Starting a business entity in the Philippines is an essential milestone for any investor. Whether you are a local founder or a foreign investor, the first goal is to register a corporation Philippines legally to ensure operational legality. With the recent updates to the SEC guidelines, the workflow has become more streamlined through online portals like eSPARC.
Step 1: Reserving Your Corporate Name
The beginning of the process is to select a unique corporate name. You must check for its availability through the Securities and Exchange Commission (SEC) online system. Ensure your chosen name does not resemble existing entities. Once cleared, you can secure the name for 30 to 90 days by paying a small reservation fee.
Step 2: Drafting Your Corporate Structure
When you register a corporation Philippines, you should define your capitalization and leadership.
Incorporators: You need at least two but not more than 15 incorporators. Keep in mind a One Person Corporation (OPC) is also an option for individual entrepreneurs.
Authorized Capital: For most domestic corporations, there is no specific paid-up capital required by the SEC, unless regulated industries like insurance.
Key Officers: register a corporation philippines You must designate a President, a Corporate Secretary (who is a local resident), and a Treasurer (resident in the Philippines).
Phase 3: Digital Filing register a corporation philippines via register a corporation philippines eSPARC
Currently, the entirety of the application is handled online. Through the eSPARC system, you will submit your Articles of Incorporation, By-laws, and other documents. The system enables the Regular processing pathway, which register a corporation philippines often issue a provisional approval in a single business day if all information is correct.
Step 4: Secondary 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:
Barangay Clearance: Acquire this from the local district where your office is situated.
LGU License: File for this at the City Hall. This requires a proof of address and sanitary permit.
BIR Registration: Go to the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register your books of accounts, and secure authority to print official receipts.
Step 5: Employer Social Agencies
Once your corporation starts employing people, you need to register with government institutions including the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your workers receive mandatory benefits and safeguards the entity from legal issues.
Summary
Completing the process to register a register a corporation philippines corporation Philippines needs careful planning and accuracy. While the online transition has simplified the task, many owners still choose to consult legal experts to avoid common mistakes. By following these steps, you can establish a strong foundation for your venture in the growing Philippine economy.