Establishing a business structure in the Philippines is a major milestone for any investor. 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: Reserving Your Corporate Name
Your initial task is to decide on a unique corporate name. You must verify for its availability on 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
Before you register a corporation Philippines, you must define your capitalization and management.
Incorporators: You need a minimum of two but not more than 15 incorporators. 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 demanded by the SEC, unless regulated industries like finance.
Management: You must appoint a President, a Corporate Secretary (who is a local resident), and a Treasurer (resident in the Philippines).
Phase 3: Online Submission via eSPARC
Currently, the vast majority of the application is completed online. Through the eSPARC system, you will input your Articles of Incorporation, By-laws, and other documents. This platform facilitates the OneSEC processing track, which can issue a provisional approval within a single business days if all information is correct.
Step 4: Post-SEC Requirements
Getting 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: Acquire this from the specific district where your office is situated.
Mayor’s or Business Permit: Apply for this at the Municipal Hall. This register a corporation philippines requires 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 secure authority to register a corporation philippines print official receipts.
Phase 5: Government Contributions
Once your corporation starts employing people, you are required to register register a corporation philippines with social agencies including the Social Security System register a corporation philippines (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your employees receive legal benefits and safeguards the entity from legal issues.
Conclusion
Managing the process to register a corporation Philippines needs patience and attention to detail. While the online transition has simplified the register a corporation philippines task, many businesses still choose to hire consultants to prevent delays. By following these guidelines, you can establish a compliant foundation for your enterprise in the growing Philippine economy.