A Guide to Register a Corporation in the Philippines Today
Establishing a business structure in the Philippines is a major milestone for any business owner. Whether you are a local founder or a international investor, the first goal is to register a corporation Philippines legally to ensure compliance. With the modern updates to the SEC guidelines, the process has become digitalized through electronic systems like eSPARC.Step 1: Reserving Your Corporate Name
Your initial task is to decide on a unique corporate name. You must check for its availability on the Securities and Exchange Commission (SEC) eSPARC portal. Ensure your chosen name is not conflict with existing registrations. Once approved, you can secure the name for 30 to 90 days by paying a nominal reservation fee.
Step 2: Defining Your Articles of Incorporation
Before you register a corporation Philippines, you should 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 now 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 finance.
Key Officers: You must designate a register a corporation philippines President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Step 3: Digital Filing via eSPARC
Currently, the bulk of the register a corporation philippines application is handled online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, register a corporation philippines and supplementary documents. The system allows for the Regular processing pathway, which may issue a Digital Certificate of Incorporation in a few business day provided all information is accurate.
Phase 4: Post-SEC Registrations
Receiving your SEC Certificate is the primary step. To legally operate and register a corporation Philippines successfully, you must move forward with the following:
Barangay Clearance: Obtain this from the specific district where your office is located.
LGU License: Apply for this at the City Hall. This needs a lease contract and fire safety inspection.
Tax Compliance: Go to the Bureau of Internal Revenue (BIR) to get your Tax Identification Number (TIN), apply for your register a corporation philippines books of accounts, and get authority to print official receipts.
Step 5: Government Social Agencies
Once your corporation starts hiring people, you are required to register with social agencies including the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your employees receive legal benefits and safeguards the entity from legal issues.
Conclusion
Managing the process to register a corporation Philippines needs patience and attention to detail. While the online transition has made things easier, many register a corporation philippines businesses still choose to hire consultants to avoid delays. By following these steps, you can establish a compliant foundation for your business in the growing Philippine economy.