After securing your capital, establishing your suppliers, knowing how to market, and having an almost perfect plan, your next steps might be launching your business. However, after doing that, there are certain permits and licenses required in opening a corporate in the Philippines. The owner must identify first what kind of business they have to define which requirement they need.
The following are some of the essential business permits and licenses that the owner must secure before opening one, according to Tycoon PH.
1. Bureau of Internal Revenue TIN
To be able to acquire all the necessary permits and licenses, the tax identification (TIN) number is needed. It is issued by the Bureau of Internal Revenue (BIR) at the edn of each fiscal year. The business owners need to submit tax statement using their TIN.
In order to acquire all the necessary permits and licenses for your business, you need to have a
2. Barangay Clearance
This document certifies that your business complies all the requirements of barangay depending on where it is situated. To have barangay clearance, you need to submit community tax certificate or cedula, a valid government-issued ID and duly accomplished form.
3. Department of Trade and Industry Business Name Registration Certificate
A business owners must secure a registration certificate issued by the Department of Trade and Industry (DTI). This will be valid for five years and this will be used as trading name for any business-related operation. This certificate also protects your business from being used by others.
Also, the applicants must be a Filipino citizen and should be at least 18 years old. The owner should come up with a list of business names in case the preferred names has already taken and not available. Business in line of dental clinics, hospitals, brokers and services may need additional requirements. The fees will depend on the scope of the business.
4. Mayor’s Permit/ Business Permit
The mayor’s permit ensures your business that it is safe to operate under your city or town’s ordinance. To be able to get this certificate, you need to register your business first with DTI for self-employed individuals and Securities and Exchange Commission (SEC) for corporations and partnerships. Remember that business permit must be renew annually.
5. SEC Registration Certificate
Businesses that falls under the corporation or partnership categories must secure a SEC certificate. Assure that you also bring the name verification slip, articles of incorporation and by-laws, joint affidavit of two incorporates to change corporate name. On the other hand, non-stock corporations must submit a list of members certified by corporate secretary, including the list of the names of contributors or donors the same as the amounts contributed or donated certified by the treasurer.
Businesses with employers are required to secure the following government-mandate permits:
- SSS Employer’s Registration– that ensures the employees that they are covered with insurance benefits such as sickness, disability, maternity and death according with Republic Act No.8282.
- PhilHealth Employer’s Registration – that covers the employees’ health insurance.
- Pag-ibig Employer’s Registration– that benefits the employees’ who wants to apply for housing loan.
- Department of Labor and Employment (DOLE)– that is applicable only to five or more workers.
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