It’s Time to Legalize your Philippines Lending Business
David Elefant
March 1, 2017
The War on Money Lenders Emmanuel F. Piñol Secretary of Agriculture posted on his facebook page on January 10, 2017 that President Duterte ordered the arrest and deportation of foreigners engaged in 5 – 6 money lending. 5 – 6 money lending; are small loans given to small business who cannot obtain bank loans as
Five Benefits of Document Imaging Systems
Ericka Aguilar
December 2, 2016
Businesses are constantly looking for ways to cut costs and increase productivity. One of the many ways this can be achieved is by investing in advanced technologies that will eradicate timely hand-operated tasks. These allow organizations to waste less time on routine but necessary office work and more time on Important Matters. What is a
BUSINESS PERMIT RENEWAL 2017
Ericka Aguilar
December 2, 2016
January is time for Business Permit renewal in the Philippines, and should be done between January 1st – 20th, 2017. The law requires, every business establishment to annually renew its registration with the local government unit (LGU) that has jurisdiction over its place of business. REQUIREMENTS FOR RENEWAL Renewal of Barangay Clearance – present
What You Need to Know about Business Permits in the Philippines
David Elefant
June 7, 2016
Every business whether a corporation or partnership registered with the SEC or a sole proprietorship registered with the DTI is under the obligation to immediately obtain business permits in the municipalities where they operate.
2016 Philippines Holidays
David Elefant
September 7, 2015
The following is a list of holidays for 2016, declared by virtue of Proclamation No. 1105, s. 2015, unless otherwise specified: January 1, 2016, Friday – New Year’s Day (Regular holiday) January 2, 2016, Saturday – (Special non-working day) === === === February 8, 2016, Monday – Chinese New Year (Special non-working day) February 25, 2016, Thursday –
Startup Founders Business Registration Questions Part 2
David Elefant
August 14, 2015
Should startup founders sign a shareholders agreement (SHA)? Yes, startup founders should sign a shareholders agreement which should include most of the following items. The shareholders agreement should be written in clear language, definitions of words should be included to avoid ambiguities and disagreements among the founders, during the life of the company. Capital
Startup Founders Business Registration Questions Part 1
David Elefant
August 3, 2015
The most common questions from startup founders before business registration with the Philippines SEC are: How do I keep control of my company, while still issuing shares to investors? How many shares should my company have? Example Incorporation A corporation was registered with an authorized capital of PHP One Hundred Thousand (100,000) divided into Ten
UBER GrabCar and the Philippines Transportation Legislation
David Elefant
June 23, 2015
Uber, Lyft and other transportation are facing numerous regulatory and legal challenges to its operations worldwide. In the Philippines on October 22, 2014 the Land Transportation Franchising and Regulatory Board (LTFRB) apprehended an Uber driver in a sting operation for driving passengers for a fee without a Certificate of Public Conveyance. The driver was fined
Starting a Philippine Business as a Foreigner
David Elefant
June 9, 2015
It doesn’t not matter whether you’re a foreigner or a Filipino, it really is difficult to start a business in the Philippines. Tips for foreigners who want to register a company in the Philippines Do your homework! There are many restrictions on foreign equity ownership of businesses in the Philippines. The percentage of foreign ownership
2015 Philippines Holidays
David Elefant
December 11, 2014
The following is a list of holidays for 2015, declared by virtue of Proclamation No. 831, s. 2014, unless otherwise specified: January 1, 2015, Thursday – New Year’s Day (Regular holiday) January 2, 2015, Friday – Additional special non-working day (Special non-working day) === === === February 19, 2015, Thursday – Chinese New Year (Special
A Brief Overview of BIR Filing Rules for Philippine Corporations Businesses
David Elefant
October 24, 2014
Bureau of Internal Revenue Tax Filings Upon registering your corporation, branch office or business with the Philippine Bureau of Internal Revenue (BIR), you will be required to attend a seminar that will orient you on your company’s basic tax obligations in the Philippines. While most corporation owners would send their accountants to this seminar rather
Philippine Congress studies bill creating E-Peso
David Elefant
October 7, 2014
Philippine congresswoman Kimi Cojuangco has filed House Bill no. 4914, or the Electronic Peso or E-Peso Act of 2014, the objective of which is to create digital legal tender that can be used as cash, as opposed to credit cards, for the purchase of goods and services on the Internet. Although digital in nature, E-Pesos
Steps in Registering Your Corporation with the BIR
David Elefant
September 7, 2014
