Setting up a business legal entity in the Philippines is an essential milestone for any entrepreneur. Whether you are a Filipino founder or a foreign investor, the primary goal is to register a corporation Philippines correctly to ensure operational legality. With the recent updates to the Revised Corporation Code, the workflow has become faster through online portals like eSPARC.
Phase 1: Choosing Your Corporate Name
The first step is to verify a unique business name. You must search for its availability through the Securities and Exchange Commission (SEC) eSPARC portal. Check that your chosen name does not conflict with existing registrations. Once approved, you can secure 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 capitalization and leadership.
Incorporators: You need a minimum of two but not more than 15 incorporators. Interestingly, a One Person Corporation (OPC) is currently an option for individual entrepreneurs.
Authorized Capital: For most domestic corporations, there is no specific paid-up capital required by the SEC, except for specialized industries like insurance.
Key Officers: You must designate a President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Step 3: Digital Filing via eSPARC
Currently, the bulk of the application is handled online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, and required documents. This platform allows for the Regular processing pathway, which often issue a provisional approval register a corporation philippines within a few business day if all data is accurate.
Phase 4: Secondary Registrations
Obtaining your Certificate of register a corporation philippines Incorporation is just the first part. To fully operate and register a corporation Philippines successfully, register a corporation philippines you must proceed with these local permits:
Barangay Clearance: register a corporation philippines Obtain this from the local district where your office is located.
LGU License: File for this at the City Hall. This requires a proof of address and fire safety inspection.
BIR Registration: Go to the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), register your books of accounts, and secure authority to print invoices.
Phase 5: Employer Contributions
When the corporation starts employing staff, you must to register with government institutions including the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your employees receive mandatory benefits and safeguards the company from penalties.
Final Thoughts
Completing the steps to register a corporation Philippines requires patience and accuracy. While the online shift has made things easier, many owners still prefer to register a corporation philippines hire legal experts to avoid delays. Following these steps, you can establish a solid foundation for your venture in the vibrant Philippine economy.