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 properly to ensure operational legality. With the latest updates to the SEC guidelines, the workflow has become faster through online portals like eSPARC.
Phase 1: Securing Your Corporate Name
The beginning of the process is to decide on a unique corporate name. You must verify for its availability on the Securities and Exchange Commission (SEC) eSPARC portal. Check that your chosen name does not resemble existing entities. 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 must define your share structure and leadership.
Founders: You need at least 2 but not more than fifteen incorporators. Interestingly, a One Person Corporation (OPC) is currently an option for individual entrepreneurs.
Capital Requirements: For general domestic corporations, there is no minimum paid-up capital demanded by the SEC, unless regulated industries like banking.
Key Officers: You must select a President, a Corporate Secretary (who must register a corporation philippines be a Filipino citizen), and a Treasurer (based locally).
Step 3: Online Submission via eSPARC
Currently, the vast register a corporation philippines majority of the application is completed online. register a corporation philippines Through the eSPARC system, you will submit your Articles of Incorporation, By-laws, and other documents. The system enables the OneSEC processing pathway, which often issue a provisional approval within a few business days if all information is correct.
Step 4: Post-SEC Requirements
Receiving your SEC Certificate is just the first part. To fully operate and register a corporation Philippines successfully, you must proceed with these local permits:
Local Permit: Acquire this from the specific district where your office is situated.
Mayor’s or Business Permit: Apply for this at the Municipal Hall. This needs a lease contract and fire safety inspection.
Tax Compliance: Go to the Bureau of Internal Revenue (BIR) to get your Tax Identification Number (TIN), register your books of accounts, and secure authority to print invoices.
Phase 5: Employer Contributions
Once your corporation starts employing people, you are required to register with social agencies such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance register a corporation philippines ensures your workers receive mandatory benefits and protects the company from penalties.
Summary
Completing the steps to register a corporation Philippines requires patience and accuracy. While the online transition has simplified the task, many businesses still choose to consult professionals to prevent common mistakes. Following these steps, you can build a solid foundation for your business in the register a corporation philippines growing Philippine economy.