Before a business can be completely registered in the Philippines, there are a number of government agencies that are involved in the process of registration. Securing the required registrations, licenses, and permits will ensure that the business shall encounter no problems moving forward in their business dealings.
A business must first be registered in the appropriate agency to be able to have an identity to operate in the Philippines. The Securities and Exchange Commission shall be the corresponding agency that handles the registration, among others, of partnerships or corporations. Note that the registration of branch and representative offices is also under this government agency. It is likewise important to be able to secure a business name. Once approved, the submission of the articles of incorporation and by-laws, along with the other documents shall be done, as well as the opening of a bank account for the corporation.
However, if the business to be registered is a single proprietorship, the pertinent government agency that one needs to tap is the Department of Trade and Industry (DTI). For cooperatives, the government agency that the business must be registered under is the Cooperative Development Authority (CDA).
Note that there must be at least 15 members to form a cooperative. For the business name, the word “cooperative” shall be included in the proposal thereof.
The rights of the employees are given protection, as well, in our country. The business must also register with the Department of Labor and Employment if there are five and more employees. Foreign citizens who shall secure job opportunities in the Philippines must also ensure that they have an Alien Employment Work Permit which is given by DOLE, as well.
Accordingly, benefits must also be secured. Thus, registration to the Social Security System, Home Development Mutual Fund, and the Philippine Health Insurance Corporation is a must for every employee.
To be able to do business in the Philippines, the business must also be taxed accordingly. Thus, the Bureau of Internal Revenue (BIR) is one of the government agencies that businesses must be registered to. This is so that the business shall be assessed properly of its due taxes, and the corresponding collection thereof shall be correct.
Necessary, as well, for the business to function is an office or business space where they can work on and operate from. Thus, the business must also be registered in the local government unit on which their business space is located.
The permits that shall be issued in the local government units are the mayor’s permit or business permit. In order to be able to get this type of permit, you must submit requirements such as barangay clearance, lease contract, locational clearance, as well as the corresponding SEC Registration of the business, and the articles of corporation and bylaws.
For more detailed information you may check out our blog New Business Permit Applications.
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