Begin compliance early to avoid penalties

December 17, 2018

With only a few more days left in the calendar year, your focus is likely on doing those final deals to make the year’s targets. It’s also a fantastic time for marketing and investing in the relationships that have made your business successful this year, which makes it easy to overlook less exciting compliance obligations you must fulfill within the next few weeks.

All business owners need to renew their business permits with their local government units by January 20th to be able to continue operating. The number of renewed permits grew to 31,311in 2018. With total Investment Promotion Agency-approved investments in Q1 having risen by 52.3% from the P121.46 B approved in the same quarter last year, the number of permits to be renewed in 2019 will certainly increase as well.

Due to this high number of businesses pursuing renewal, the process can be tedious and take anywhere from a day to a few weeks. Standing in line takes a lot of time, and documentation can sometimes be tricky- some fees are fixed while others depend on an assessment from the city treasurer’s office, and taxes are computed from on your previous year’s gross sales. Many business owners who “DIY” the process end up returning to the same office multiple times. It’s tempting to skip renewal altogether, which is very risky.

The usual penalty for non- compliance is a penalty per month, plus surcharges for the unpaid registration fees, which can quickly add up. The local government also has the authority to close your business if they find due cause.

Thankfully, the team at Triple I Consulting can relieve you of the obligation of preparing all the documents, filling out forms, and standing in these long lines. Renewing can be as easy as sending a note today.

In our experience, if paperwork is filed before the 9th of January, renewal can be applied for in as little as a day. The process stretches out further and further the later it is begun, so it’s best to get documentation together before 2018 ends.

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