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)
2. Obtain a Certificate of Inward Remittance (for Branch and Representative Office, RHQ and ROHQ)
3. Submit all the necessary application forms and other required documents to the SEC.
4. Obtain from the SEC the certificate of incorporation or license to transact business
The order of the following steps may vary depending on the municipality.
5. Obtain Barangay Clearance
6. Obtain Mayor’s Permit (business permit)
7. Purchase books of accounts
8. Register the business and the books of account with the Bureau of Internal Revenue
9. Pay to BIR the Documentary Stamp Taxes (DST) on the authorized capital
10. Obtain an Authority to Print official receipts, invoices etc… from the BIR (can only be printed by an authorized BIR printer
11. Register the company with the Social Security System (SSS), PhilHealth and Home Development Mutual Fund (HDMF)
Don’t forget to file the required monthly reports with the various government agencies the month following registering with them whether you have started operations or not. Failure to do so will incur penalties.
About David Elefant
Philippines business consultant specializing in assisting companies setup their operations in the Philippines.
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