Starting a business structure in the Philippines is a major milestone for any business owner. Whether you are a Filipino founder or a foreign investor, the initial goal is to register a corporation Philippines correctly to ensure compliance. With the latest updates to the Revised Corporation Code, the workflow has become faster through electronic systems like eSPARC.
Phase 1: Choosing Your Corporate Name
The beginning of the process is to decide on a unique corporate name. You must search for its availability on the Securities and Exchange Commission (SEC) online system. Make sure 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.
Phase 2: Drafting Your Corporate Structure
Before you register a corporation Philippines, you should define your capitalization and management.
Founders: You need at least 2 but not more than fifteen directors. Keep in mind a One Person Corporation (OPC) is now an option for individual entrepreneurs.
Capital Requirements: For most domestic corporations, there is hardly any minimum paid-up capital required by the SEC, except for specialized industries like finance.
Key Officers: You must appoint a President, a Corporate Secretary (who must be a register a corporation philippines Filipino citizen), and a Treasurer (resident in the Philippines).
Step 3: Online Submission via eSPARC
Currently, the entirety of the application is processed online. Through the eSPARC system, you will upload your Articles of Incorporation, By-laws, and supplementary documents. The system facilitates the Regular processing pathway, which often issue a Digital Certificate of Incorporation within a single business day register a corporation philippines if all information is accurate.
Phase 4: Post-SEC Registrations
Receiving your Certificate of Incorporation is just the first part. To legally operate and register a corporation Philippines completely, you must move forward with the following:
Barangay register a corporation philippines Clearance: Acquire this from the specific district where your office is located.
LGU License: File for this at the Municipal Hall. This needs a lease contract and sanitary permit.
BIR Registration: Go to the Bureau of Internal Revenue (BIR) to get your Tax Identification Number (TIN), apply for your books of accounts, and secure authority to print invoices.
Step 5: Government Contributions
Once your corporation starts employing staff, you are required to register with social register a corporation philippines agencies such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your workers receive legal benefits and protects the company from legal issues.
Conclusion
Completing register a corporation philippines the steps to register a corporation Philippines demands careful planning and accuracy. While the digital shift has made things easier, many owners still prefer to hire legal experts to avoid common mistakes. Following these guidelines, you can build a strong foundation for your business in the growing Philippine economy.