Establishing a business legal entity in the Philippines is an essential milestone for any entrepreneur. Whether you are a Filipino 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 select a unique business name. You must search for its availability via the Securities and Exchange Commission (SEC) online system. Ensure your chosen name is not conflict with existing registrations. Once cleared, 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 share structure and management.
Incorporators: You need at least 2 but not more than fifteen directors. Note that a One Person Corporation (OPC) is also an option for solo entrepreneurs.
Authorized Capital: For most domestic corporations, there is hardly any minimum paid-up capital demanded by the SEC, unless specialized industries like banking.
Management: You must select a President, a Corporate Secretary (who must be a Filipino citizen), register a corporation philippines and a Treasurer (resident in the Philippines).
Phase 3: Digital Filing via eSPARC
Currently, the bulk of the registration process is processed online. Through the SEC system, you will input your Articles of Incorporation, By-laws, and supplementary documents. The system enables register a corporation philippines the Regular register a corporation philippines processing track, which can issue a Digital Certificate of Incorporation in a single business day if all data is correct.
Phase 4: Post-SEC Registrations
Getting your SEC Certificate is only the beginning. To fully operate and register a corporation Philippines completely, you must move forward with the following:
Barangay Clearance: Acquire this from the local district where your office is situated.
Mayor’s or Business Permit: Apply for this at the City Hall. This requires a lease contract and sanitary permit.
Tax Compliance: Go to the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register your books of accounts, and get authority to print invoices.
Step 5: Employer Social Agencies
When the corporation starts employing staff, you must to register with social agencies such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your workers receive mandatory register a corporation philippines benefits and protects the company from legal issues.
Summary
Managing the process to register a corporation Philippines demands patience and accuracy. While the digital transition has made things easier, many owners still prefer to consult legal experts to prevent common mistakes. By register a corporation philippines following these steps, you can build a solid foundation for your business in the vibrant Philippine economy.