m88 in any case, before registering with
the local government (what we call the City Hall), you need to comply
first with several requirements (clearances, payments, etc.). Keep in constant touch with your accountant and/or your lawyer so that you know the status of your registration. Usually, export businesses are given income tax holidays. This is where we pay our taxes. This will save you several years’ worth of city taxes.. You cannot transact in the country if you don’t have this. You can also go to the BIR’s website for more information.
Last Note: Make sure you get a good accountant and/or lawyer since they will be able to help you during your registration, and also do the legwork for you. It grants income-tax holidays for businesses that are in preferred industries or are pioneers in their industries. Registering your company with the BIR is a fairly easy (and inexpensive) process.
So now, you have seen how it is to register a business in the Philippines. Just reserve your name with
the Philippine Department of Trade and Industry. Failure to do so will subject your company to penalties.
Registering Your Business – for Sole Proprietorship
are the only owner of your business (sole or single proprietor), you
don’t need to go to the SEC to register. Others (which is
maybe the majority) choose to register first with the local government
where their business is residing. Some corporations register first with the
BIR when they do not have any transaction yet. This is a requirement under our laws. It might be better if you yourself have a working knowledge of my country’s requirements so that you are aware of what you need to do and what you need to go through when you put up a business and invest in the Philippines.
You can interchange this next step with the
registration with the BIR. Take Note: Once you are registered with the City Hall and the BIR, they will provide you with certificates evidencing your registration. If your name is unique, approval is immediate. The local
government fee will depend on the prevailing local laws and the type of
business you are in. You need to get your accountant to have this
calculated at once so that you’ll know how much you need to pay the
local government. It may take only one week and the fee is minimal (less than $30). For local registration requirements (the BIR and the City Hall), my recommendation is to get an accountant / lawyer who is from that city or province because he/she is more well-versed in the ins and outs of their local city hall or BIR. If you don’t want to go to the BOI, go to the local City Hall and the local investment board and apply for a holiday on local taxes. The BIR is our local equivalent of the United States’ IRS. As a new corporation, you are required to get your TIN (Tax Identification Number) from the BIR. You are required to post these certificates in your respective offices. Unlike
the SEC and the BIR, the fee here is not quite that fixed. Again, your accountant can help you with this process. Next step is to register your business with the Bureau of Internal Revenue or the BIR. The fees here are also minimal (around $10 or so).
Next Stop – The Bureau of Internal Revenue
Okay, so you have already registered your company with the Philippine SEC (which may take one week if all your requirements are in order). Once you get your business permit (which is renewed
every year), you’re ready to start your business.
A Further Note: If you want to save on taxes, you might want to register your business with the Board of Investments or BOI. All these may be done within one month if all the requirements are in place
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