Registering Your Startup Company as a Sole Proprietorship
Most businesses in the Philippines must undergo the business registration process. One will have to go through several government agencies to register so that once commercial operations begin, any legal issues will be avoided. Moreover, registering a business will secure a company’s reputation, and provide chances to collaborate with other entities.
Requirements to Register a Sole Proprietorship
If you’re a sole proprietor and unsure how to register your company, here’s what you need to get started:
- Office Address
Obtaining a permanent office address is one of the most crucial prerequisites for starting a business in the Philippines. Moreover, almost all company paperwork requires a complete office address.
- Department of Trade and Industry (DTI)
The first step is to register with the Department of Trade and Industry. After submitting the required information, a Certificate of Registration will be issued, which will be valid for the next five years.
- Local Government Unit (LGU)
After the SEC registration, getting a barangay clearance will be the next step. This will be a prerequisite for obtaining a mayor’s business permit.
- Bureau of Internal Revenue (BIR)
Next to the LGU registration, completing the Certificate of Registration from the Bureau of Internal Revenue is needed. Being registered at the BIR will give the ability to print official receipts and legally register a Tax Identification Number (TIN) for your business.
- Social Security System (SSS), PhilHealth, & Pag-Ibig
The Labor Code of the Philippines mandates employee benefits. SSS contributions, PhilHealth contributions, and Pag-IBIG Fund contributions are just a few examples. These said benefits go through a monthly contribution scheme. Employers that fail to send the required contribution amount by the deadline are subject to a penalty of interest calculated from the due date to the time of payment.
Our Business Registration Services
Are you ready to start up your company? At Loft, we can ease your worries and save your time by providing end-to-end business registration assistance. We have different packages that you can choose from depending on which suits your needs best.