Everything You Need to Register a Corporation in the Philippines Today
Starting a business entity in the Philippines is a significant milestone for any investor. Whether you are a local founder or a foreign investor, the initial goal is to register a corporation Philippines legally to ensure compliance. With the modern updates to the government systems, the procedure has become more streamlined through electronic systems like eSPARC.Step 1: Reserving Your Corporate Name
Your initial task is to decide on a unique corporate 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. Keep in mind 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, unless regulated industries like finance.
Management: You must appoint a President, a Corporate Secretary (who is a local resident), and a Treasurer (resident in the Philippines).
Phase 3: Online Submission via eSPARC
Currently, the vast majority of the application is handled online. Through the eSPARC system, you will input your Articles of Incorporation, By-laws, and other documents. This platform facilitates the OneSEC processing track, which can issue a provisional approval within a single business days if register a corporation philippines all information is correct.
Step 4: Secondary Requirements
Getting your Certificate of Incorporation is only the beginning. To fully operate and register a corporation Philippines completely, you must proceed with these local permits:
Local Permit: Acquire this from the local district where your office is situated.
Mayor’s or Business Permit: File register a corporation philippines for this at the Municipal Hall. This requires a proof of address and sanitary permit.
BIR Registration: Go to the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register register a corporation philippines your books of accounts, and secure authority to print invoices.
Phase 5: Employer Contributions
When the corporation starts register a corporation philippines employing staff, you must to register with government institutions including the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your employees receive register a corporation philippines mandatory benefits and safeguards the company from penalties.
Final Thoughts
Completing 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 hire legal experts to avoid common mistakes. Following these steps, you can build a solid foundation for your venture in the vibrant Philippine economy.