The Bureau of Internal Revenue (BIR) is the Philippines’ primary taxation agency. It is authorized to assess and collect taxes from all income-generating entities in the country. Before any business can commence operations, they are required to register with the BIR or be penalized in accordance with Philippine law. Here are the steps to registering
Steps in Securing Your Corporation’s Business Permit at the City Hall
David Elefant
August 29, 2014
Once you’ve obtained your Securities and Exchange Commission (SEC) certificate of incorporation and your barangay permit, the next step in registering your Philippine-based corporation is to get a business permit – also called the mayor’s permit – from city hall. The process of business permit application tends to vary among localities. In some places, the
Steps in Registering Your Corporation in the Philippines: A Brief Overview
David Elefant
August 14, 2014
Once you have decided that the Philippines is a good place for setting up business, it’s time to begin the process of registering your corporation. Here are the steps to registering a corporation in the Philippines: 1. Register your company name with the Philippine Securities and Exchange Commission (SEC) . This is the government agency under
2014 Investment Priorities Plan (IPP)
David Elefant
August 12, 2014
In an effort to attract prospective investors in the Philippine economy, the Department of Trade and Industry (DTI) has submitted the 2014 Investment Priorities Plan (IPP) to Malacañang for approval last July 2014. Unlike previous years where the IPP changed on a yearly basis, the 2014 IPP will be valid until 2016 or 3 years.
Tax Withheld for Employees BIR Form 2316
David Elefant
August 5, 2014
Doing business in the Philippines and hiring Filipino talent requires compliance with the revenue regulations of the Bureau of Internal Revenue (BIR). This applies to all companies, whether local or foreign owned BPOs, or engaged in any other kind of business and have already registered with the BIR. Revenue Regulations No. 11-2013 Other than submitting
Understanding the Philippines Local Government Unit System for Foreign Businesses Operators
David Elefant
April 10, 2014
The Barangay So you want to do business in the Philippines, but you don’t know how to get a business license in the Philippines or deal with the government. Any foreigner wanting to do business in the Philippines needs to understand the legal process and national and municipal requirements particular to the country. There are
The Philippines – A Prime Location for International Business
David Elefant
March 10, 2014
At the Crossroads – Gateway to East Asia The Philippines is the perfect base for any company that wants to do business internationally. Being strategically located between two great trade routes – the Pacific Ocean and the South China Sea, the country is placed at the crossroads of international shipping and airlines. The Philippines is
Starting a Business in the Philippines
David Elefant
March 6, 2014
Why would anyone want to start and do business in the Philippines? The bureaucratic and legal hurdles a company or entrepreneur must overcome to incorporate and register a new firm here can be frustrating. However, with the help of a business consultant, that has extensive experience in Philippines business registration and setting up foreign owned
2014 Filing Dates of Annual Financial Statement SEC Philippines
David Elefant
December 2, 2013
All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations must file their Annual Financial Statements with the Securities and Exchange Commission depending on the last numerical digit of their SEC registration or license number, as follows: Filing Dates Filing Date Last Digit of SEC Registration/License April 14, 15,
Philippines SEC Name Reservation
David Elefant
November 22, 2013
The first step in registering a business in the Philippines is to reserve a name by either visiting the SEC or through their online reservation system http://iregister.sec.gov.ph/MainServlet. First time of users of the system will need to signup as a new user. Once you have an account you will be able to verify and reserve
Business Registration Cost Philippines Corporation
David Elefant
November 7, 2013
The cost for a business registering a corporation in the Philippines is based on the amount of authorized capital. Depending on the nature of the business and the percentage of foreign ownership there may be a minimum paid-in capital requirement. Schedule of fees and charges for registration of a new corporation: Name Reservation: PHP 40.00
Software Development or Web Development Company Registration in the Philippines
David Elefant
October 14, 2013
There are more than 500 software development companies in the Philippines according to the PSIA. Their clients are from North America, Asia and Europe. These companies are expected to reach at least $1.16 billion in revenue by the end of 2013, which mainly comes from the outsourcing of software development, web development and IT operations.
