Starting 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 SEC guidelines, the process has become more streamlined through online portals like eSPARC.
Step 1: Reserving Your Corporate Name
Your initial task 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 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 Articles of Incorporation
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. Interestingly, a One Person Corporation (OPC) is now an option for individual entrepreneurs.
Capital Requirements: For general domestic corporations, there is no specific paid-up capital required by the SEC, except for specialized industries like finance.
Management: You must designate a President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Phase 3: Online Submission via eSPARC
Currently, the vast majority of the application is handled online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, and required documents. The register a corporation philippines system allows for the Regular processing pathway, which often issue a Digital Certificate of Incorporation in a few business days if all data is correct.
Step 4: Secondary Registrations
Obtaining your Certificate of Incorporation is just the first part. To fully operate and register a corporation Philippines successfully, you must proceed with these local 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 requires a proof of address and fire safety inspection.
BIR Registration: Go to the Bureau of Internal Revenue (BIR) to obtain register a corporation philippines your Tax Identification Number (TIN), register your books of accounts, and get authority to print invoices.
Step 5: register a corporation philippines Government Social Agencies
Once your corporation starts hiring people, you need to register with social agencies such register a corporation philippines as the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your employees receive mandatory benefits register a corporation philippines and protects the entity from penalties.
Conclusion
Completing the steps to register a corporation Philippines needs careful planning and attention to detail. While the online transition has simplified the task, many businesses still choose to hire consultants to prevent delays. By following these guidelines, you can establish a compliant foundation for your business in the growing Philippine economy.