Business registration is one the most difficult processes for a company that aims to invest or trade in the Philippines. You need to be patience and allocate a substantial amount of time in order to understand all different procedures that you need to follow.
The Philippines is certainly one of the most difficult places to set up a business, with more approximately 15 different steps! To make it simple (or shall we say less complicated), we have decided to highlight the main steps and here is an overview on how to register your company in the Philippines.
1. Register your company with the Securities Exchange Commission (SEC)
After registering the name of your company we must submit all the documents requested by the SEC, the agency of the Government of the Philippines responsible for regulating the securities industry in the Philippines. The documents required will differ according to the nature and origin of your company. Same information applies to the capital required to start your operations.
2. Local Registation
After getting your Certificate of Registration from SEC or DTI, you may now proceed with Local Government Unit (LGU) Registration. In this stage, you need to secure Barangay Clearance, Locational Clearance, Fire Clearance, Sanitary Permit and Mayor’s Permit among others. Some LGUs require specific permits depending on the city where your company is registered. It is the most bureaucratic process and harder to comply as the requirements vary according to the particular local government.
3. BIR Registration
Following the local registration, you are required to apply for a business Taxpayer Identification Number (TIN) and register your books of accounts, point-of-sales (POS) machines and receipts with the Bureau of Internal Revenue (BIR).
4. Registration with NGAs
Lastly, you must register your company and employees with the National Government Agencies (NGA) such as Social Security System (SSS), Home Development Mutual Fund (HDMF) and Philippine Health Insurance Corporation (PhilHealth). This is a mandatory requirement for every business and its employees in the Philippines.
You are now aware that incorporation is not a very straight forward process and according to the nature of your business, it can become a real nightmare for you to understand the different requirements and regulations. So why should you waste time, money and resources in trying to set up a company by your own in the Philippines? Outsource this to experts such as Triple i that with over 100 companies registered in the Philippines ensures you a smooth and efficient incorporation in the Philippines.