Opening Personal & Corporate Bank Accounts in the Philippines
David Elefant
October 3, 2013
Corporate Bank Accounts Philippines All corporations doing business in the Philippines need a local bank account. There are many local banks, foreign owned banks and branches of foreign banks to choose from. The main advantage of opening an account with a local bank is their numerous branches all over the country, mall outlets open on
2014 Philippines Holidays
David Elefant
October 3, 2013
President Aquino has proclaimed the 2014 Philippines Public Holidays under Presidential Proclamation 655 Regular Holidays New Year’s Day – January 1 (Wednesday) Araw ng Kagitingan – April 9 (Wednesday) Maundy Thursday – April 17 Good Friday – April 18 Labor Day – May 1 (Thursday) Independence Day – June 12 (Thursday) National Heroes Day –
Philippines Startup Scene
David Elefant
September 23, 2013
The startup scene in the Philippines is thriving with events every week, ranging from hackathons, open coffees, gamification, conferences and meetups on just about every programming language, apis to social innovation. These events are not only being held in Metro Manila but also in Baguio, Cebu and Davao. The Philippines’ startups are in education, tech,
Registration of Online Casino Gaming Gambling Sports Betting License Philippines
David Elefant
September 8, 2013
Foreign companies can obtain licenses in the Philippines to operate online gaming/e-gaming, online casino and sports betting businesses. A 100% foreign owned company can register and operate an online gaming business in the Philippines as a domestic corporation or by opening a branch office licensed by the SEC to transact business in the Philippines. Officially,
Paid Up Capital Requirements for Philippines Business Registration
David Elefant
August 29, 2013
Business Registration Paid-up Capital Requirements The amount of authorized capital, paid-in capital or inward remittance is determined either by the Corporation Code of the Philippines, the Foreign Investment Negative List, DTI, BSP or SEC regulations. Depending on the nature of the business, and the amount of paid-up capital you may be required to open a
Ways around Philippines Foreign Investment Act
David Elefant
August 12, 2013
Many people ask how they may circumvent the Philippines laws on foreign ownership as stated in the foreign investment negative list. Most inquires pertain to foreign ownership of land and foreign ownership of corporations engaged in retail business or where the foreign equity is restricted to 40% or less. No legal solutions exist for a
SEC Amends GIS Requirements
David Elefant
August 5, 2013
Every business registered with the Philippines SEC is required to submit a General Information Sheet (GIS) every year to the Securities and Exchange Commission. The amended GIS requirements can be found in SEC Memorandum Circular 10 Series of 2013. The changes are: 1. Number of copies to be submitted reduced to 4 from 5 2.
Tax Identification Number for Foreign Investors
David Elefant
August 1, 2013
Foreign corporations and individuals whether resident or non-resident, who have opened/invested in a domestic corporation, branch office, representative office or any other legal entity licensed to transact business in the Philippines are now required to obtain a Tax Identification Number (TIN) from the Bureau of Internal Revenue (BIR). SEC Filings All documents to be filed
Philippines Business Registration for Shared Service Centers
David Elefant
July 17, 2013
Shared Services Business Registration There are multiple business entities that can be used to operate a shared service center in the Philippines. Depending on the exact nature of its activities the center may be setup as a regular BPO which could be incorporated as a Domestic Corporation or Branch Office a ROHQ or RHQ may
Philippines Business Registration Requirements Checklist
David Elefant
July 15, 2013
All businesses whether locally or foreign owned: corporations, branch offices or any other legal entity that will be licensed to do business in the Philippines are required to register their business with numerous government agencies. The Philippines business registration requirements are: 1. Verify and reserve the business name with the Securities and Exchange Commission (SEC)
SEC Eases Registration Requirements for Branch and Representative Offices
David Elefant
June 25, 2013
Foreign companies whose home country does not require them to prepare and submit audited financial statements are no longer mandated by the SEC to submit an audited financial statement to obtain a license to transact business in the Philippines for their branch or representative offices. In line with Administrative Order No.38 on Ease of Doing
