The entrepreneur’s handbook to company registration in the Philippines
Are you ready to take the plunge into the entrepreneurial waters of the Philippines? Let’s walk you through the process.
Before you start painting your logo on the side of your new office building, you’ve got to tackle a less glamorous, but oh-so-important task: company registration.
Hold onto your barong and read on as we guide you through the labyrinth of paperwork and procedures required to officially start your business in the Pearl of the Orient Seas.
Navigate the bureaucratic maze
Entering the realm of entrepreneurship is like finding yourself in a bureaucratic maze – lots of turns, dead-ends, and occasionally, you feel like you’re going in circles. But, rest assured, with a bit of patience and a heavy dose of persistence, you’ll emerge victorious.
Get your paperwork in order
The company registration Philippines process demands some serious paperwork. Prior to doing anything else, you need to get familiar with the following documents:
- Articles of Incorporation
- By-Laws
- Treasurer’s Affidavit
- Endorsement from S.E.C.
- Notarized Bank Certificate of Deposit
- Certificate of Deposit
- Community Tax Certificate for each foreign/national incorporation
- Authorization to Verify Bank Account
- Registration Data Sheet (Single Proprietorship)
Sounds overwhelming? Don’t worry; you don’t need to memorize the forms. Just get to know which ones are relevant to your setup to smoothen your way through the process.
Make a note of any deadlines
“We’re not procrastinators; we’re just extremely efficient at delivering high-quality work, at the last minute,” you cheer to your fellow entrepreneurs.
A wink and a chuckle make light of the reality that deadlines are critical in the Philippine business registration process. Hang up a big calendar, mark the dates with bold print – and most importantly – finish beforehand, if you can!
Choose a name of your business
Picking a business name is like choosing a life partner – it’s supposed to be “the one” for the long haul, so make it meaningful.
Your business name should reflect your enterprise’s core values and offerings. It should be memorable; shout it from the treetops and have it echo through the streets, bestows an air of respectability and professionalism.
Present your name to the Philippines’ SEC
Presenting your name to the Securities and Exchange Commission (SEC) for approval is where the rubber meets the road. Be prepared for names to be rejected if they are:
- Identical or deceptively similar to that of any existing corporation or to any other name already protected against use by any other person by a law or an order of the Office.
- Names that are, in the consideration of the Commission, patently deceptive, confusing, or contrary to existing laws, morals, good customs, public order, or public policy.
In other words, be original, be you, and keep it clean!
Paying your business bills
They say only two things are certain in life: death and taxes. But before you give in to an existentialism crisis, know that paying your dues is an important venture milestone.
In the Philippines, this includes getting a Tax Identification Number (TIN), which allows you to pay and file your taxes through the Bureau of Internal Revenue (BIR).
Engaging a professional to help you sort through taxes is always a good move, particularly for foreign entrepreneurs who may not be accustomed to Philippine tax laws.
Budgeting for business permits
You’ll need a Mayor’s Permit (or Business Permit) from the city where you’ll be operating. This can involve several departments, each with their own requirements, fees, and forms.
Prepare yourself, gather all the necessary documents, keep your cool, and soon enough, you’ll be legally in business. Remember, it’s all part of the entrepreneurial adventure!
