Here in Va, only a business, not a person, can be a contractor, so you need a business license in the locality you will be based in. Additionally, some other localities require a business license in their areas if you do over a certain amount of business there.
The class of contractor's license you qualify for depends on your assets, and also limits the gross amount of money of any given job. By the way, you cannot split a large job into smaller ones to skirt these limits, and you don't want to get caught trying, I've heard.
Then, in order to actually do work in the trade, you must employ a Master Electrician who supervises the work done under the contractor's license. In my company, I am the Master Electrician as well as the president, because the company is incorporated.