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Philippines Business Setup

Updated:2018-3-21 18:30:16    Source:www.tannet-group.comViews:153

Philippines business setup is also called Philippines company registration, Philippines corporate formation, and Philippines company establishment, etc, Starting your business right is crucial to its future success, which means everything should be legal and registered. If you are planning to start a business, the following exposition will guide you through the steps in registering a Corporation in the Philippines.

I. Brief Introduction to the Corporation
A corporation is a legal entity that is separate and distinct from its owner or incorporators. It has legal rights and obligations similar to an individual. It can enter into contracts, loan, hire employees, pay taxes, etc. It is formed by at least five individual called incorporation.

The ownership of a corporation is divided into shares of stock. A corporation issues the stock to individuals or other businesses, who then become owners or stockholders, of the corporation.

II. Advantages of A Corporation
The risk and liability is limited only to the corporation. Owners are not personally liable;
It is easy to increase capital through issuance of stocks to investors;
It can be pass on to different owners;
It can exist indefinitely;
It has the capacity to act independently similar to individual;
The management or decision making is shared by the board of directors, not sole individual.

III. Authorities in Charge of Corporation Registration in Philippines
Here are the government agencies where you are required to register a Corporation in the Philippines:

1. Securities and Exchange Commission
2. Local Government Units where your business is located:
   Barangay;
   Mayor’s Office;
3.Bureau of Internal Revenue
4. If you have employees, you need to register to the following:
   Social Security System;
   Philippine Health Insurance Corporation;
   Home Development Mutual Fund.

IV. Procedure in Registering A Corporation
1. Reserve and Register Your Business Name in Securities and Exchange Commission (SEC)
Processing Time: At least one (1) week upon submission of complete documents

2. Acquire Barangay Clearance
Processing Time: 1 day upon submission of complete documents.

3. Acquire Business Permit from the Mayor’s Office
Processing Time: At least one week upon submission of complete documents. But It can take longer depending on the permit requirements based on the industry.

4. Register with the Bureau of Internal Revenue (BIR)
Once you have the Mayor’s Business Permit, you can now register with the BIR.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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