licence licence1. Official permission to do something that is forbidden without a licence (e.g. sell alcohol or own a TV or a firearm). Licences may be required for social reasons or simply to enable revenue to be collected. Since the Consumer Credit Act 1974 all businesses involved with giving credit to purchasers of goods must be licensed by the Office of Fair Trading. licensed brand A product or service using a registered brand name offered by the brand owner to a licensee for an agreed fee or royalty. |