Opening A Business In The Philippines – Do you have an interesting business idea? Great! But before starting a small business in the Philippines, you must first make it legal and register your business with the relevant authorities.
The easiest way to start a business is a sole proprietorship, which is run by an individual. If you are planning to start a sole proprietorship in the Philippines, here is a step-by-step guide on what to do:
Opening A Business In The Philippines
The first step in registering your small business is to go to the DTI to protect your business name.
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You must fill out the form and submit a copy of your government-issued ID. You should also send a list of suggested business names if someone has your preferred names.
Go to your barangay hall and present your DTI business registration certificate and a copy of your government-issued ID.
You may also need to provide other proof of business address, such as a lease if you are renting office space, or a transfer certificate if you own property. Don’t forget to include a thumbnail of your business location.
After that, go to the town hall or city hall to get your business permit. Be sure to submit a copy of your barangay permit, capital investment certificate, community tax certificate, tax return, and tax permit along with your documents to the barangay.
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You must obtain a license and permit from the City Health Office, Sanitation Office, Fire Protection Office, City Planning and Development Coordinator, and City Engineering Office.
The final step is to register your business with BIR by completing and submitting BIR Form 1901.
Resubmit the documents you received and submitted during DTI and local government registration, including your marriage certificate (if married) and birth certificates for eligible dependents.
Before you can request a Certificate of Registration or Form BIR 2303, you must pay for registration with Form BIR 0605 and register your books of account.
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Finally, if you earn more than 1,000 pesos per month, you must register as a self-employed person or as a voluntary member of the Social Security System (SSS), PhilHealth, and Pag-IBIG.
Remember that you must pay your fees to these government agencies on a monthly or quarterly basis. You can use the Moneygment app to pay taxes, as well as SSS, Pag-IBIG and PhilHealth bills to avoid long queues at payment centers.
Want an efficient and hassle-free way to register your business? Cavalli Business Center can help you register your business so you can focus on your business and we’ll take care of the rest.
Visit our website, email [email protected] or call 5502419 or 8041614 and let us know how we can help you. The Philippines continues to simplify the process of starting a business and paying taxes and social security contributions. Ease of Doing Business Consisting of the National Council of Finance (DOF), Trade and Industry (DTI), Interior and Local Government (DILG), Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC). ), the Social Security System (SSS), PhilHealth, PagIBIG Foundation, Landbank, Development Bank of the Philippines (DBP) and the Quezon City Government have announced that it will further simplify starting a business and paying taxes and social charges.
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State bodies have simplified the procedure for business registration and organization. In April 2015, the SEC introduced the Integrated Business Registration System (IBRS) for corporations and partnerships. This one-stop shop allows businesses to obtain their SEC registration number, Tax Identification Number (TIN), and registration numbers for SSS, PagIBIG, and PhilHealth in a one-day transaction. This drastically reduced the number of steps and days to start a business. Initially available at SEC headquarters, the IBRS service has been expanded to select trading centers. It has since expanded to SEC Tarlac and will soon open to SEC Cebu, SEC Davao and SEC Cagayan de Oro. From April 15, 2015 to March 15, 2016, 23,128 companies were listed with the SEC under this system, with more than 99% receiving registration documents within one day.
PagIBIG and PhilHealth have facilitated the payment of monthly contributions for companies employing ten or more workers through the online payment systems of Landbank and DBP, along with the payment of taxes and payroll. . At the same time, BIR launched e-tax filing and e-payment through G-cash, where taxpayers can use mobile phones to make payments instead of standing in BIR offices and banks. . SSS launched its online payment system a few years ago, allowing companies with more than ten employees to use partner banks (direct debit) and approved payment centers ( Bayad Center, SM malls, etc.) made it possible to contribute.
At the local level, the Quezon City government has streamlined its procedures through an online portal where business applications can be accepted. Thanks to this system, the number of days for business applications and review stages have been reduced from six days to two days. In addition, taxpayers can pay property and business taxes through Landbank online banking. Quezon City has more than 65,000 businesses.
These reforms are the result of NCC Gameplans 3.0 and 4.0, a strategy to streamline government operations related to the ease of doing business as measured by the World Bank-International Finance Corporation’s annual Doing Business Report.
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Over the past five years, the Philippines has recorded steady gains in the Doing Business Survey. In 2010 it ranked 148th, but in 2015 it rose steadily to 103rd, an improvement of 45 countries over the five-year period.
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