Establishing a business structure in the Philippines is a significant milestone for any business owner. Whether you are a Filipino founder or a international investor, the initial goal is to register a corporation Philippines legally to ensure operational legality. With the latest updates to the SEC guidelines, the procedure has become digitalized through electronic systems like eSPARC.
Step 1: Securing Your Corporate Name
Your initial task is to select a unique corporate name. You must search for its availability on the Securities and Exchange Commission (SEC) eSPARC portal. Make sure your chosen name does not clash with existing registrations. Once cleared, you can reserve the name for a specific period by paying a small reservation fee.
Phase 2: Defining Your Articles of Incorporation
Prior to register a corporation Philippines, you should define your capitalization and management.
Incorporators: You need a minimum of two but not more than 15 directors. Keep in mind a One Person Corporation (OPC) is currently an option for individual entrepreneurs.
Capital Requirements: For general domestic corporations, there is no specific paid-up capital required by the SEC, unless specialized industries like insurance.
Management: You must select a President, a Corporate Secretary (who is a local resident), and a Treasurer (based locally).
Phase 3: Online Submission via eSPARC
Currently, the bulk of the application is processed online. Through the eSPARC system, you will upload your Articles of Incorporation, By-laws, and other documents. This platform facilitates the OneSEC processing track, which can issue a provisional approval in a single business days provided all information is correct.
Phase 4: register a corporation philippines Post-SEC Registrations
Getting your SEC Certificate is only the beginning. To legally 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 situated.
Mayor’s or Business Permit: Apply for this at the City Hall. register a corporation philippines This needs a proof of address and sanitary permit.
BIR Registration: Visit the Bureau of Internal register a corporation philippines Revenue (BIR) to obtain your Tax Identification Number (TIN), register your books of accounts, and secure authority register a corporation philippines to print official receipts.
Phase 5: Employer Social Agencies
Once your corporation starts employing staff, you must to register with government institutions such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your employees receive mandatory benefits and safeguards the register a corporation philippines company from legal issues.
Final Thoughts
Navigating the steps to register a corporation Philippines demands careful planning and accuracy. While the digital transition has made things easier, many businesses still prefer to consult legal experts to prevent common mistakes. Following these guidelines, you can build a strong foundation for your venture in the vibrant Philippine economy.