As you know, the Philippines is becoming one of the fastest-growing nations in Southeast Asia. There’s no doubt about it — starting a business in the Philippines is probably your success-in-the-making. However, like any other venture in another country, starting a business in Asia’s tiger cub economy can be quite challenging if you don’t know what or how to start. You would need to secure the right business permits and register your business to the right government agency.
First of all, you have to remember these important agencies to help you complete all your legal requirements in starting a business in the Philippines.
- Department of Trade and Industry (DTI)
- Securities and Exchange Commission (SEC)
- Bureau of International Revenue (BIR)
There you would have to register, acquire all the necessary permits, and submit all the requirements needed to put up your business here.
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What’s the first step?
Identify whether your business is either a single proprietorship enterprise, a partnership, or a corporation. If you want to register as a single proprietor, you would have to go to DTI. For corporations and partnerships, you can obtain your certificate of registration at the SEC.
Your document requirements will actually depend on the type of business you own, but some of these may include the following:
- Lease contract or property title
- Building and occupancy permits
- Zoning clearance
- Public liability insurance
- Barangay clearance
- Fire safety clearance
And of course…
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Don’t miss the Bureau of Internal Revenue
Regardless of what type of business you are going to establish, going to the BIR is a must for all. Here you would have to obtain your tax identification number (TIN). All your official receipts, invoices, and account books must be registered here. Remember: you would have to register and pay all applicable fees in the specific BIR office that covers your business address.
As mentioned above, other special fees may be required for your specific business needs. Registering to these agencies are essential if you want to proceed with your business venture — hassle-free. If you fail to register or submit to these requirements, your business might be closed, and worse, imprisonment.
For tips and guides for starting a business in the Philippines for foreigners, stay tuned to the EV blogs!