Business Consulting BlogTax BlogCentral Bank Deposit Revisted

July 25, 20120
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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 this new 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 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 for local companies with loans being settled in foreign banks. Technically, this is applicable to any company who will purchase foreign exchange in our local banks for the cited purposes. The main reasons why BSP Registration is a requirement is to safeguard the company’s hard-earned profits and dividends, to avoid hassles in remittance processing, and to ensure continuous cash flow to the home country.

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.

By: Del Morales

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