Business Consulting BlogIt’s Business Permit Renewal Time for 2022!

January 7, 20220
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It’s that time of the year again when the New Year’s parties are over and it’s back to business. And for your company to avoid fines and remain in business, you’ll need to renew your business permit on or before January 20th, but in some cases, the deadline is being extended by some LGUs (local government units).

Business permit renewals are held annually nationwide, although it can also be done semi-annually or quarterly. (But in Taguig, semi-annually or quarterly is not an option for newly registered businesses, which includes old companies that recently transferred to Taguig. The waiting period is at least 12 months.)

To renew your business permit, you’ll need to travel to the BPLO (Business Permit Licensing Office) and provide the following documents, along with paying a fee that varies per organization. Here’s the overview of the documents you will need to provide:

  • For revenue-generating companies, the business permit fees are based on the gross receipts declared for the previous year
  • For non-revenue generating entities, they can expect to shell out government fees from Php 20-25,000.00
  • Non-compliance will mean a penalty for the company, and possible interruption in the operation can also be expected since most institutions (like banks and lessors) may request updated permits
  • The processing timeline can be expected to run between 1-2 months from the start date of the renewal; the timeline will vary from one Local Government Unit (LGU) to another
  • Some of the critical and general requirements during business permit renewal:
    • Copy of latest filed Audited Financial Statement / Income Tax Return / Monthly or Quarterly Value Added Tax Returns
    • Updated / latest signed and notarized lease contract
    • Updated Certificate of Occupancy
    • Updated information on the number of employees
    • Copy of your previous Business Permit
  • Some of the output documents from business permit renewal are:
    • Sanitary permit – note that some LGUs do not issue this kind of permit, like Pasig, Quezon City, and Muntinlupa
    • Barangay Clearance
    • Community Tax Certificate
    • Environmental Clearance or Greenhouse Gas Inventory Certificate (for Makati City)

With COVID-19 around, along with various travel restrictions and government offices unexpectedly closing, this can be a challenge. The good news is that Triple i Consulting can help renew your business permit for you. Reply to this email, or Contact us here to get started now!

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