Everything You Need to Register a Corporation in the Philippines Today
Setting up a business structure in the Philippines is an essential milestone for any entrepreneur. Whether you are a Filipino founder or a international investor, the primary goal is to register a corporation Philippines correctly to ensure protection. With the recent updates to the Revised Corporation Code, the workflow has become faster through online portals like eSPARC.Phase 1: Securing Your Corporate Name
The beginning of the process is to select a unique business name. You must verify for its availability via the Securities and Exchange Commission (SEC) online system. 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. Interestingly, a One Person Corporation (OPC) is currently an option for individual entrepreneurs.
Authorized Capital: For general domestic corporations, there is no specific paid-up capital required by the SEC, except for specialized industries like finance.
Management: You must designate a President, a Corporate Secretary (who is a local resident), and register a corporation philippines a Treasurer (resident in the Philippines).
Phase 3: Online Submission via eSPARC
Currently, the entirety of the registration process is completed online. Through the eSPARC system, you will submit your Articles of Incorporation, By-laws, register a corporation philippines and supplementary documents. The system enables the register a corporation philippines OneSEC register a corporation philippines processing pathway, which may issue a Digital Certificate of Incorporation in a few business day provided all data is accurate.
Step 4: Secondary Registrations
Obtaining your Certificate of Incorporation is only the beginning. To legally operate and register a corporation Philippines completely, you must proceed with the following:
Local Permit: Obtain this from the specific district where your office is situated.
LGU License: Apply for this at the City Hall. This needs 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 invoices.
Phase 5: Employer Contributions
When the corporation starts employing people, you are required to register with government institutions 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
Navigating the steps to register a corporation Philippines needs careful planning and attention to detail. While the digital shift register a corporation philippines has simplified the task, many startups still choose to consult professionals to avoid common mistakes. Following these steps, you can build a solid foundation for your business in the growing Philippine economy.