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Philippines Company Registration Requirements

Updated:2018-3-21 18:34:21    Source:www.tannet-group.comViews:121

The legal requirements for starting a business in the Philippines depend on its type of business and industry. Partnerships and corporations are required to be registered with the Securities and Exchange Commission (SEC), while single proprietorship businesses are not. Proprietorships are instead required to register with the Department of Trade and Industry (DTI) for the registration of their business name.

Generally speaking, newly formed foreign and domestic corporations doing business in the Philippines must comply with the following obligations in registering with various government agencies:

1. Verify the availability of the company name with the Securities and Exchange Commission (SEC);
2. Obtain bank certificate of deposit of the paid-in capital from the Authorized Agent Bank (AAB) and in most cases a certificate of inward remittance;
3. Register the company with the SEC and receive pre-registered taxpayer’s identification number (TIN);
4. Obtain the community tax certificate (CTC) from the City Treasurer’s Office (CTO);
5. Obtain Barangay (neighborhood) clearance;
6. Obtain the business permit to operate at the local Business Promotion and Development Office (BPDO);
7. Receive inspection from the BPDO;
8. Buy special books of account at a local bookstore;
9. Register with the Bureau of Internal Revenue (BIR);
10. Pay the documentary stamp taxes (DST) on the issuance of authorized capital stock;
11. Obtain the authority to print receipts and invoices from the BIR;
12. Print receipts and invoices;
13. Have receipts, invoices and books of accounts stamped by the BIR;
14. Register with the Social Security System (SSS) as an employer;
15. Register with the Philippines Health Insurance Company.

In early 2012, the government has launched the Philippine Business Registry (PBR) system - a one-stop shop for entrepreneurs who need to register with the various government agencies, such as the DTI, SEC, BIR, SSS, Pag-Ibig Fund and Philhealth. However, this service is only available to a few cities in Metro Manila and is not yet available nationwide.

Special Requirements
Aside from the basic requirements, there are also special licenses or registrations that must be obtained by a business to start its operation. For example, banks, financing company, lending company, pawnshops, money changers, money remittance business, and other financing institutions are required to be registered with the Bangko Sentral ng Pilipinas (BSP). If you are manufacturing and selling products related to food and drugs, you also have to register with Bureau of Food and Drugs (BFAD). For schools and entities involved in providing education, they should register with the Commission on Higher Education (CHED) and Department of Education (DepEd).

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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