We provide professional assistance for business registration in the Philippines for new- local and foreign clients. With Interbiz Consulting Group as your reliable service provider, you no longer have to worry when it comes to starting up your business here in the Philippines. Our team will on your behalf all the necessary certifications and permits from different government agencies.

Sole Proprietorship is a type of business for individually owned businesses who has full charge and authority of its own and has the ownership of all its assets. This is ideal for locally set- up businesses with simple structure and is to be registered in Department of Trade & Industry (DTI).

Requirements:

  • Create name of business to be registered in DTI Business Name Registration System (BNRS)
  • Applicant’s TIN number
  • Provide copy of identification of citizenship (government issued IDs- Driver’s License, Voter’s ID, Passport, etc.)
  • Provide signed copy of undertaking from DTI BNRS
  • Prepare payment for application

Partnership under the Philippine Law, is treated as juridical person, having a separate legal personality from its members. Then, there are two types, general partnerships or limited partnerships. In general partnerships, partners have unlimited liability for the debts and obligation of the partnerships. While in limited partnerships, one or more general partners have unlimited liability and the limited partners have liability only up to the amount of their capital involvement.

Remember:

  • If the capital for partnership is amounting to less than Php3,000.00, then it is to be registered with Department of Trade & Industry (DTI)
  • If the capital for partnership is amounting to more than Php3,000.00, then it is to be registered with Securities & Exchange Commission (SEC)

Corporation, as per Corporation Code of the Philippines, is a legal entity that is separate & distinct from its owners regulated by Securities & Exchange Commission (SEC). It may consist of at least five (5) to fifteen (15) incorporators each of whom must hold at least one share. Furthermore, shareholders’ liability is limited only to their amount of shares.

Requirements:

  • create name of business to be registered in SEC
  • must have at least 5- 15 shareholders
  • create draft of articles of partnership, by- laws
  • SEC form F-100 (for corporation with more than 40% )
  • prepare payment for application
  • registration of paid-up capital and affidavit from Corporate Treasurer
    • for Filipino Corporation – at least Php100,000 paid- up capital
    • for Foreign- Owned – minimum paid-up capital is expected to be higher depending on the type of corporation to be registered

Remember:

  • Filipino Corporation is if its 60% Filipino owned and 40% foreign owned.
  • If the share is more than 40% foreign- owned, then it is considered as a Foreign- owned Domestic Corporation.

Branch Office, is a foreign corporation organized and existing under the law of its location of incorporation and is licensed (issued by SEC) to do business in the Philippines. Foreign head office business’ operations and activities can be performed here and allowed to derive income and is subject to corporate income tax. This is ideal for foreign companies that intend to open up their business here but do not want to establish a domestic corporation.

Requirements:

  • Create name of business to be registered in SEC
  • Create draft of articles of partnership & by- laws
  • Audited financial statements
  • Board resolution authorizing the creation and establishment of the Representative Office in the Philippines
  • Minimum paid up capital of USD 200,000.00 (PHP9,000,000.00)
  • Resident Agent for the representative office (must be filipino resident- applied to any individual legally staying here for more than 185 days/ year).
  • Certification of inward remittance for minimum paid-up capital to local bank
  • Prepare payment for application

Representative Office is a foreign corporation organized and existing under foreign laws. Unlike Branch Office, it cannot derive income in the Philippines and it is not subject to income taxes. It does businesses with clients of the parent company engaging in activities such as information dissemination, communication center, promotion of company products, as well as quality control of products for export. It is required to have a minimum inward remittance of USD30,000.00 (Php1,350,000.00) (estimated amount).

Requirements:

  • Create name of business to be registered in SEC
  • Create draft of articles of partnership & by- laws
  • Audited financial statements
  • Board resolution authorizing the creation and establishment of the Representative Office in the Philippines
  • Minimum paid up capital of USD 30,000.00 (PHP1,350,000.00)
  • Resident Agent for the representative office (must be filipino resident- applied to any individual legally staying here for more than 185 days/ year).
  • Certification of inward remittance for minimum paid-up capital to local bank
  • Prepare payment for application

January is a busy period for renewal of various licenses including business permits. Business owners need to comply with the legal requirement of renewing their business permit with the Local Government Unit (LGU) concerned to continue business operation.

A penalty is imposed upon the business owners who fail to renew their permits. If filing (and payment) is not completed on or before January 20, there is a 25% surcharge on the unpaid amount plus 2% interest per month.

Failure to renew business permit, may result in ordering the closure of their business by the LGU.

Business owners also need to to file and pay Annual Registration Fee to BIR on or before January 31 to avoid paying compromise penalties of P1,000, 25% surcharge, and 20% interest per annum.

LGU requires the following when renewing business permit:

  • New Barangay Clearance/Permit
  • Previous Year’s Business Permit
  • Financial Statement/ Income Tax Return for the preceding year
  • Latest Community Tax Certificate
  • Contract of Lease/ Lessor’s Permit
  • Comprehensive General Liability Insurance/ Local Insurance

Note that processing of business permit renewal can be tedious and may take more than a few days due to the high number of applicants.

Having a fully operational bank account is vital for any newly formed companies. Sometimes opening corporate bank accounts can be tedious, but Interbiz can assist with the opening procedure and help your business open a bank account with the leading banks in the Philippines.

WHAT WE OFFER:

  • Verifying personal & corporate documentation
  • Assistance in the completion of the bank forms at the preferred branch of client
  • Assistance with government agencies and certifications required for account opening