The Civil Aviation Authority granted the launch operator and range control licenses, which the Transport Secretary authorized.
The CAA described it as “another significant milestone” toward the first orbital space launch from British soil.
A launch from Cornwall Airport Newquay is scheduled for January.
The launch was delayed earlier in December due to technical concerns.
Virgin Orbit’s Cosmic Girl 747 has been at Spaceport Cornwall since October, followed by their launcherOne rocket, which will transport nine satellites, a week later.
The CAA said the company had “taken all reasonable precautions to ensure safety hazards emanating from launch activities are as minimal as reasonably practicable”.
Tim Johnson, director for space regulation at the UK Civil Aviation Authority, said: “This is another major milestone in enabling the very first orbital space launch from UK shores and these licences will assist Virgin Orbit with their final preparations for launch.”
The CAA granted Spaceport Cornwall an operational license in November.
Each of the nine satellites will also require a license, which is expected to be issued soon.
Bringing all of the regulatory threads for this license together has been a difficult task.
Of course, demonstrating the safety of its rocket system was critical, but Virgin also had to pass environmental and fit and proper person testing.
Furthermore, the impending launch’s location, out over the Atlantic, has necessitated the permission and coordination of the governments of Ireland, Spain, and Portugal.
The decision from Dublin has been complicated in recent weeks by a change in prime minister, or Taoiseach.
The CAA, on the other hand, has kept its pledge to execute a rocket license application in less than 18 months.
We were expecting a December 14 launch, but that date was moved back after Virgin Orbit identified a technical fault with one of its Newton rocket engines during testing in California.
This necessitated additional examination and evaluation of the rocket that had already been shipped to Newquay for the Cornwall launch.
Once the company is convinced that everything is ready, a further warning to aircraft and mariners will be issued to warn them of the impending action, which is scheduled in January.
Dan Hart, chief executive of Virgin Orbit, said the licensing decision “takes us one step closer to the first satellite rocket take-off from UK soil”.
He said: “This is a major milestone for the CAA and represents the successful completion of an enormous effort, which has included the construction of new regulations, new processes and new teams.”
A specific date for the launch has not yet been set.
Melissa Thorpe, head of Spaceport Cornwall, said: “We are thrilled for the Virgin Orbit licenses to be in place for this historic launch.
“It has been an incredible effort by all partners to reach this milestone, and my team cannot wait to share in the excitement of the upcoming launch with everyone that has made it happen.”