Establishing a business entity in the Philippines is a significant milestone for any entrepreneur. Whether you are a local founder or a international investor, the initial goal is to register a corporation Philippines correctly to ensure operational legality. With the modern updates to the government systems, the workflow has become digitalized through electronic systems like eSPARC.
Phase 1: Reserving Your Corporate Name
The beginning of the process is to verify a unique company name. You must verify for its availability through the Securities and Exchange Commission (SEC) eSPARC portal. Make sure your chosen name does not resemble existing registrations. Once approved, you can secure the name for 30 to 90 days by paying a nominal reservation fee.
Step 2: Drafting Your Articles of Incorporation
Before you register a corporation Philippines, you must define your capitalization and management.
Incorporators: You need a minimum of two but not more than 15 incorporators. Interestingly, a One Person Corporation (OPC) is currently an option for individual entrepreneurs.
Capital Requirements: For general domestic corporations, there is no specific paid-up capital required by the SEC, except for specialized industries like insurance.
Key Officers: You must designate a President, a Corporate Secretary (who must register a corporation philippines be a Filipino citizen), and a Treasurer (resident in the Philippines).
Step 3: Online Submission via eSPARC
Currently, register a corporation philippines the vast majority of the application is processed online. Through the SEC system, you will register a corporation philippines upload your Articles of Incorporation, By-laws, and required documents. The system allows for the Regular processing pathway, which often issue a Digital Certificate of Incorporation within a few business day provided all information is accurate.
Phase 4: Post-SEC Requirements
Receiving your SEC Certificate is the primary step. To legally operate and register a corporation Philippines completely, you must move forward with these local permits:
Local Permit: Acquire this from the local district where your office is located.
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 secure authority to print official receipts.
Phase 5: Government Contributions
Once your corporation starts employing staff, you must to register with government institutions including the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your employees receive mandatory benefits and protects the company from legal issues.
Summary
Managing the process to register a corporation Philippines needs patience and attention register a corporation philippines to detail. While the online transition has made things easier, many businesses still choose to hire consultants to avoid delays. By following these steps, you can establish a solid foundation for your register a corporation philippines business in the growing Philippine economy.