2013 Philippines Holidays
David Elefant
September 6, 2012
President Aquino has proclaimed the 2013 Philippines Public Holidays under Presidential Proclamation 459 Regular Holidays New Year’s Day – January 1 (Tuesday) Maundy Thursday – March 28 Good Friday – March 29 Araw ng Kagitingan – April 9 (Tuesday) Labor Day – May 1 (Wednesday) Independence Day – June 12 (Wednesday) National Heroes Day –
2012 Philippines Holidays
David Elefant
December 6, 2011
President Aquino has proclaimed the 2012 Philippines Public Holidays under Presidential Proclamation 295 Regular Holidays New Year’s Day – January 1 (Sunday) Maundy Thursday – April 5 Good Friday – April 6 Araw ng Kagitingan – April 9 (Monday) Labor Day – May 1 (Tuesday) Independence Day – June 12 (Tuesday) National Heroes Day –
Philippines RHQ ROHQ Tax Incentives
David Elefant
October 21, 2011
Regional Headquarters (RHQ) and Regional Operating Headquarters (ROHQ) and their expatriate and Filipino employees are entitled to tax incentives. Foreign employees and their families may apply for special non immigrant visas. Let DBC register your RHQ or ROHQ rapidly. RHQ • It may not obtain income from sources within the Philippines nor participate in any
BPO Philippines BOI Registration
David Elefant
September 21, 2011
Tax incentives offered by the BOI to BPOs are another enticement to register a business in the Philippines. The Philippine government allows Business Process Outsourcing companies to file an application with the Board of Investments to register for tax incentives. Multiple tax and non tax incentives are given to businesses in the IT / BPO
How to Open a Company in the Philippines
David Elefant
July 8, 2011
Their are many options to open a company in the Philippines. Some though can only be used for marketing and export inspection such as a representative office or for regional management RHQ. We recommend either setting up and registering a branch office or a corporation rather than a partnership or a sole proprietorship. A corporation
How to Setup a Call Center or BPO in the Philippines.
David Elefant
June 13, 2011
There are two legal entities which can be used to register a call center, BPO, KPO or outsourcing company in the Philippines. The choice is limited to a Branch Office or a Domestic Corporation. Both can be 100% foreign owned as long as at least 60% of its services. A Representative Office can not be
Philippines Foreign Ownership of Resorts
David Elefant
April 17, 2011
There are a few legal options to owning and managing a resort in the Philippines. Because of the restrictions on foreign ownership of land which is in Article XII of the 1987 Philippine Constitution, one solution is to lease/rent the land needed for the resort. Foreign individuals and business entities may lease land for a
Philippines Sole Proprietorship
David Elefant
March 16, 2011
The definition of a Sole Proprietorship or “single proprietorship”in the Philippines – is a business structure owned by an sole individual who has full control/authority of its own and owns all the assets, personally owes and answers to all liabilities and losses. A sole proprietorship must apply for a business name and be registered with
Philippines Business Registration Back Office Operations Setup
David Elefant
March 15, 2011
The Philippines is a popular destination for Back Office Business Process Outsourcing (BPO). Back Offices are usually setup for data entry, accounting, bookkeeping, human resources, financial services, marketing, software development and anything that could be competently at a lower cost in the Philippines. 100% foreign ownership of back office operations is allowed in the Philippines.
Philippines BPO KPO Registration Incorporation
David Elefant
January 6, 2011
Philippines Business Process Outsourcing Registration Incorporation Starting a Back Office, KPO, Business Process Outsourcing or Call Center in the Philippines requires that you register your operations with the SEC. Outsourcing is deemed an export business and can be one hundred percent (100%) foreign owned (Fully Foreign Owned Domestic Corporation). To qualify as an export oriented
PEZA BOI Comparison
David Elefant
December 8, 2010
PEZA vs BOI Registration for your Company The Government of the Philippines has put in place several incentive programs and tax breaks to attract foreign and local investors. The two main agencies implementing those incentives are BOI and PEZA. Dayanan Business Consultancy will assist you in choosing and registering with the correct agency for your