Starting A Business In The Philippines As A Foreigner – The Philippines continues to streamline the process of setting up a company and paying taxes and social security payments. Ease of Doing Business Task Force, formed by the National Council, Department of Finance (DOF), Trade and Industry (DTI), National Government (DILG), Bureau of Internal Revenue (BIR), Securities and Exchange Commission (BIR). . SEC), Social Security System (SSS), PhilHealth, PagIBIG Fund, Landbank, Development Bank of the Philippines (DBP) and the Quezon City Government announced additional simplification to start businesses and pay taxes and social payments.
Government agencies have simplified procedures for business registration and setting up a company. In April 2015, the SEC launched the Integrated Business Registration System (IBRS) for corporations and partnerships. This one-stop shop allows businesses to get their SEC registration number, Tax Identification Number (TIN) and registration number for SSS, PagIBIG and PhilHealth in one transaction, in one day. This greatly reduced the number of steps and days to start a business. Initially available at SEC headquarters, IBRS services have expanded to select locations. It has since been developed for SEC Tarlac and will soon open in SEC Cebu, SEC Davao and SEC Cagayan de Oro. A total of 23,128 companies were registered with the SEC in this system from April 15, 2015 to March 15, 2016, more than 99% received the registration documents within one day.
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Regarding taxes and payments related to salaries, PagIBIG and PhilHealth have made it easier for companies employing ten or more workers to pay their monthly dues through the Landbank and DBP online payment system. Meanwhile, BIR launched electronic tax filing and electronic payment through G-money, where taxpayers can use mobile phones to pay instead of queuing at BIR offices and banks to pay. SSS used its online payment scheme a few years ago, and businesses with more than ten employees can make donations through partner banks (automatic debit) and accredited payment centers (Bayad Center, SM Malls, etc.).
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At the local level, the Quezon City Government has streamlined its procedures through an online portal where business applications can be completed. Through this system, the number of days and steps to process business applications has been reduced from six to two days. In addition, taxpayers can get their property and business tax refunds through online banking with Landbank. Quezon City is home to more than 65,000 commercial establishments.
This reform is the result of NCC Gameplans 3.0 and 4.0, a strategy to simplify government transactions related to the ease of doing business, which is measured by the World Bank – International Finance Corporation through the Annual Doing Business Report.
Over the past five years, the Philippines has made consistent progress in the Doing Business survey. It ranked 148th in 2010 and gradually rose to 103rd in 2015, an increase of 45 countries in five years. Do you have an interesting business idea? It’s good! But before starting a small business in the Philippines, you must first legalize and register your business with the relevant authorities.
The easiest type of business to set up is a sole proprietorship, which is run by an individual. If you want to set up a sole proprietorship in the Philippines, here is a step-by-step guide on what to do:
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The first step in registering your small business is to go to the DTI to secure your business name.
You must complete the application form and submit a copy of your government-issued ID. You should also include a list of proposed business names, in case someone has a name you want.
Go to your barangay hall and present a copy of your DTI business registration certificate and a copy of your government-issued ID.
You’ll also need to provide other proof of business address, such as a lease if you’re renting office space or a certificate of transfer of title if you own your property. Don’t forget to include an outline of your business location.
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After that, head to the county or town hall to get your business license. Make sure to include the same documents that you submitted to your barangay, as well as a copy of your barangay license, capital investment statement, community tax certificate, tax return and tax permit.
You will need to obtain permits and licenses from the City Health Office, Sanitation Office, Fire Protection Office, Planning and Development Coordinator and Municipal Engineering.
The last step is to register your company with the BIR by completing and submitting BIR Form 1901.
Again, please include the same documents you received and sent in the DTI registration with your local government, including your marriage certificate (if married) and birth certificates of qualifying dependents.
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You must pay for registration via BIR Form 0605 and register your ledger before you can claim the Certificate of Registration or BIR Form 2303.
Finally, if you earn more than 1,000 pesos per month, you must register as self-employed or as a voluntary member of Social Security (SSS), PhilHealth, and the Pag-IBIG Fund.
Remember to pay your contribution to these government agencies on a monthly or quarterly basis. You can use the Moneygment app to pay your taxes as well as SSS, Pag-IBIG and PhilHealth contributions to avoid long queues at payment centers.
Do you want an efficient and easy way to register your business? Cavalli Business Center can help you with your business registration needs so you can focus on your business while we take care of the rest.
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Visit our website at , email us at [email protected] or call us at 5502419 or 8041614 and let us know how we can help you. First, you need to know how to register a company in the Philippines.
Local and foreign companies must register with various Philippine government authorities to validate their business activities and transactions. Therefore, we have outlined 5 key steps on how to register a company in the Philippines.
The Securities and Exchange Commission (SEC) of the Philippines has an online company registration system, where you can create an account to register and register your company name in the Philippines. Alternatively, you can also do this through the SEC’s Name Verification Unit at its office in Mandaluyong.
An AOI is an agreement that contains the company name, purpose, office location, company number and number and shares of share capital.
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The articles of association establish the rules of conduct for the corporation. Also included are meetings, board of directors and officer elections and other officer functions.
This is signed by the elected treasurer stating that he is the person authorized to act in that capacity.
Another key step in registering your business in the Philippines is getting approval from the local Barangay, which is the district in your chosen area.
You must also apply for and obtain a Mayor’s license from the City Hall and a business license from the Business Licensing and Licensing Office (BPLO).
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You must register your new company in the Philippines with the BIR as part of your tax requirements by submitting the appropriate application documents.
Finally, you have to register your employees and yourself as an employer with the following government agencies for personal income tax, social security, health insurance and housing benefits.
Let’s take a quick look at the following infographic that provides an overview of how to register a company in the Philippines:
The content team includes in-house and freelance writers from around the world who provide informative and thought-provoking articles to guide entrepreneurs who want to take their business to the next level in Asia.
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