Setting up a business structure in the Philippines is a major milestone for any business owner. Whether you are a local founder or a international investor, the first goal is to register a corporation Philippines properly to ensure operational legality. With the latest updates to the SEC guidelines, the process 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 conflict with 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 hardly any minimum paid-up capital demanded by the SEC, unless regulated industries like banking.
Management: You must appoint a President, a Corporate Secretary (who is a local resident), and a Treasurer (resident in the 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 provided all information is correct.
Step 4: Post-SEC Requirements
Getting register a corporation philippines your Certificate of Incorporation is the primary step. To legally operate and register a corporation Philippines completely, you must move forward with the following:
Local Permit: Obtain this from the specific district where your office is situated.
LGU License: Apply for this at the City Hall. This needs a lease contract and fire safety inspection.
Tax Compliance: Go register a corporation philippines to the Bureau of Internal Revenue (BIR) to get your Tax Identification Number (TIN), register your books of accounts, and get authority to print invoices.
Step 5: Employer Social Agencies
When the corporation starts hiring staff, you must to register with government institutions such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your workers receive register a corporation philippines mandatory benefits and safeguards the company from penalties.
Final register a corporation philippines Thoughts
Completing the steps to register a corporation Philippines demands patience and accuracy. While the online shift register a corporation philippines has made things easier, many owners still prefer to hire legal experts to avoid delays. By following these steps, you can establish a solid foundation for your business in the growing Philippine economy.