Sole Proprietorship is a structure in the Philippines for a business owned by just one individual who has all the authority in the company and full control of its assets. They are personally responsible for the debts and answer all liabilities. This allows the owner of a sole proprietorship to enjoy all the profits but suffer all the losses. A Sole Proprietorship is a good way for an individual to set-up a business that will only participate in one or two primary objectives and has a very simple operation structure (i.e. small franchise, retail store).
The Sole Proprietorship and the owner of it are almost one in the same. Having ownership of the same real property, the same TIN and the same tax laws applying to them. One of the major advantages of having a Sole Proprietorship is the ability to use a different registered business name.
Complete services for a Sole Proprietorship
- Registering the Sole Proprietorship with DTI
- Securing the local government registrations
- Sourcing the commercial space
- Providing HR consulting and drafting employee contracts
- Recruitment and executive search
- Outsourced accounting and bookkeeping services
- Payroll services for Philippines
- Annual compliance
Contact Us to register you Sole Proprietorship.
- Must apply for a Business Name with Department of Trade and Industry- National Capital Region(DTI-NCR).
- Must prepare minimal capitalization requirement for a sole proprietorship with a local bank.
- for Filipino citizen has no minimal capitalization requirement.
- for foreign national minimal capitalization requirement is $200,000 USD.
- Preparation of Registration with Securities and Exchange Commission SEC
- Filing of TIN with Bureau of Internal Revenue BIR
- If employing individuals must register with government offices
- Business permit and Mayor’s License for city of operation.
- Secure reserved name from DTI
- Present accomplished forms/docs for processing and evaluation
- Present Verification from local bank of minimum paid up capital in trust account
- Present Requirements if Foreigner or Corporation
- Pay filing fees to cashier
- Claim Registration from records division from Records Division
- Complete licensing with all applicable government agencies.