A Guide to Register a Corporation in the Philippines Today
Setting up a business legal entity in the Philippines is an essential 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 government systems, the procedure has become more streamlined 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: Drafting Your Corporate Structure
When you register a corporation Philippines, you need to define your share structure and leadership.
Founders: You need at least 2 but not more than fifteen directors. Note that a One Person Corporation (OPC) is currently an option for solo entrepreneurs.
Authorized Capital: For most 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 President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Phase 3: Online Submission via register a corporation philippines 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 enables the OneSEC processing track, which register a corporation philippines can issue a Digital Certificate of Incorporation in a single business day provided all information is register a corporation philippines accurate.
Phase 4: Post-SEC Registrations
Receiving your SEC Certificate is just the first part. To fully operate and register a corporation Philippines successfully, you must move forward with these local permits:
Barangay Clearance: Acquire this from the local district where your office is located.
Mayor’s or Business Permit: File for this at the City Hall. This requires a proof of address register a corporation philippines and sanitary permit.
BIR Registration: Visit the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), apply for your books of accounts, and secure authority to print official receipts.
Phase 5: Government Contributions
Once your corporation starts employing 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 protects the entity from legal issues.
Conclusion
Managing the process to register a corporation Philippines needs careful planning register a corporation philippines and attention to detail. While the digital transition has simplified the task, many startups still choose to consult professionals to prevent common mistakes. Following these guidelines, you can build a strong foundation for your enterprise in the vibrant Philippine economy.