Starting a business structure in the Philippines is a significant milestone for any entrepreneur. Whether you are a local founder or a international investor, the initial goal is to register a corporation Philippines legally to ensure compliance. With the recent updates to the Revised Corporation Code, the procedure has become faster through online portals like eSPARC.
Phase 1: Choosing Your Corporate Name
The beginning of the process is to verify a unique business 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 cleared, you can secure the name for a specific period by paying a small reservation fee.
Step 2: Defining Your Corporate Structure
Before you register a corporation Philippines, you need to define your share structure and management.
Founders: You need at least two but not more than fifteen directors. Interestingly, a One Person Corporation (OPC) is currently an option for solo entrepreneurs.
Authorized Capital: For most domestic corporations, there is no minimum paid-up capital required by the SEC, unless specialized industries like banking.
Key Officers: You must appoint a President, a Corporate Secretary register a corporation philippines (who must be a Filipino citizen), and a Treasurer (resident in the Philippines).
Step 3: Digital Filing register a corporation philippines via eSPARC
Currently, the bulk of the registration process is completed online. Through the SEC system, you will input your Articles of Incorporation, By-laws, and required documents. The system facilitates the Regular processing track, which may issue a Digital Certificate of Incorporation within a few business days if all data is accurate.
Phase 4: Post-SEC Registrations
Receiving your SEC Certificate is only the beginning. To fully operate and register a corporation Philippines successfully, you must proceed with these local permits:
Barangay Clearance: Obtain this from the specific district where your office is situated.
LGU License: File for this at the Municipal Hall. This requires a lease contract and fire safety inspection.
Tax Compliance: Visit the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register your books of accounts, and register a corporation philippines get authority to print official receipts.
Phase 5: register a corporation philippines Employer Social Agencies
Once your corporation starts employing staff, you are required to register with government institutions including the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your workers receive mandatory benefits and safeguards the company from legal issues.
Final Thoughts
Completing the steps to register a corporation Philippines needs patience and accuracy. While the online shift has simplified register a corporation philippines the task, many businesses still prefer to hire legal experts to prevent delays. By following these steps, you can build a compliant foundation for your business in the vibrant Philippine economy.