Starting a business entity in the Philippines is a significant milestone for any entrepreneur. Whether you are a Filipino founder or a foreign investor, the primary goal is to register a corporation Philippines correctly to ensure protection. With the recent updates to the Revised Corporation Code, the workflow has become faster through online portals like eSPARC.
Phase 1: Securing Your Corporate Name
The beginning of the process is to select a unique business name. You must search for its availability through the Securities and Exchange Commission (SEC) eSPARC portal. Make sure your chosen name does not resemble existing entities. Once cleared, you can hold the name for a specific period by paying a nominal reservation fee.
Step 2: Drafting Your Corporate Structure
When you register a corporation Philippines, you must define your share structure and leadership.
Founders: You need at least 2 but not more than fifteen directors. Keep in mind a One Person Corporation (OPC) is now an option for solo entrepreneurs.
Capital Requirements: For typical domestic corporations, there is no minimum paid-up capital demanded by the SEC, unless regulated industries like register a corporation philippines banking.
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 completed online. Through the eSPARC system, you will input your Articles of Incorporation, By-laws, and other documents. This platform facilitates the Regular processing track, which can issue a provisional approval within a single business days if all data is correct.
Step 4: Secondary Requirements
Obtaining 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 for this at the Municipal Hall. This requires a proof of address and sanitary permit.
BIR Registration: Go to the Bureau register a corporation philippines of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register your books of accounts, and secure authority to print invoices.
Phase 5: Employer Social Agencies
When the corporation starts hiring staff, you must 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 company from legal issues.
Summary
Navigating the steps to register a corporation Philippines demands careful planning register a corporation philippines and attention to detail. While the digital shift has simplified the task, many startups still choose to consult professionals to prevent common mistakes. By register a corporation philippines following these guidelines, you can establish a compliant register a corporation philippines foundation for your business in the growing Philippine economy.