses).
Certificates for equipment (in particular, gambling equipment) from the manufacturer and a quality certificate after testing equipment by authorized bodies.
Benefits of licensed business:

No additional costs and problems with the law.
Customer trust (for example, investors will entrust asset management only to a licensed agent, as this is a certain guarantee of their money).
Opportunity to transparently conduct and advertise your business, without any problems to enter new markets.
The ability to easily open corporate accounts in European banks and merchant accounts.

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