Regulatory Approvals is a generic term which covers permissions, licenses or authorisation granted by a Government, state agency or Regulatory Authorities to an individual or business entity permitting the manufacturing of a product, delivery of a service, development of a project or other similar undertakings. The Regulatory Approval grants exclusive rights and privileges to the individual or entity involved which translates into a competitive advantage and superior economic benefits. When undertaking a business valuation, regulatory approvals are an important intangible asset which can generate measurable economic benefits to an entity. Regulatory approvals qualify as intangible assets because they can be recognised and the associated economic benefits reliably measured. Intangible assets are a class of assets without physical form yet can provide significant value to the owners. To estimate the fair market value of an intangible asset such as regulatory approvals, business valuators apply techniques under the income, market and asset methods.