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How to Register a Domestic Corporation in Bonifacio Global City

June 15, 2023

Bonifacio Global City (BGC), a thriving business district in Taguig City, Philippines, attracts entrepreneurs and corporations with its modern infrastructure, strategic location, and access to a skilled workforce. Registering a domestic corporation in BGC offers businesses a gateway to capitalize on these advantages, but the process involves navigating multiple government agencies and compliance requirements. This comprehensive guide outlines the steps to establish a company in BGC, detailing the business registration process, necessary documentation, and ongoing obligations to help businesses succeed in this dynamic hub.

Initial Steps to Form a Domestic Corporation

Entrepreneurs must complete the foundational steps before registering a company in BGC to establish a legal business entity. These steps ensure compliance with Philippine laws and position the corporation for success in BGC’s competitive market.

Select a Corporate Structure: Choose to operate as a domestic corporation, which limits liability and suits businesses seeking investors or scalability.
Verify the Company Name: Use the Securities and Exchange Commission’s (SEC) online verification tool to ensure the proposed name is unique and complies with naming guidelines.
Prepare Articles of Incorporation: Draft the Articles of Incorporation, specifying the company’s purpose, capital structure, and incorporators, ensuring at least five but no more than 15 incorporators.
Appoint Key Officers: Designate a president, treasurer, and corporate secretary, noting that the corporate secretary must be a Filipino citizen and resident per the Anti-Dummy Law.
Secure a Treasurer’s Affidavit: Obtain a notarized affidavit from the treasurer certifying the subscription of at least 25% of the authorized capital stock, with 25% paid up.
Open a Bank Account: Deposit the paid-up capital in a bank and obtain a certificate of deposit, which is required for SEC submission.

SEC Registration Process for a Company in BGC

The SEC oversees the incorporation of domestic corporations, and completing this process is essential to legally operating a company in BGC. This section details the requirements and steps for SEC registration.

Submit Documents to SEC: File the Articles of Incorporation, By-laws, name verification slip, Treasurer’s Affidavit, and bank certificate of deposit via the SEC’s Electronic Simplified Processing of Applications for Corporation (eSPARC).
Pay Registration Fees: Settle SEC fees, calculated based on the authorized capital stock, typically ranging from PHP 2,000 to PHP 10,000 for small to medium corporations.
Obtain Certificate of Incorporation: Receive the SEC Certificate of Incorporation, confirming the company’s legal existence, usually within one to two weeks if documents are complete.
Comply with Capital Requirements: Ensure the minimum paid-up capital aligns with regulations—PHP 5,000 for domestic corporations or higher for specific industries like recruitment or real estate.
Register Corporate Books: Secure and register books of accounts, including journals, ledgers, and stock and transfer books, with the SEC for record-keeping.
Apply for Secondary Licenses: For regulated industries like finance or education, obtain additional SEC licenses post-incorporation, as applicable to the company’s operations.

Tax and Local Government Registrations

After SEC approval, a company in BGC must register with tax authorities and local government units to comply with fiscal and operational regulations. This section outlines the necessary registrations.

Register with the BIR: Submit the SEC Certificate, Articles of Incorporation, and lease contract to the Bureau of Internal Revenue (BIR) to obtain a Tax Identification Number (TIN) and Certificate of Registration.
Secure Barangay Clearance: Apply for a Barangay Clearance from the barangay where the BGC office is located, providing proof of address and SEC registration.
Obtain Mayor’s Permit: File an application with Taguig City Hall for a Mayor’s Permit, including the Barangay Clearance, SEC Certificate, and Community Tax Certificate.
Register Books of Accounts: Present the company’s books of accounts to the BIR for stamping and approval within 30 days of SEC registration.
Apply for VAT or Non-VAT Status: Declare the company’s tax regime with the BIR—12% Value-Added Tax (VAT) for businesses with annual gross sales exceeding PHP 3 million or percentage tax otherwise.
File Initial Tax Returns: Submit quarterly and annual tax returns to the BIR, ensuring compliance with deadlines to avoid penalties.

