Business registration is a crucial step to starting a company. Entrepreneurs should approach it with the right tools and the right mindset to successfully kickstart their venture.
Depending on the size of your company, the whole registration process can either be short and simple or long and tedious. Make it easier by learning the process beforehand. Here’s a simple business registration guide to help you out.
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Register your business name
Securing a trade name is essential in the business registration process. Depending on the type of business (sole proprietorship, partnership and corporation, or cooperative), you can register your trade name with the Department of Industry (DTI), Securities and Exchange Commission (SEC), or Cooperative Development Authority (CDA).
Get a business permit
Register your business at the barangay or municipality where you are planning to operate. Get a business license, clearance, and permit to prove that your business is a community-friendly establishment that adheres to the standards and ordinances of the local government unit concerned. This process may take up to three weeks.
Secure a certificate of registration from BIR
Registering with the Bureau of Internal Revenue (BIR) will grant you the authority to print official receipts, register books of accounts, and obtain a separate TIN. Submit an application to the BIR Regional District Office where your business is located. This process usually takes a week.
Enroll your employees
Philippine law mandates you to enroll your employees in agencies such as SSS, GSIS, DOLE, HDMF, PhilHealth, and Pag-IBIG to ensure proper remittance of employee contributions. You can process all concerning documents in two weeks.
After completing these steps, you can focus on the real deal: running your business. Read about local laws and secure your finances for a smooth and successful business operation.