Introduction
Business incorporation, in simpler terms, is the legal procedure by which a business is turned into a company. This is typically done to establish ownership interests among the entrepreneur, the business’ investors, and its employees. In the Philippines, there are several types of business structures companies can register under: domestic corporation, branch office, regional headquarters, and representative office.
Many businesses, especially foreign entities, may find it difficult to navigate the business incorporation process in the Philippines. This can be because of the numerous regulatory compliance requirements they need to fulfill or the lengthy and meticulous process.
Thankfully, reliable law firms like Yap Kung Ching & Associates Law can help. If you are a business aiming to register for incorporation in the Philippines, read on to find out how legal experts can assist you and why YKC Law is the best choice.
How Law Firms Can Help With Business Incorporation in the Philippines
Below are some of the processes law firms can help you with regarding your business incorporation efforts.
Registration with the SEC
One of the first steps to take when incorporating a business in the Philippines is to register your company name with the Securities and Exchange Commission (SEC). This agency is in charge of supervising corporations, securities, and capital market institutions in the Philippines.
To register with the SEC, business owners are required to create an account at the SEC-eSPARC portal for seamless processing. Businesses must also submit their Article of Incorporation and Bylaws and a Treasurer’s Affidavit. Foreign companies also need a duly accomplished F-100 Form to be able to register with the agency.
Law firms with the best incorporation services can help you draft these documents in accordance with the Philippine regulations, as well as assist you in submitting them to the SEC. Upon approval of your application, a Certificate of Incorporation will be issued to you, allowing your company to operate in the country.
Set Up Corporate Taxation With the BIR
Companies in the Philippines have tax obligations. To comply with these, you will also need to register your business with the Bureau of Internal Revenue (BIR). A law firm can help you prepare an Application for Registration or BIR Form 1903, to be submitted at your company’s Regional District Office (RDO).
This form, along with requirements like SEC certification, Documentary Stamp Tax Declaration or BIR Form No. 2000, and updated invoices, is needed to obtain your Taxpayer Identification Number (TIN) and BIR Certificate of Registration.
Obtaining Permits from LGUs
After you register for incorporation with the SEC and get your TIN from the BIR, the next step is to obtain the necessary permits from the local government unit (LGU) where your company is situated.
A law firm can guide you with your application for Mayor’s Permit at the Mayor’s office, as well as with obtaining a Barangay Clearance from your local Barangay (village) and a Business Permit at the municipal office. These documents are necessary to ensure that companies comply with the LGU’s standards and limitations for businesses.
Employer Registration With Government Agencies
To legally employ workers for your company, you will also be required to register as an employer with several government agencies. This establishes your employees’ rights and ensures that they can get government-mandated benefits, like health insurance, housing loans, and social security.
A law firm can help you prepare and accomplish documents needed to register with the Social Security System (SSS), the Philippine Health Insurance Corporation (PhilHealth), and the Home Development Mutual Fund (HDMF or Pag-IBIG Fund).
What to Look For in Business Incorporation Services in the Philippines
Whether you are a foreign company looking for reliable offshore company incorporation services or a local entity aiming to form your own company, here are some things to consider.
Expertise in Corporate Law
Corporate lawyers specialize in the legal aspects of running a corporation, including providing advice on legal compliance and representing their clients in case of disputes. YKC Law has one of the Philippines’ best incorporation services because of our wide expertise in corporate law, thanks to our highly experienced lawyers.
Strategic Legal Solutions
To register for incorporation, business owners have to go through the mill without an expert to guide them. A knowledgeable law firm like YKC Law can provide you with strategic legal solutions, making sure you can address potential legal risks efficiently and that your business registration efforts are seamless and successful.
Broad Legal Counsel Offerings
When hiring a law firm to help you with legal matters concerning your company, it is beneficial to choose one that has broad legal counsel offerings. This can help you save time and resources in the long run. At YKC Law, we offer a wide range of corporate law services, from business registration and incorporation to joint ventures and partnerships.
Choose YKC Law for a Successful Business Incorporation in the Philippines
YKC Law prides itself on its top-notch legal services and well-respected and experienced lawyers specializing in various legal fields, including corporate law. By collaborating with YKC Law, you can protect your business’ best interests, whether you are a local entrepreneur looking to set up your company or a foreign company owner who wants to establish your presence in the Philippines.
Our practice area in corporate law includes business incorporation services in the Philippines, as well as handling corporate disputes, counsel for mergers and acquisitions, dissolutions, and joint ventures. From business registration to market entry, we make sure that your company can successfully expand and operate without any legal risks.
Conclusion
Forming a company in the Philippines is quite difficult, but partnering with a reliable law firm can make things easier. YKC Law, with its trusted and knowledgeable lawyers and comprehensive range of services, can guide you through the registration process with various Philippine agencies, so you can focus on setting up your business for success.
If you are on the lookout for the best business incorporation services in the Philippines, contact YKC Law today to get started.
