Registering a company in the Philippines has become easier with recent government initiatives. On April 7, 2016, the Bureau of Internal Revenue (BIR) issued a new memorandum outlining the business registration process and policies, aligning them with the Ease of Doing Business Program. This initiative aims to simplify the steps for entrepreneurs, reduce processing times, and promote a more business-friendly environment. By streamlining requirements and minimizing bureaucratic hurdles, the government seeks to encourage more local and foreign investors to establish and grow their businesses in the Philippines.
Under Revenue Memorandum Circular No. 43-2016, the law on Registration of Business Taxpayers was echoed. As stated in Section 4(4) of the Revenue Regulations No. 7-2012, BIR district offices are mandated to process and issue at the same time the Certificate of registration (COR), Authority to Print (ATP) and register the books of accounts of business taxpayers. This should be done right after registration and submission of complete requirements. It is the duty of the BIR district office to guarantee that COR, ATP and Books of Accounts are available once the business starts operating. This clarifies that these three important business documents may be accomplished in one (1) business day.
As an alternative to manual receipts and invoices, a business taxpayer may opt to use Cash Register Machines (CRM)/Point of Sale (POS) Machines, Computerized Accounting System (CAS) and/or Computerized Book of Accounts (CBA) as long as they are obtained from accredited BIR suppliers together with a Permit to Use (PTU).
With the release of this new memorandum, we believe that the process of registering a company in the Philippines will become smoother and there are grounds to climb some positions in the Doing Business Report released by the World Bank.
If you would like to know more about the process of registering a company in the Philippines and how can Triple i and its professionals benefit your business, get in touch with us, email us at info@tripleiconsulting.com or send an inquiry directly using the contact form.
