Starting a business structure in the Philippines is a significant milestone for any business owner. Whether you are a local founder or a foreign investor, the first goal is to register a corporation Philippines legally to ensure compliance. With the recent updates to the Revised Corporation Code, the process has become more streamlined through online portals like eSPARC.
Step 1: Securing Your Corporate Name
The first step is to verify a unique corporate name. You must search for its availability via the Securities and Exchange Commission (SEC) eSPARC portal. Make sure your chosen name is not clash with existing registrations. Once cleared, you can hold the name for a specific period by paying a small reservation fee.
Step 2: Structuring Your Corporate Structure
Prior to register a corporation Philippines, you must define your share structure and management.
Incorporators: You need at least 2 but not more than fifteen directors. Note that a One Person Corporation (OPC) is also an option for solo entrepreneurs.
Authorized Capital: For general domestic corporations, there is no specific paid-up capital required by the SEC, except for regulated industries like finance.
Management: You must select a President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Step 3: Online Submission via eSPARC
Currently, the vast majority of the registration process is completed online. Through the eSPARC register a corporation philippines system, you will submit your Articles of Incorporation, By-laws, and supplementary documents. The system allows for the Regular processing track, which can issue a provisional approval in a single business day provided all data is accurate.
Step 4: Post-SEC Requirements
Getting your SEC Certificate is just the first part. To fully operate and register a corporation Philippines successfully, you must proceed with the following:
Barangay Clearance: Acquire this from the specific district where your office register a corporation philippines is located.
Mayor’s or Business Permit: File for this at the Municipal Hall. This needs a proof of address and sanitary permit.
Tax Compliance: Go to register a corporation philippines the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register your books of accounts, and secure authority to print official register a corporation philippines receipts.
Step 5: Government Contributions
When the corporation starts employing people, you are required to register with social register a corporation philippines agencies such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your employees receive mandatory benefits and safeguards the company from penalties.
Summary
Managing the steps to register a corporation Philippines requires careful planning and accuracy. While the online shift has made things easier, many startups still prefer to consult legal experts to avoid delays. By following these guidelines, you can build a strong foundation for your enterprise in the vibrant Philippine economy.