Setting up a business structure in the Philippines is a major milestone for any business owner. Whether you are a local founder or a international investor, the first goal is to register a corporation Philippines properly to ensure operational legality. With the latest updates to the SEC guidelines, the process has become digitalized through electronic systems like eSPARC.
Step 1: Reserving Your Corporate Name
Your initial task is to decide on a unique company name. You must check for its availability on the Securities and Exchange Commission (SEC) eSPARC portal. Ensure your chosen name is not conflict with existing registrations. Once approved, you can secure the name for 30 to 90 days by paying a nominal reservation fee.
Step 2: Drafting Your Corporate Structure
Before you register a corporation Philippines, you must define your capitalization and management.
Incorporators: You need a minimum of two but not more than 15 incorporators. Interestingly, a One Person Corporation (OPC) is now an option for individual entrepreneurs.
Capital Requirements: For general domestic corporations, there is no specific paid-up capital required by the SEC, except for specialized industries like finance.
Key Officers: You must designate a President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Phase 3: Online Submission via eSPARC
Currently, the bulk of the application is handled online. Through the SEC system, register a corporation philippines you will upload your Articles of Incorporation, By-laws, and required documents. This platform allows for the register a corporation philippines Regular processing pathway, which often issue a provisional approval within a few business day if all register a corporation philippines data is accurate.
Step 4: Secondary Registrations
Obtaining your Certificate register a corporation philippines of Incorporation is just the first part. To fully operate and register a corporation Philippines successfully, you must proceed with these local permits:
Barangay Clearance: Obtain this from the local district where your office is located.
LGU License: File for this at the City Hall. This requires a proof of address and fire safety inspection.
BIR Registration: Go to the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register your books of accounts, and secure authority to print invoices.
Phase 5: Employer Contributions
When the corporation starts employing staff, you must to register with government institutions such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your employees receive mandatory benefits and safeguards the company from penalties.
Summary
Completing register a corporation philippines the steps to register a corporation Philippines demands careful planning and accuracy. While the digital shift has made things easier, many owners still prefer to consult legal experts to avoid common mistakes. Following these steps, you can build a solid foundation for your venture in the vibrant Philippine economy.