Business Registration in PH : A Checklist of All the Things that You Need

Business Registration in PH : A Checklist of All the Things that You Need

Planning to start your own company in the Philippines?

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Aside from capital, structure and raw materials, you also need to comply with some regulatory requirements from the government to avoid legal consequences. We provided a checklist of all the requirements and permits needed for you to legally operate your business in the Philippines.

1. Register Your Business Name

You first need to secure your preferred business name with the Securities and Exchange Commission (SEC). You can use the internet to check if your brand name is unique and doesn’t have a duplicate entity name before registering it with the SEC.

2. Open A TITF Account

TITF (Treasure in Trust For) account serves as the business’s “temporary” depository account, and will be closed once the business converts to a regular bank account. Listed below are the requirements you need to open up a TITF account:

  • Proposed articles of Incorporation, as well as by-laws
  • Forms for opening bank account, along with a specimen signature card by the treasurer-in-trust
  • Valid identification cards of the treasurer-in-trust
  • Minimum Deposit (which depends on the financial institution)

3. Registering with the SEC

Next up is your actual registration with the Securities and Exchange Commission. You need to submit the following:

  • Bank Certificate of Deposit
  • Business Name
  • Payment Form
  • Articles of Incorporation and By-laws (Notarized)
  • Affidavit coming from the treasurer
  • SEC Form F-100 (for new corporations with more than 40% foreign equity)

4. Your Tax ID Number

Obtain a tax identification number (TIN) with the Bureau of internal Revenue (BIR).

5. SSS Registration

You should also register as employer with the Social Security System (SSS). Your employer number will be used as reference for monthly contributions. Be able to register by submitting the following documents:

  • Employer Registration Form (R-1)
  • Employment Report Form (R-1A)
  • SEC Registration
  • Articles of Incorporation, By-laws

6. Health Insurance Compliance

Register with the Philippine Health Insurance Corporation (Philhealth) as compliance with the National Health Insurance Act. To register, you need to submit the following requirements:

  • Employer Data Record (ER1)
  • Report of employee-members (ER2)
  • SEC Registration
  • Articles of Incorporation, By-laws

7. Compliance with Pag-IBIG

It’s also important that your business should be registered with Pag-IBIG (The Home Development Mutual Fund).

8. Other Requirements

Here are a few other things that you need to have for you to legally operate your business:

  • Barangay Clearance
  • Locational Clearance
  • Business/Mayor’s Permit