In the previous weeks, one of our Tax Consultants posted some information about the Bangko Sentral ng Pilipinas (BSP) Registration of Inward Remittance. It is apparent that many companies that have incorporated in the Philippines are unaware of the new central bank deposit requirement.
Upon the release of this new circular issued by the BSP, Triple i Consulting is now proactively informing its clients of this new provision and offers to process the BSP Registration for them in order to avoid future problems with their remittances. We also recommended this to current clients who are in the process of registering their business. Although registration with the BSP is optional, we strongly encourage companies to register their inward remittance or central bank deposit before the deadline runs out at the end of this year.
BSP Registration of Inward Remittance is applicable to companies with shares of foreign ownership as well as local companies with loans settled in foreign banks. Technically, this applies to any company purchasing foreign exchange in local banks for these purposes. BSP Registration is required to safeguard the company’s hard-earned profits and dividends, avoid hassles in remittance processing, and ensure continuous cash flow to the home country. Additionally, it helps facilitate smooth transactions involving a central bank deposit, ensuring compliance with regulatory requirements.
Here are the basic requirements needed in the registration of a company’s inward remittance with the BSP and for the issuance of the Bangko Sentral Registration Document:
- Articles of Incorporation
- By-Laws
- General Information Sheet
- Certificate of Inward Reittance
- Sworn Statement
Triple i Consulting’s Tax Consultants are experienced Attorneys and CPAs. We can readily assist companies in the preparation of the letter of request and collation of documentary requirements needed to process the BSP Registration up until its approval and issuance.
