Establishing a business entity in the Philippines is a major 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: Securing Your Corporate Name
The beginning of the process is to decide on a unique corporate name. You must verify for its availability via the Securities and Exchange Commission (SEC) online system. Ensure your chosen name is not clash with existing registrations. Once approved, you can reserve the name for a specific period by paying a small reservation fee.
Phase 2: Defining Your Articles of Incorporation
Before you register a corporation Philippines, you should 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 register a corporation philippines finance.
Key Officers: You must designate a President, a Corporate Secretary (who must be a Filipino citizen), register a corporation philippines and a Treasurer (based locally).
Step 3: Online Submission via eSPARC
Currently, the vast majority of the application is handled online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, and required documents. This platform facilitates the Regular processing pathway, which often issue a provisional approval within a few business days if all data is accurate.
Step 4: Secondary Registrations
Obtaining your Certificate 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: Acquire this from the local district where your office is register a corporation philippines situated.
Mayor’s or Business Permit: 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 get your Tax Identification Number (TIN), register your books of accounts, and get authority to print invoices.
Step 5: Employer Social Agencies
Once your corporation starts hiring people, you need to register with social agencies such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your workers receive legal benefits and protects the entity from legal issues.
Conclusion
Managing the process to register a corporation Philippines needs register a corporation philippines patience and attention to detail. While the online transition has simplified the task, many businesses still choose to hire consultants to avoid delays. By register a corporation philippines following these steps, you can establish a compliant foundation for your business in the growing Philippine economy.