Establishing a business structure in the Philippines is a significant milestone for any investor. Whether you are a local founder or a international investor, the primary goal is to register a corporation Philippines legally to ensure compliance. With the latest updates to the government systems, the workflow has become digitalized through electronic systems like eSPARC.
Step 1: Choosing Your Corporate Name
Your initial task is to select a unique corporate 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 registrations. Once cleared, you can secure the name for a specific period by paying a nominal reservation fee.
Phase 2: Structuring Your Articles of Incorporation
Prior to register a corporation Philippines, you must define your capitalization and management.
Founders: You need a minimum of two but not more than fifteen incorporators. Interestingly, a One Person Corporation (OPC) is currently an option for solo entrepreneurs.
Authorized Capital: For general domestic corporations, there is hardly any minimum paid-up capital demanded by register a corporation philippines the SEC, unless regulated industries like banking.
Key Officers: You must appoint a President, a Corporate Secretary (who is a local resident), and a Treasurer (based locally).
Step 3: Digital Filing via eSPARC
Currently, the bulk of the application is handled online. Through the eSPARC system, you will input your Articles of Incorporation, By-laws, and required documents. The system enables the OneSEC processing track, which can issue a provisional approval within a register a corporation philippines single business days if all data is accurate.
Step 4: Secondary Registrations
Receiving your SEC Certificate is only the beginning. To fully operate and register a corporation Philippines successfully, you must move forward with the following:
Local Permit: Acquire this from the local district where your office is situated.
LGU License: File for this at the City Hall. This requires a proof of address 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 get authority to print invoices.
Step 5: Government register a corporation philippines Contributions
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 mandatory benefits and protects the company from penalties.
Summary
Completing the steps to register a corporation philippines register a corporation Philippines requires patience and accuracy. While the online transition has made things easier, many businesses still choose to hire legal register a corporation philippines experts to prevent delays. By following these guidelines, you can build a strong foundation for your venture in the vibrant Philippine economy.