Registering a new corporation in the Philippines involves several steps, which can be complex due to various legal and bureaucratic requirements. Here’s a step-by-step guide to help you through the process:
1.Verify and Reserve Company Name:
Use the Securities and Exchange Commission’s (SEC) online system, the Company Registration System (CRS), to check the availability of your desired company name. Once you find an available name, reserve it. This reservation typically lasts for 30 days.
2. Prepare Articles of Incorporation and By-Laws:
Draft the Articles of Incorporation in accordance with the Corporation Code of the Philippines. Prepare the By-Laws, which detail the corporation’s internal rules and procedures.
3. Open a Bank Account and Deposit Paid-up Capital:
Open a bank account in the name of your corporation. Deposit the minimum paid-up capital required for your corporation. The bank will issue a certificate of deposit.
4. Acquire Required Clearances:
Some businesses may need clearances or endorsements from other government agencies, depending on the nature of the business.
5. Register with the SEC:
Submit the Articles of Incorporation, By-Laws, and bank certificate of deposit to the SEC for approval. Pay the necessary filing fees.
6. Obtain Barangay Clearance:
Apply for a barangay clearance at the barangay hall where your business is located.
7. Acquire Mayor’s Permit/Business License:
Go to the municipal or city hall to get the Mayor’s Permit or Business License. This may involve additional clearances, like a sanitary permit, fire safety inspection certificate, and more.
8.Register with the Bureau of Internal Revenue (BIR):
Register your corporation with the BIR. Obtain the Certificate of Registration, Authority to Print (ATP) for official receipts and invoices, and tax identification number (TIN) for the corporation and its employees.
9. Register with Social Security Systems:
If you have employees, register your corporation with the Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), and Home Development Mutual Fund (Pag-IBIG). This step is crucial for compliance with the Philippine labor laws.
10.Compliance with Other Legal Requirements:
Depending on your business, there may be other legal requirements, such as environmental clearances, industry-specific permits, etc.
After registration, ensure ongoing compliance with reporting and tax obligations. This includes annual reports to the SEC, regular tax filings, and compliance with labor laws.
It’s important to note that this process can vary slightly depending on the specific type of corporation and business activity. It’s often advisable to seek legal and professional advice to navigate the process smoothly. Additionally, keep in mind that the government may update procedures and requirements, so it’s crucial to refer to the latest guidelines provided by the relevant Philippine authorities.
Navigating the business landscape in the Philippines can be both rewarding and intricate. Whether you’re embarking on a new venture or scaling up, ensuring that your corporate endeavors are in line with local regulations is paramount.
At CBOS Business Solutions Inc., we pride ourselves on simplifying these processes for our clients. As a seasoned professional services company, we offer comprehensive assistance with SEC Registration, Visa processing, and a myriad of other essential business requirements. Our team of experts is dedicated to ensuring that your business is compliant, well-established, and ready to thrive in the Philippine market.
Why venture into the complexities of business registration and compliance alone? Allow our team to guide you every step of the way. After all, your success is our commitment.
Get in touch today and let us be your partner in achieving your business goals in the Philippines.
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