How To Start A Business In Philippines – Get started now. Thinking of expanding your business to the Philippines? Before that, you need to know the company registration process in the Philippines.
Local and foreign companies must register with several government agencies in the Philippines to legalize your business operations and business. Therefore, we have listed 5 basic steps on how to register a company in the Philippines.
How To Start A Business In Philippines
The Securities and Exchange Commission (SEC) of the Philippines has an online company registration system where you can create an account to reserve and register a company name in the Philippines. Alternatively, you can do this through the SEC Name Check Section at their Mandaluyong office.
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An AOI is a contract containing the name of the company, its purpose, location, number of founders and the amount and share of capital.
The articles of association describe the rules governing the corporation. Meetings, board of directors and officer elections and other officer duties are also included.
It is signed by the elected treasurer, who is authorized to act in this capacity.
Another key step to register your business in the Philippines is to get a permit from the Barangay, District of your choice.
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You must also apply for and obtain a permit from the Mayor’s Office and the Business Permits and Licensing Office (BPLO).
You will need to register your new company with the BIR in the Philippines by submitting the appropriate application documents as part of your tax requirements.
Finally, you must register your employees and yourself as an employer with the following government authorities for income tax, social security, health insurance and housing benefits.
Take a quick look at the infographic below, which gives a quick overview of how to register a company in the Philippines:
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The content team includes in-house and freelance writers from around the world who contribute informative and trending articles to help aspiring entrepreneurs take their business to the next level in Asia. The Philippines continues to simplify starting a business and paying taxes and social security. Facilitate the creation of business task forces consisting of the National Security Council, Department of Finance, Department of Trade and Industry (DTI), Interior and Local Government (DILG), Bureau of Internal Revenue (BIR), and Securities and Exchange Commission. .
Government agencies have simplified the procedures for registration and starting a business. Last April 2015, the SEC launched the Integrated Business Registration System (IBRS) for corporations and partnerships. This one-stop website allows businesses to obtain their SEC registration number, Taxpayer Identification Number (TIN), and SSS, PagIBIG and PhilHealth registration numbers in one transaction in one day. This has significantly reduced the number of steps and days required to start a business. Originally located at the SEC’s headquarters, the IBRS service was expanded to include select trading centers. It has since expanded to SEC Tarlac and will soon open in SEC Cebu, SEC Davao and SEC Cagayan de Oro. A total of 23,128 companies were registered under this system from April 15, 2015 to March 15, 2016, and more than 99% of them received their registration papers within one day.
In terms of tax and salary-related payments, PagIBIG and PhilHealth have made it easier for companies employing ten or more employees to pay their monthly contributions through Landbank and DBP’s online payment system. Meanwhile, the BIR launched electronic filing of tax returns and e-payments through G-cash, where taxpayers can use their mobile phones to transfer payments instead of queuing at BIR offices and banks. SSS implemented an online payment scheme a few years ago where companies with more than ten employees can transfer contributions through partner banks (automatic debit) and accredited payment centers (Bayad Center, SM Malls, etc.).
At the local level, the Quezon City government has streamlined its procedures through an online portal where businesses can submit applications. With this system, the number of days and steps to process business requests has been reduced from six days to two days. In addition, taxpayers can make real estate and business tax payments through online banking with Landbank. Quezon City is home to over 65,000 businesses.
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These reforms were the result of NCC’s Gameplans 3.0 and 4.0, a strategy to simplify government operations related to ease of doing business, as measured by the World Bank-International Finance Corporation annual business report.
Over the past five years, the Philippines has made steady progress in the Doing Business survey. It was ranked 148th in 2010 and has gradually risen to 103rd, an improvement of 45 countries in five years.
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