in-the-philippines.com | All about Philippines

Are  you a risk taker? Do you have entrepreneurship spirit in you? Well if it is business that you are interested you have come to the right place.

Starting up a business in the Philippines is easy depending on the type of the business entreprise that you would like to put up. Mostly Filipinos tend to begin with the single proprietorship as it is the easiest one to apply for. It requires fewer documents to be submitted.

The first step is to register the business name of your company, it would mean going to the Department of Trade and Industry in its  main office in Makati.  You will be required to write in a piece of a paper three chosen names for you company 1st priority, 2nd priority and third priority. It will be verified afterwards if the first chosen namen does not exist yet.  After this you may go on with the rest of the procedure.

The applicant should be at least eighteen years old. Sometimes they require a certificate from the Philippine National Police or from the National Bureau of Investigation in the area where you want to start your.

At the DTI get an application form, remember to bring two 2? x 2? identical color photos and sign them at the back. These photos should have been taken within one preceding year when you register a business in the Philippines.

Another document necessary register a business with a single owner is to present proof of citizenship. If your surname or family name sounds foreign you may inspect your passport (bring it along, it might come in handy). If you register a business where you’ll be a practicing professional (medical doctor, accountant, lawyer etc.) you will be required to present a photocopy of your license from the Philippine Regulatory Commission.

If you want to register a business as a corporation we need to get a certificate of registration from the SEC (Securities and Exchange Commission). A minimum of five people is required to register a business as a corporation, the maximum would be fifteen (majority of these should be residents of the Philippines).

Bring the following to register a business at the SEC:

Your cover sheet
A name verification slip
Registration Data Sheet
Bank Certificate of Deposit for your Paid-up capital
Articles of Incorporation
Undertaking to Change Name
A Treasurer’s Affidavit
Your Corporate By-Laws
Endorsements/clearances from other government agencies
Proof of remittance by foreign corporate subscribers and for a corporation with Foreign Equity
Application Form F-100, for corporations with more than 40% foreign equity

If you want to register a business in the Philippines as a partnership you would also have to go to the SEC. There should at least be two applicants. Majority of the partners should be residents of the Philippines. A partnership in Philippine law is where business partners “contribute money, property, or industry to a common fund with the intention of dividing the profits” among themselves.

Here’s a list of items you should bring to the SEC.

A Cover sheet
A Name verification slip
Your Articles of Partnership
A Registration Data Sheet
Endorsements/clearances from other government agencies
Application Form F-105 (For partnerships with Foreign Partners)
Bank Certificate on the capital contribution of the partners
Proof of Remittance of foreign partners

These are the items you need to bring with you when you register a business in the Philippines. Remember to bring every single item along so you don’t waste time going back and forth.