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 proposed company names.
The 8 Steps to Philippines SEC Name Reservation
Step 1. Accept Terms and Conditions
click Accept
Step 2. Select Type of Company
The choices are:
- Stock Corporation
- Non-stock Corporation
- General Partnership
- Limited Partnership
- Professional Partnership
- Foreign Stock
- Foreign Non-Stock
- Foreign Partnership
Step 3. Select Type of Industry
This list displays the industries that require endorsement from other government agencies. Select the industry listed to classify your company. If your company’s classification does not fall under any of the listed industries, click Continue.
(for industries that do not require endorsement from other government agencies see below)
Select the type of industry listed to classify your company. If the list indicates that there is more than one page, click Next or Last to view the other industries. You may select the page number from the dropdown box and click Go To Page to view your selected industry page. You may enter a keyword in the Search Industry field below and click Search to look-up for industries to match your keyword.
(you may have to drill down the industry by clicking 5 or 6 times to get to the next step)
Step 4. Verify Company Name
Enter your Proposed Company Name at the field provided. Then select the appropriate Company Suffix of your Company Name by clicking on the drop-down box below. The Company Suffix you selected should not be included at the Proposed Company Name you entered. To verify Proposed Company Name, click Continue. To go back to the previous page, click Back.
For a domestic corporation you have the following choices: Inc., Incorporated, Corp., Corporation.
If the system accepts the name you will see the following:
– Checking your proposed name against:
>> Offensive words … PASSED
>> Internationally known foreign corporations … PASSED
>> Registered names … PASSED
>> Reserved names … PASSED
>> Company-owned words … PASSED
>> Restricted words in accordance to existing laws … PASSED
– Proposed Company Name is Available!
Step 5. New User Profile
Provide information for the following Profile details. Click Continue to complete your other Profile details. To return to the previous page, click Back.
Step 6. Reserve Company Name
Select the duration of reservation and method of payment for your company name. Enter the name of the person who is reserving the current company name on the Reserved By field.
SEC Teller or UnionBank Teller payments should be in the form of Cash, Cashier Checks, Manager Checks or Certified Checks.
Funds Transfer payments require you to have a UnionBank account. If you do not have a UnionBank account, open one at the nearest UnionBank branch. To use the funds transfer facility, enroll first by clicking the UnionBank Funds Transfer Enrollment link below. If you are already enrolled, click Continue button to proceed.
A name can be reserved for a maximum of 90 days. Extensions are possible.
The cost is PHP40 per 30 days. It is best to pay the reservation fee at the SEC Teller as the bank API is not always able to update the SEC Name Reservation Database.
Step 7. Review Reservation Summary
Make sure that your Reservation Details are correct. Click Submit to finalize the reservation. If you want to make changes, click Back.
Step 8. Print Reservation Notice
It’s important to keep the original printout as you will have to present it to the SEC.
Notes:
You may also reserve Doing Business As names as they will also need to be indicated in the Articles.
Foreign companies may be required to make three name reservations.
Ex: Head office; name Abcxyz Limited – Abcxyz Limited Manila Branch – Abcxyz Limited under the name Abcxyz Limited Manila Branch.
About David Elefant
Philippines business consultant specializing in assisting companies setup their operations in the Philippines.
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