Establishing a business entity in the Philippines is an essential milestone for any investor. Whether you are a Filipino founder or a international investor, the primary goal is to register a corporation Philippines properly to ensure protection. With the latest updates to the government systems, the workflow has become digitalized through online portals like eSPARC.
Phase 1: Reserving Your Corporate Name
The first step is to select a unique corporate name. You must verify for its availability on the Securities and Exchange Commission (SEC) online system. Make sure your chosen name is not clash with existing entities. Once approved, you can reserve the name for 30 to 90 days by paying a nominal reservation fee.
Phase 2: Structuring Your Articles of Incorporation
Prior to register a corporation Philippines, you need to define your capitalization and management.
Founders: You need a minimum of two but not more than fifteen directors. Interestingly, a One Person Corporation (OPC) is currently an option for solo entrepreneurs.
Authorized Capital: For typical domestic corporations, there is no specific paid-up capital demanded by the SEC, unless regulated industries like finance.
Key Officers: You must appoint a President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Phase 3: Online Submission via eSPARC
Currently, the bulk of the registration process is handled online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, and other documents. This platform facilitates the Regular processing pathway, which can register a corporation philippines issue a provisional approval within a few business day provided 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 register a corporation philippines corporation Philippines successfully, you must move forward with the following:
Local Permit: Acquire this from the local district where your office is located.
LGU License: Apply for this at the City Hall. This register a corporation philippines needs a lease contract and sanitary permit.
BIR Registration: Go to the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register register a corporation philippines your books of accounts, and secure authority to print invoices.
Step 5: Government Social Agencies
Once your corporation starts hiring people, you are required to register with social agencies including the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your register a corporation philippines employees receive mandatory benefits and safeguards the company from penalties.
Final Thoughts
Navigating the steps to register a corporation Philippines demands careful planning and attention to detail. While the digital shift has simplified the task, many startups still choose to consult professionals to prevent common mistakes. By following these guidelines, you can build a strong foundation for your enterprise in the growing Philippine economy.