Setting up a business structure in the Philippines is an essential milestone for any entrepreneur. Whether you are a Filipino founder or a international investor, the primary goal is to register a corporation Philippines correctly to ensure operational legality. With the latest updates to the SEC guidelines, the workflow has become faster through online portals like eSPARC.
Phase 1: Choosing Your Corporate Name
The first step is to verify a unique business name. You must search for its availability through the Securities and Exchange Commission (SEC) eSPARC portal. Make sure your chosen name does not resemble existing entities. Once cleared, you can reserve the name for a specific period by paying a small reservation fee.
Phase 2: Structuring Your Articles of Incorporation
Prior to register a corporation Philippines, you need to define your share structure and leadership.
Founders: You need at least 2 but not more than fifteen directors. Note that a One Person Corporation (OPC) is currently an option for solo entrepreneurs.
Authorized Capital: For most domestic corporations, there is no specific paid-up capital required by the SEC, except for specialized industries like insurance.
Key Officers: You must designate a President, a Corporate Secretary (who must be a Filipino citizen), and a Treasurer (based locally).
Step 3: Digital Filing via eSPARC
Currently, the bulk of the application is handled online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, and required documents. This platform allows for the Regular processing pathway, which often issue a provisional register a corporation philippines approval within a few business days if all data is correct.
Step 4: Secondary Requirements
Obtaining your Certificate of Incorporation is only the beginning. To fully operate and register a corporation Philippines completely, you must proceed with these local permits:
Local Permit: Acquire this from the specific district where your office is situated.
Mayor’s or Business Permit: File for this register a corporation philippines at the Municipal Hall. This requires a proof of address and sanitary permit.
BIR Registration: Visit the Bureau of Internal Revenue (BIR) to obtain your register a corporation philippines Tax Identification Number (TIN), register your books of accounts, and secure authority to print invoices.
Phase 5: Employer Contributions
When the corporation starts employing staff, you register a corporation philippines must to register with government institutions including the register a corporation philippines Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your employees receive mandatory benefits and safeguards the company from penalties.
Final Thoughts
Completing the steps to register a corporation Philippines demands careful planning and accuracy. While the online shift has made things easier, many owners still prefer to hire legal experts to avoid common mistakes. Following these steps, you can build a solid foundation for your venture in the vibrant Philippine economy.