Employee Benefits and Compliance

To operate legally, a company in BGC must provide mandatory employee benefits and comply with labor regulations. This section covers the registration process for employee welfare agencies.

Enroll with SSS: Register with the Social Security System (SSS) to provide pension and loan benefits, submitting the SEC Certificate and employer registration form within 30 days of hiring.
Join PhilHealth: Enroll with the Philippine Health Insurance Corporation (PhilHealth) to offer medical insurance, providing employee details and proof of incorporation.
Register with Pag-IBIG: Sign up with the Home Development Mutual Fund (Pag-IBIG) for housing and savings benefits, complete registration forms, and remit contributions monthly.
Submit Employment Reports: File initial employment reports with the Department of Labor and Employment (DOLE) if employing five or more workers, detailing labor policies.
Implement Labor Standards: Ensure compliance with minimum wage laws (PHP 610 daily in Metro Manila as of 2025), 13th-month pay, and rest day provisions.
Maintain Payroll Records: Keep accurate payroll records and issue payslips, as DOLE and BIR require for audits and employee verification.

Benefits and Obligations of Operating in BGC

BGC’s status as a PEZA-accredited hub offers unique advantages for domestic corporations, but compliance with ongoing obligations is necessary to maximize these benefits. The complexity of the registration and compliance process underscores the value of professional assistance from trusted providers like Triple i Consulting.

Access Tax Incentives: Register with PEZA for a four- to seven-year Income Tax Holiday and 5% gross income tax thereafter if operating in a PEZA-accredited BGC building.
Leverage Infrastructure: Benefit from BGC’s high-speed internet, Grade A office spaces, and reliable utilities, which are ideal for BPOs and tech firms.
Tap Skilled Talent: Hire from BGC’s pool of English-proficient, tech-savvy professionals, reducing training costs and enhancing productivity.
File Annual Reports: Submit the General Information Sheet (GIS) and Audited Financial Statements (AFS) to the SEC annually, due within 120 days of the fiscal year-end.
Comply with Audits: Cooperate with BIR and SEC audits, maintaining accurate financial records and tax compliance to avoid penalties.
Seek Expert Support: The intricate registration process, involving multiple agencies and detailed documentation, benefits from professional guidance. Triple i Consulting, accessible at tripleiconsulting.com, specializes in streamlining this process, ensuring accuracy and efficiency for your company in BGC.

Sustaining a Compliant Corporation in BGC

Once registered, a company in BGC must maintain compliance with regulatory and operational standards to thrive. This section highlights key areas to ensure long-term success.

Renew Permits Annually: To maintain legal operations, update the Mayor’s Permit, Barangay Clearance, and Community Tax Certificate with Taguig City Hall each year.
Monitor Tax Obligations: File quarterly VAT or percentage and annual income tax returns with the BIR, engaging a CPA for accuracy.
Conduct Corporate Housekeeping: Hold yearly stockholders’ meetings, elect directors, and update corporate records as the SEC requires.
Adhere to PEZA Rules: If PEZA-registered, ensure that 70% of services are export-oriented and submit Annual Tax Incentives Reports to retain benefits.
Maintain Office Standards: Equip the BGC office with reliable IT systems and comply with building regulations in PEZA-accredited zones.
Engage with the Community: Participate in BGC’s business networks and Taguig City initiatives to build partnerships and enhance visibility.

Wrapping Up

Establishing a company in BGC positions businesses to thrive in one of the Philippines’ most dynamic commercial hubs, offering access to top-tier infrastructure, talent, and incentives. By navigating SEC registration, tax, and local government compliance, employee benefits enrollment, and ongoing obligations, entrepreneurs can build a solid foundation for success. The process, while rewarding, demands precision and adherence to regulatory standards. For those aiming to register a domestic corporation in Bonifacio Global City, thorough preparation and a clear grasp of the requirements are essential to capitalize on BGC’s opportunities and achieve operational excellence.

Is Assistance Available?

Yes, we offer expert guidance on navigating the complex registration process for a company in BGC. Our tailored services ensure compliance and efficiency, making your business successful. Contact us today to schedule an initial consultation with one of our experts: