A Guide to Register a Corporation in the Philippines Today
Setting up a business structure in the Philippines is a major milestone for any business owner. Whether you are a local founder or a foreign investor, the initial goal is to register a corporation Philippines legally to ensure compliance. With the modern updates to the government systems, the procedure has become more streamlined through electronic systems like eSPARC.Step 1: Securing Your Corporate Name
The beginning of the process is to select a unique business name. You must search for its availability through the Securities and Exchange Commission (SEC) online system. Make sure your chosen name does not resemble existing entities. Once cleared, you can hold the name for 30 to 90 days by paying a nominal reservation fee.
Step 2: Structuring 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. Keep in mind a One Person Corporation (OPC) is now an option for individual entrepreneurs.
Capital Requirements: For typical domestic corporations, there is no specific paid-up capital required by the SEC, except for regulated industries like finance.
Management: You must designate a President, a Corporate Secretary (who must be a Filipino citizen), register a corporation philippines and a Treasurer (based locally).
Phase 3: Online Submission via eSPARC
Currently, the vast majority of the application is handled online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, and required documents. This platform allows for the Regular processing pathway, which often issue a Digital Certificate of Incorporation within a few business day provided all data is accurate.
Phase 4: Post-SEC Registrations
Receiving your SEC Certificate is the primary step. To legally operate and register a corporation Philippines completely, you must move forward with the following:
Local Permit: Obtain this from the specific district where your office is situated.
LGU License: Apply for this at the register a corporation philippines Municipal Hall. This needs a lease contract and sanitary permit.
Tax Compliance: Visit the Bureau of Internal Revenue (BIR) to get your Tax Identification Number (TIN), apply for your books of accounts, and register a corporation philippines secure authority to print official receipts.
Phase 5: Government Contributions
Once your corporation starts employing staff, you must register a corporation philippines to register with government institutions including the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures register a corporation philippines your employees receive mandatory benefits and safeguards the company from penalties.
Final Thoughts
Completing the steps to register a corporation Philippines demands careful planning and accuracy. While the digital shift has simplified the task, many startups still prefer to consult professionals to prevent common mistakes. Following these guidelines, you can build a strong foundation for your enterprise in the vibrant Philippine economy.