Besides prestige, registering your business offers many benefits. If you plan to proceed with business registration in the Philippines, get ready to allot a certain amount of time, dedication, and effort. Here’s what you should do.
DTI or SEC?
Every company formation in the Philippines should ideally have their business registered. If you own a sole proprietorship, proceed to the office of the local Department of Trade and Industry (DTI) office that has jurisdiction over your business’ location. A sole proprietorship is the easiest type of business to establish.
If you are registering a partnership or corporation, go to the Securities and Exchange Commision (SEC) located in Mandaluyong City.
Choosing Your Business Name
To ensure you register your preferred business name, come up with at least 3 options. Chances are a business name has already been registered. Try going online and searching the DTI or SEC website to check whether your choice is unavailable. Initial requirements are usually completed in the barangay. Requirements include a community certificate, barangay clearance, National Bureau of Investigation clearance, and more.
Go to the DTI or SEC with your completed requirements and fill out the required forms. Results arrive in one to two weeks, and you will obtain a certificate of registration from SEC or DTI. Bring these certificates of registration along with your birth certificate, land title, tax forms, and other requirements to apply for a business permit at the city or municipal hall.
Dropping by the BIR for Tax Registration
Drop by the Bureau of Internal Revenue (BIR) for tax registration. Don’t forget to bring your business license certificate and SEC or DTI registration. If you own a sole proprietorship, you will be able to use your own tax identification number (TIN). After paying registration fees, you should be able to receive your tax registration certificate within a few weeks.
After going through all the procedures associated with company registration in the Philippines, you will finally be able to officially open your business and display all your permits, registration papers, and business license according to Philippine Law.