Setting up a business structure in the Philippines is an essential milestone for any entrepreneur. Whether you are a Filipino founder or a international investor, the primary goal is to register a corporation Philippines correctly to ensure operational legality. With the latest updates to the Revised Corporation Code, the workflow has become digitalized through online portals like eSPARC.
Phase 1: Choosing Your Corporate Name
The first step 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 does not resemble existing registrations. Once approved, you can hold the name for 30 to 90 days by paying a nominal reservation fee.
Step 2: Drafting Your Corporate Structure
When you register a corporation Philippines, you must define your share structure and leadership.
Founders: You need at least 2 but not more than fifteen directors. Keep in mind a One Person Corporation (OPC) is also an option for solo entrepreneurs.
Capital Requirements: For typical domestic corporations, there is no specific paid-up capital required by the SEC, register a corporation philippines unless regulated industries like finance.
Management: You must appoint a President, a Corporate Secretary (who is a register a corporation philippines local resident), and a Treasurer (resident in the register a corporation philippines Philippines).
Phase 3: Online Submission via eSPARC
Currently, the vast majority of the application is completed online. Through the eSPARC system, you will input your Articles of Incorporation, By-laws, and other documents. This platform facilitates the OneSEC processing track, which can issue a provisional approval in a single business days if all information is correct.
Step 4: Post-SEC Requirements
Getting your Certificate of Incorporation is only the beginning. To legally operate and register a corporation Philippines completely, you must proceed with the following:
Local Permit: Acquire this from the specific district where your office is situated.
Mayor’s or Business Permit: Apply for this at the Municipal Hall. This requires register a corporation philippines a lease contract and sanitary permit.
Tax Compliance: Visit the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), apply for your books of accounts, and get authority to print official receipts.
Step 5: Government Social Agencies
Once your corporation starts hiring people, you need to register with social agencies such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. Compliance ensures your workers receive legal benefits and protects the entity from register a corporation philippines legal issues.
Conclusion
Navigating the process to register a corporation Philippines needs careful planning and attention to detail. While the digital transition has simplified the task, many businesses still choose to consult professionals to prevent common mistakes. By following these guidelines, you can build a compliant foundation for your enterprise in the growing Philippine economy.