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Philippines Company Formation

Updated:2018-4-3 16:11:02    Source:www.tannet-group.comViews:199

Philippines company formation is also called Philippines business setup, Philippines company registration, Philippines business incorporation, etc. Getting licensed and completing the company incorporation services successfully in the Philippines can be a time-consuming and stressful task especially if you’re not a local. If you’re going to invest in the Philippines, you may get in touch with Tannet. We specialize in Philippines company incorporation services.

Types of Business/Entity
1.  Proprietorship
This is a business that is owned by a single individual who has full control and authority in running this kind of business. The owner, called proprietor, owns all the assets and is solely responsible for all the liabilities of the company. He or she enjoys all the profits but also suffers all losses of this business.

2. Partnership
This is a business that is owned by two or more individuals or partners. Under the Civil Code of the Philippines, a partnership is considered as juridical person, having a separate legal personality from that of its owners (partners).

3.  Corporation
This is a business that is owned by its shareholders (natural or juridical persons). A corporation is composed of juridical persons established under the Corporation Code and regulated by the SEC with a personality separate and distinct from that of its stockholders.

4. Branch Office
This is a foreign corporation organized and existing under foreign laws that carries out business activities of the head office and derives income from the host country. It is required to put up a minimum paid up capital of US$200,000.

5. Representative Office
This is a foreign corporation organized and existing under foreign laws. It does not derive income from the host country and is fully subsidized by its head office. It deals directly with clients of the parent company as it undertakes such activities as information dissemination, acts as a communication center, and promotes company products, as well as quality control of products for export.

Procedures for Incorporating a Company in Philippines
Step 1: Register Your Business Name with the SEC
The first step of the company incorporation process is to select your business structure and register your company name with the SEC.

Step 2: Open Your Business Bank Account
When applying for company formation in the Philippines, you must open a TITF bank account. This account serves as a temporary-depository account of the corporation’s paid-up capital which is basically 25 percent of the capital subscribed. Once you open your account, the bank will then issue you a COD (Certificate Of Deposit) that you will have to submit to the Securities and Exchange Commission.

Step 3: Documents and Bylaws Preparation
Our experts will then help you prepare business corporation bylaws and documents. These documents along with the COD will have to be submitted to the Securities and Exchange Commission for approval and registration.

Step 4: Get TIN from Bureau of Internal Revenue
Once you get registered with the SEC, then as a company owner, you must get your TIN (Taxpayer Identification Number), apply for authority so that you can print official receipts and also register your books of accounts.

Step 5: SSS Registration
The next step is to get registered with the Social Security System. This will help you secure your employer number which you can use as reference for the remittances of contributions made on a monthly basis.

Step 6: Register with Other Authorities
After that, you will also have to register your company with other important authorities in the Philippines.

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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