The Philippines offers both local and international businesses with fantastic opportunities. But it is essential to understand and comply with existing laws and business regulations in the country before companies can finalize their business plan and schedule the launch of the company. Before a person can conduct a company lawfully, all the legal paperwork and specifications must first be acquired. Registering a corporation is one of the first actions that an organization must take among several steps.
We recognize all facets of launching a new company after having licensed and incorporated hundreds of foreign and domestic companies in the Philippines. We will easily offer record assessment, collection, and filing services by engaging closely with our customers to consider their priorities from the outset.
We can reduce entry time for businesses seeking to enter the Philippine industry through our comprehensive approach to company registration. YKC Law can be approached by international firms or local business people trying to avail business registration services in the Philippines with the help of our professional lawyers in Manila and Makati.
Simple Measures for Company Registration
There are specific procedures that businesses go through before filing when incorporating a new company with the Stock and Exchange Commission or registering a branch office for the Philippines’ activities. Each organization has specific criteria and, depending on the situation. The exact procedure can differ between businesses.
Basic Company Registration Steps:
- Initial meeting to recognize the specifications
- Selection from available legal frameworks of the correct form of business entity
- Start initial business operations, such as acquiring an office room
- Preparation of records for incorporation or registration
- Secure any secondary permits that might be required from the NTC, DTI, BSP, BOI, or other agency
- Submission to the SEC (Philippine Securities and Exchange Commission) or DTI if necessary
- Release of incorporation papers or corporate registration certificate
- Registration with the units of the municipal government (occupancy, business permit)
- Registration with the Internal Revenue Bureau (BIR)
- Registration with local labor authorities such as SSS, Philhealth, HDMF
- Processing of any required work visas and permits for foreign staff
- Begin business operations
Tax Incentives for Philippine Companies
The government has established an excellent strategy to promote savings in tax and non-tax incentives for companies registered in the Philippines. A company either exporting its goods and services or running a domestic industry specified in the 2019 Investment Priorities Plan could apply for tax benefits from the Board of Investment (BOI) or the Philippine Economic Zone Authority during business registration (PEZA).
Benefits Consist of:
- Income Tax Holiday
- Duty-free manufacture of capital equipment
- Wharfage fees cut
- Exemption from VAT
- Jobs of nationals of foreign origin
- Visa for special investors
Additional Administrative Approvals for Certain Operating Undertakings
Certain firms, based on their particular existence, will require extra licenses and registration requirements. Triple I business advisors will decide if your business requires other licenses and direct you through the process. With our expertise in business registration services in the Philippines, we can help businesses apply their documents and achieve a fast-processing turnaround.
Businesses in the Philippines Requiring Licensing:
- Mining and the refining of minerals
- Trafficking of Goods and Exports
- Internet games and distraction
- Industry associated with defense
- The beauty or pharmacy business
- Workforce or department for recruiting
- Production in agriculture
- Services linked to electricity
- Sector of oil and gas
- Banking and Financial Affairs
- After Company Registration, additional facilities
- Trusteeship Programs
- Drafting of the manual and labor contracts for the company
- Recruitment services and employee search
- Housekeeping Corporate
- Outsourced payroll, accounting, quarterly reporting, and annual submission of taxes
- Services for payroll outsourcing
On-Going Corporate Compliance and Legal Services
YKC Law in Manila helps several entrepreneurs in the Philippines, providing company and business registration services. Our expert team of consultants and lawyers can guide businesses through the legal and logistical obstacles when entering the Philippine market and help them succeed during their business.
Reach out to us here at YKC Law to get more information about our incorporation and business registration services.