Setting up a business legal entity 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 properly to ensure protection. With the modern updates to the Revised Corporation Code, the procedure has become digitalized through electronic systems like eSPARC.
Phase 1: Securing Your Corporate Name
The first step is to verify a unique company name. You must check for its availability on the Securities and Exchange Commission (SEC) eSPARC portal. Check that your chosen name does 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
When you register a corporation Philippines, you must define your share structure and management.
Incorporators: You need a minimum of two but not more than fifteen directors. Keep in mind a One Person Corporation (OPC) is now an option for individual entrepreneurs.
Capital Requirements: For typical domestic corporations, there is no minimum paid-up capital demanded by the SEC, unless regulated industries like banking.
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 just the first part. To fully operate and register a corporation Philippines successfully, you must proceed with these local register a corporation philippines permits:
Barangay Clearance: Acquire this from the local district where your office is located.
Mayor’s or Business Permit: File for this at the City Hall. This needs a proof of address and fire safety register a corporation philippines inspection.
BIR Registration: Go to the Bureau of Internal Revenue (BIR) to get your Tax Identification Number (TIN), register your books of accounts, and get register a corporation philippines authority to print invoices.
Step 5: Employer Social Agencies
When the corporation starts hiring staff, you must to register with government institutions such as the Social register a corporation philippines Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your workers receive mandatory benefits and protects the company from legal issues.
Summary
Navigating the steps to register a corporation Philippines demands careful planning and accuracy. register a corporation philippines While the digital shift has simplified the task, many startups still prefer to consult professionals to prevent common mistakes. Following these guidelines, you can build a strong foundation for your venture in the vibrant Philippine economy.