A Guide to Register a Corporation in the Philippines Today
Establishing a business structure in the Philippines is an essential milestone for any entrepreneur. Whether you are a Filipino founder or a international investor, the primary goal is to register a corporation Philippines correctly to ensure protection. With the recent updates to the government systems, the procedure has become more streamlined through electronic systems like eSPARC.Step 1: Reserving Your Corporate Name
Your initial task is to decide on a unique corporate name. You must check for its availability on the Securities and Exchange Commission (SEC) eSPARC portal. Check that your chosen name does not conflict with existing registrations. Once approved, you can hold the name for 30 to 90 days by paying a nominal reservation fee.
Step 2: Structuring Your Corporate Structure
Prior to register a corporation Philippines, you need to define your share structure and leadership.
Founders: You need at least 2 but not more than fifteen incorporators. Note that a One Person Corporation (OPC) is currently an option for individual entrepreneurs.
Capital Requirements: For general domestic corporations, there is no specific paid-up capital required by the SEC, except for specialized industries like finance.
Management: You must register a corporation philippines designate a President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Phase register a corporation philippines 3: Online Submission via eSPARC
Currently, the vast majority register a corporation philippines of the application is completed online. Through the eSPARC system, you will input your Articles of Incorporation, By-laws, and other documents. This platform enables the OneSEC processing track, which can issue a Digital Certificate of Incorporation in a single business day provided all information is accurate.
Phase 4: Post-SEC Registrations
Receiving your SEC Certificate is just the first part. To fully operate and register a corporation Philippines successfully, you must move forward with these local permits:
Barangay Clearance: Obtain this from the local district where your office is located.
Mayor’s or Business Permit: File for this at the City Hall. This requires a proof of address and sanitary permit.
BIR Registration: Visit the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number register a corporation philippines (TIN), register your books of accounts, and secure authority to print invoices.
Phase 5: Government Contributions
Once your corporation starts employing people, you are required to register with social agencies including the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your employees receive legal benefits and safeguards the entity from legal issues.
Conclusion
Managing the process to register a corporation Philippines needs patience and attention to detail. While the digital transition has simplified the task, many businesses still choose to consult professionals to register a corporation philippines prevent common mistakes. Following these guidelines, you can build a strong foundation for your enterprise in the vibrant Philippine economy.