Setting up a business legal entity in the Philippines is a major milestone for any entrepreneur. Whether you are a Filipino founder or a international investor, the initial goal is to register a corporation Philippines legally to ensure compliance. With the latest updates to the Revised Corporation Code, the workflow has become more streamlined through electronic systems like eSPARC.
Step 1: Reserving Your Corporate Name
The beginning of the process is to verify a unique corporate name. You must search for its availability via the Securities and Exchange Commission (SEC) online system. Make sure your chosen name does not clash with existing registrations. Once approved, you can reserve the name for 30 to 90 days by paying a nominal reservation fee.
Phase 2: Drafting Your Corporate Structure
Prior to register a corporation Philippines, you must define your share structure and management.
Incorporators: You need a minimum of 2 but not more than 15 directors. Interestingly, 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 register a corporation philippines demanded by the SEC, except for regulated industries like finance.
Key Officers: You must designate a President, a Corporate Secretary (who must be a register a corporation philippines Filipino citizen), and a Treasurer (based locally).
Step 3: Digital Filing via eSPARC
Currently, the bulk of the application is handled online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, and required documents. This platform allows for the Regular processing pathway, which often issue a provisional approval within a few business day 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 located.
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 register a corporation philippines invoices.
Step 5: Employer Social Agencies
When the corporation starts hiring staff, you need to register with government institutions such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your workers receive mandatory benefits and protects the entity from penalties.
Summary
Completing register a corporation philippines the process to register a corporation Philippines demands patience and accuracy. While the online shift has made things easier, many businesses still choose to hire consultants to prevent common mistakes. Following these steps, register a corporation philippines you can establish a compliant foundation for your venture in the vibrant Philippine economy.