Oftentimes confused, setting up a business as a Domestic Corporation involves two consecutive processes: REGISTRATION with the Security Exchange Commission (SEC) and PERMITTING with the local government in the City Hall and Barangay Hall.
Registration with the SEC creates a legal entity under the corporation’s name followed by either Inc., Incorporated, Corp., or Corporation. Said entity is described by and bound to its Articles of Incorporation and Bylaws which are deposited with the SEC. At this very early stage, the corporation is endowed with its paid-up capital and already has its Directors and Shareholders, as well as its Corporate Secretary and Treasurer position filled.
In order to engage into business operations, the corporation needs to be permitted with the local government at the respective city hall and barangay hall of the place where the business will physically be located. The permits generally include a Barangay Permit, a Locational Clearance, a Sanitary Permit, a Fire Safety Permit, and the Mayors Permit. Moreover, the city hall will create a Business Plate which will have to be visibly placed together with these permits at the corporation’s office entrance.
Being the only ISO certified Business consultancy firm in the Philippines with more than 6 years of experience supporting International companies in the Philippines , Triple i Consulting is able to accomplish both processes quickly and efficiently. Once your business is set up we can support you by providing services for ongoing corporate compliance, accounting, bookkeeping, tax planning, payroll, HR & Labor consulting as well as specialist regulatory consulting.
If time, reliability, and professionalism are important to you, contact us today to find out how we can help.