There are a number of businesses in various industries that can be set up here in the Philippines. One of these kinds of businesses fall under the consulting sector. In order to be able to set up a show in the country, there are processes that the company must undergo in order to operate. The most important step in starting a consulting business in the Philippines is to begin with business registration. All the important compliances such as application and legal documents required for submission must be at hand.
To start the business registration process, the name that the company wishes to use and be registered as by, should be checked as to its availability. It is advised to have optional names as an alternative choice in case of unavailability of the first choice of company name. Once it is determined that the company name of choice is available to use, it must then be reserved and registered with the appropriate agency. The company name shall be reserved at the Department of Trade and Industry (DTI) if the business is that of a sole proprietorship. The company name shall be reserved at the Securities and Exchange Commission (SEC) for those under a domestic corporation or a one-person corporation (OPC). If, however, the business is under a cooperative business industry, Cooperative Development Authority (CDA) shall be the agency where one shall file the company name. One of the important documents that must be submitted shall be duly notarized articles of incorporation of the company, as well as the company by-laws. Note, however, that the articles of incorporation are only required for corporations. On the other hand, for one-person corporations, the submission of by-laws is not a requirement. The requirements needed for the completion of the application and the registration thereof must also be obtained and submitted to the corresponding agency where the company shall fall under.
There are other registrations and clearances that a company must obtain as well from the local government unit where the company shall be doing business to be able to complete the business registration process. The pertinent barangay clearance; business and mayor’s permit; locational clearance; DTI or SEC certificate; registration with the Bureau of Internal Revenue; and if the company owns the space, the tax declaration and title thereto, or if the space is being lease, the contract of lease thereof.
Other compliances that are needed for the setting up of a consulting business in the country is by also providing for the Social Security System (SSS), Home Development Mutual Fund (Pag-IBIG fund), and Philippine Health Insurance Corporation (PhilHealth) for its employees.
It is also required to submit various forms to the Bureau of Internal Revue, such as: BIR Form 0605 for tax payment for annual registration; BIR Form 1903 for the application for all types of business entities; BIR Form 1905 for the registration of Books of Accounts; BIR Form 1906 for the application for authority to print receipts; and BIR Form 2000 for documentary stamp tax shares and documentary tax stamp lease for a domestic corporation.
Need further information and assistance regarding setting up a consulting business in the Philippines? Talk to our team at FilePino to know more about the requirements and process. Call us today at 1.806.553.6552 (USA) or +63.917.892.2337 (Philippines) for more information.