Creating A Corporation & Company Registration - Philippines
Each nation has distinctive laws and procedures for creating a business
. Furthermore, different forms of businesses including proprietorship, partnership and corporation also provide their own procedures for creation. You may use the procedure below or hire a company who provides business consulting Philippines to help you build a corporation.
Step 1 Company Name
The first step is to pick a company name. Be sure to have two other options in mind. Visit the Securities and Exchange Commission (Philippines) website to input your option for the company name and validate that it hasn't been used. It is free to use this system.
When you find a name get it. There's a small fee due within 30 and up to 120 days and must be renewed upon termination if you ever neglect to pay the necessary amount.
Step 2 Show them the money
Deposit sanctioned capital stock of the corporation to an authorized bank and secure a certificate of deposit. Some banks demand fees.. This may take a day to undertake
Step 3 Notarize Articles of Incorporation
Get a paper copy of the articles of incorporation from the SEC. It's thick and could require time to fill up. Once you have filled-in the details notarize it. Expect to pay a fee to notarize as well as the paper document of the articles of incorporation.
Step 4 Register
Company Registration in Philippines takes a few days and plenty of paperwork. Get all your documents to allow them to verify everything is in order. Signatures may be required so be sure directors and officers are present. There are fees so get ready
Step 5 Clearance & Tax Certificate
Get a 'barangay clearance' from the area where the business will be based. Then head to the City Treasurer's office and pay the annual community tax to get the tax certificate. You'll find these in the local City Hall of the area. Anticipate paying fees for both.
Step 6 Business Permit
This may take a week or two. With regards to the nature of your business the Business Permits & Licensing Office will execute certain checks. Again there is a charge.
Step 7 Accounting & Taxes
You'll need accounting books or an electronic accounting system to be tested by the Bureau of Internal Revenue (BIR). If accredited, obtain a certificate of Registration and Tax Identification Number at the BIR. Have your accountant and tax officer there to respond to your questions on what forms of taxes you will be paying.
Step 8 More fees and Printing Invoices
Pay the registration fee and documentary stamp taxes at the bank in which you placed your paid up capital. Then return to the BIR and obtain approval for the format of your receipts. Print booklets of your receipts and also have them rubber-stamped by the BIR.
Step 9 Register with SSS and PhilHealth
Head to the Social Security System to submit the requirements, be sure to take the Articles of incorporation with you. Then head to the Philippine Health Insurance Company and register with them. Take your BIR registration and SEC registration. In fact always bring all the forms with you.
If you find company registration in Philippines too complicated, then hire a company to aid you. They are more familiar with the laws and fees of the government.
Business Consulting in Philippines is very beneficial especially to foreign investors who will also must take care of obtaining a business visa.
by: Carmine Lombardi
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