Starting a business entity in the Philippines is an essential milestone for any business owner. Whether you are a Filipino founder or a international investor, the initial goal is to register a corporation Philippines properly to ensure compliance. With the recent updates to the Revised Corporation Code, the procedure has become faster through online portals like eSPARC.
Step 1: Choosing Your Corporate Name
The beginning of the process is to select a unique company name. You must search for its availability on the Securities and Exchange Commission (SEC) eSPARC portal. Ensure your chosen name does not conflict with existing registrations. Once cleared, you can hold 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.
Founders: You need a minimum of 2 but not more than 15 directors. Keep in mind a One Person Corporation (OPC) is currently an option for solo entrepreneurs.
Authorized Capital: For typical domestic corporations, there is no specific paid-up capital demanded by the SEC, unless regulated industries like register a corporation philippines banking.
Management: You must select a President, a Corporate register a corporation philippines Secretary (who must be a Filipino citizen), and a Treasurer (resident in the Philippines).
Step 3: Digital Filing via eSPARC
Currently, the bulk of the registration process is handled online. Through the eSPARC system, you will upload your Articles of Incorporation, By-laws, and required documents. The system facilitates the OneSEC processing pathway, which often issue a provisional register a corporation philippines approval within a single business day if all information is accurate.
Step 4: Secondary Registrations
Getting your Certificate of Incorporation is the primary step. To legally operate and register a corporation Philippines completely, you must proceed with the following:
Local Permit: Acquire this from the local district where your office is situated.
LGU License: Apply for this at the City Hall. This requires a lease contract and fire safety inspection.
BIR Registration: Visit the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), apply for your books of accounts, and get authority to print official receipts.
Step 5: Employer Social Agencies
When the corporation starts hiring people, you must to register with government institutions such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your employees receive legal benefits and safeguards the entity from penalties.
Final Thoughts
Managing the steps to register a corporation philippines register a corporation Philippines requires patience and attention to detail. While the digital transition has made things easier, many businesses still choose to hire consultants to prevent common mistakes. Following these guidelines, register a corporation philippines you can establish a strong foundation for your business in the vibrant Philippine economy.