An Outline of the Official Documents Needed for You to Incorporate a Company in the Philippines.
Registered Company Name
If you’re a local entrepreneur and want to incorporate a company in the Philippines, the first step is to register your business name with the Securities and Exchange Commission (SEC). Here, you’ll be required to confirm if the preferred business name is available through the SEC website. After verification, the SEC office will reserve your name which will take roughly 12 hours.
Register a Business Bank Account
For easier financial operations you must open a business bank account separate from your personal account. The laws that govern how to incorporate a company in the Philippines indicate that you must open a TITF bank account that acts as an interim-depository account. Through this bank account is where you’ll pay up the minimum paid-up capital stipulated at 25 percent of the capital advocated. The moment you open your account, the bank will present you with a Certificate of Deposit (COD) that are later submitted to the SEC.
Official Documents Required for Company Registration
A company operates under certain bylaws, and for that reason, the law requires that you prepare and present the documents alongside with the COD to the Securities and Exchange Commission (SEC) within ten or fifteen working days. Therefore, you must ensure that the documents are signed and notarized before submission. Some of the stipulated documents include: Articles of Incorporation, the by-laws, the treasurer’s affidavit alongside the Joint affidavit of 2 incorporators among others. Remember, the moment you’re through with registration process with SEC, your next step is to seek clearance from the Barangay for your business location. Now, when you’re securing your business location, you must submit your application form with the following: certificate of Business Registration from SEC, two valid Identification card, proof of address like (Contract of Lease (in case it’s rented) or Certificate of Land Title (in case its owned).
Get Taxpayer Status
With that said, the law requires that when you intend to incorporate a company in the Philippines to register with the Bureau of Internal Revenue (BIR) to get your Taxpayer Identification Number (TIN). You’ll need to fill some of the requirements which include visiting the Regional District Office (RDO) with your certificate of Registration from SEC, Business permit, valid IDs among others to complete the process.
Minimum Equity Funding Requirements
Should you plan to incorporate a company in the Philippines, you’ll be required to have a minimum of US$200,000 for a domestic market enterprise and a minimum of paid-up of US$100,000 capital in case of advanced technology. The law requires that you have a minimum of 5 shareholders and not more than 15 incorporators who must act as directors. Each is entitled to own a minimum of one share with at least 3-to-5 Philippines residents.
Hiring Employee Requirements
In the event, you’ll be hiring employees the law requires that you register with the Social Security System. This is to secure the employee number that’ll assist you to remit monthly contributions. Besides securing you employee safety, you’ll be required to register with other authorities such as Phil-Health, City Hall and Pag-Ibig.
To learn more about setting up a company in the Philippines, please contact us and we will help you.
