So you have no equipment ... not even a camera and want to start a studio?
*bangs head on desk*
2 DSLR's (ex.: Canon 1Dx or 5DMkIII) or medium format cameras
24-70 f2.8
50mm f1.2
70-200 f2.8
3 to 6 studio lights (bowens 500 for example)
heavy duty, air suchioned lightstands
Various diffusres (light boxes, umbrellas, octobanks, striplights ...)
There's just too much to list here ... you need to do your own research or better yet, learn the art and science of photography and you'll KNOW what you need gear wise.
In terms of liscences and insurance ... without knowing where you are in the world, no one will be able to answer that.
Oh and oyu are right ... photography education isn;t needed but skill and an understanding of photography is ... you need to produce proper images ... money HAS NOTHING to do with that.