Starting a business entity 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 compliance. With the latest updates to the Revised Corporation Code, the workflow has become faster through electronic systems like eSPARC.
Step 1: Reserving Your Corporate Name
The beginning of the process is to verify a unique corporate name. You must search for its availability on the Securities and Exchange Commission (SEC) eSPARC portal. Make sure your chosen name does not resemble existing registrations. Once cleared, you can hold the name for 30 to 90 days by paying a small reservation fee.
Step 2: Structuring Your Corporate Structure
Before you register a corporation Philippines, you should define your share structure and management.
Incorporators: You need at least 2 but not more than 15 incorporators. Note that a One Person Corporation (OPC) is now an option for individual entrepreneurs.
Authorized Capital: For typical domestic corporations, there is no specific paid-up capital required by the SEC, except for regulated industries like finance.
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 registration process is completed online. Through the SEC system, you will upload your Articles of Incorporation, By-laws, and supplementary documents. The system enables the OneSEC processing track, which often issue a Digital Certificate of Incorporation in a single business day provided all information is correct.
Step 4: Secondary Registrations
Receiving your SEC Certificate is only the beginning. To fully operate and register a corporation Philippines successfully, you must move forward with the following:
Local register a corporation philippines Permit: Acquire this from the local district where your office is situated.
Mayor’s or Business Permit: File for this at the Municipal Hall. This requires a lease contract and fire safety inspection.
Tax Compliance: Go to the Bureau of Internal Revenue (BIR) to obtain your Tax Identification Number (TIN), apply for your books of accounts, and secure authority to register a corporation philippines print invoices.
Step 5: Government Social Agencies
Once your corporation starts employing people, you are required to register with government institutions such as the Social Security System (SSS), PhilHealth, and Pag-IBIG. This ensures your register a corporation philippines workers receive mandatory benefits and safeguards the register a corporation philippines entity from penalties.
Final Thoughts
Completing the steps to register a corporation Philippines demands careful planning and accuracy. While the digital shift has simplified the task, many register a corporation philippines businesses still choose to consult consultants to prevent delays. By following these guidelines, you can establish a compliant foundation for your business in the growing Philippine economy.