Sole Proprietorshipis 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.

Contact Us to register you Sole Proprietorship.

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Requirements

• 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 Tax Identification Number 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.

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Procedure

• 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.

Triple i can set-up your Sole Proprietorship in the Philippines:

Total Registration Process is 1-2 weeks

Packages start at 750 USD

Check out the Investor Incentive Programs to see benefits for setting up a business in the Philippines, and Philippines Investment Resources to see all the resources available for investors.