Starting your own business is an exciting venture that enables you to discover your passion in life. Many of us run a business to be able to do what we love and share this fondness with like-minded people. As idealistic as it may sound, starting a business has a few vital requirements every owner must comply. There still is a law to abide for the entity to be considered as legal. Your Manila Accountant or designated bookkeeper will be the one who usually assists you with this.
But as an introduction, it’s also good to have a list of what you need.
First step would be to register your business name with either Department of Trade and Industry (DTI) or Securities and Exchange Commission (SEC).
Sole Proprietorship
If you intend to operate as a single proprietor, you may reserve your business name with Department of Trade and Industry (DTI) by visiting their Business Name Registration System (BNRS) :
Alternatively, you can visit the nearest DTI office near you. Bring a valid ID and cash for the required fees:
· Barangay: PHP 200.00
· City / Municipality: PHP 500.00
· Regional: PHP 1,000.00
· National: PHP 2,000.00
Process time will take about an hour depending on how many are served.
Corporation
If you intend to start a Corporation, you may reserve your business name with Securities and Exchange Commission (SEC) by visiting their Company Registration System (CRS):
Second step would be to get your Business Permit.
Once you get your SEC certificate or DTI registration, the next step would be to get your business permit from the local government. Before getting this, you need to get Barangay clearance from the Barangay hall where your business is located. Submit your SEC certificate or DTI Business Registration, two valid IDs of President/Owner, and Proof of Address (Lease Contract or Title of Land).
Once you get your Barangay clearance, go to the municipal office where your business is located and fill up the application form. Submit the following requirements: SEC certificate or DTI registration, Barangay Clearance, lease contract for renters or tax declaration for owners, and Two valid IDs. There are various fees that will be paid to the Treasury office for the different offices of the local government. Depending on the nature of your business, you also need to get clearances from the different offices.
Third step would be to register with the Bureau of Internal Revenue.
Once you get your Business Permit, last but not the least, go to BIR office for your Certificate of Registration. Fill up BIR Form 1901 of the Application for Registration and submit SEC certificate or DTI registration, Barangay Clearance, Business Permit, lease contract for renters or tax declaration for owners, and Two valid IDs. Fill up BIR Form 0605 for the payment and pay the corresponding fees. Register your book of accounts and receipts, and claim for your Certificate of Registration (COR) or Form 2303.
If you have employees, other steps would be to register with Social Security System (SSS), Home and Development Mutual Fund (HDMF or Pag-ibig) and Philippine Health Insurance Company (PHIC).
Manila Accountant can run these kinds of errands for you giving you more time to focus on creating your business.