Thorough Corporate Compliance in the Philippines
Ensure your business is legally compliant 24/7, 365 days a year. Loft helps you stay on top of general corporate housekeeping work and mandatory annual filings.
Why Corporate Compliance is Critical
After business registration, companies need to regularly ensure that all aspects of their business follow applicable Philippine laws. Effective corporate compliance helps avoid costly fines, lawsuits, reputational damage, and business license revocation.
Corporate compliance isn’t a one-time endeavor. It’s an ongoing process. Here at Loft, we understand the pain points of ensuring your business is legally compliant at all times. We can guide you through the ins and outs of regulatory compliance in the Philippines.
How Corporate Compliance in the Philippines Works
Corporate compliance covers a broad range of activities. The specific requirements you’ll need to comply with will depend on the nature of your business and the larger industry you’re a part of. Below is a basic overview of corporate compliance in the Philippines.
Regulatory Compliance
- Business permit renewal at the city/municipal level
- Submission of General Information Sheets (GIS) and Audited Financial Statements (AFS) to Securities and Exchange Commission
- Application for additional licenses/certifications with relevant government agencies, if applicable
- Change of business address, if applicable
- Amendments to registration documents, if applicable
Corporate Governance
- Prompt updates to GIS and AFS
- Opening a company bank account
- Organizing an annual general board meeting
- Shareholder communication about significant developments in the company
- Accurate record keeping of all company-related documents (e.g. by-laws, shareholder agreements, meeting minutes)
- Contract management to ensure contractual obligations are met
Tax Compliance
- Submission of accounting books to Bureau of Internal Revenue (BIR)
- Submission of Annual Information Return of Income Taxes withheld on compensation (BIR Form 1604-CF)
- Submission of Annual Information Return of Creditable Income Taxes Withheld (Expanded)/Income Payments Exempt From Withholding Tax (BIR Form 1604-E)
- Submission of Certificate of Compensation Payment/Tax Withheld (BIR Form 2316)
- Submission of Annual Income Tax Return (BIR Form 1701)
- Submission of AFS to BIR
Labor Compliance
For companies with employees, here’s an overview of compliance requirements:
- Mandatory contributions to the Social Security System (SSS)
- Mandatory contributions to the Philippine National Health Corporation (PhilHealth)
- Mandatory contributions to the Home Development Mutual Fund (Pag-IBIG Fund)
- Mandatory annual 13th-month pay bonus which is equal to one month’s salary
- Re-registration with Department of Labor and Employment (DOLE) in case of change in business name, location, ownership, re-opening after previous closing
- Submission to DOLE of Annual Establishment Report on Wages (AERW) which contains updated information on employment status and other workplace related data
Loft’s Corporate Compliance Services
Once your company is up and running, the Loft Team can provide you with the following corporate compliance services on a retainer basis or as-needed service. Choose which ones best suit your business needs.
Visa Services
We can help you and your employees in securing Alien Employment Permits (AEP), foreign taxpayer TIN, working visas, special permits, tourist visa extensions and other related requirements.
Intellectual Property
File a trademark, copyright, or patent to protect your business assets. We’ll help you determine the best course of action and secure complete requirements.
Business Address Change
We help existing companies change their official address, from relocating to another city to transferring between BIR Revenue District Offices (RDO).
Ad Hoc Corporate Services
We also offer a slew of as needed corporate services such as filing board resolutions, printing and issuing stock certificates, updating company statutes, annual filing with SEC/BIR, and legal assistance for small businesses.
Frequently Asked Questions (FAQs) on Corporate Compliance
Loft has an in-house corporate lawyer and team of seasoned accountants and business compliance experts.
As long as your needs fit within the sphere of corporate law, our team can create a custom service for you. Tell us more about your request by reaching out to us. You may contact us via email or via phone call. You can also complete our short contact form.
Loft works with both domestic companies and foreign-registered companies that plan to do business in the Philippines.
If you require a consultation before you proceed, we offer legal advice for various types of business owners. You may contact us via email or via phone call. You can also complete our short contact form.
Unless you bought a Virtual Office or Private Office service from Loft, you must make a paid booking every time you access our spaces. Please contact us via email or via phone call if you have further questions and clarifications.
Loft is open from Monday to Friday. We are closed on Saturdays and Sundays. See more detailed information below:
Loft Ortigas
• Walk-ins are welcome
• Open from Monday to Friday (8AM-6PM)
• 30th Floor, One Corporate Center Meralco Ave cor. Julia Vargas Ave, Ortigas Center, Pasig, Philippines
Locate via Google Maps
Loft BGC
• By appointment only
• Open from Monday to Friday (8AM-6PM)
• Unit 707, 7th Floor, One Park Drive, 11th Drive Corner 9th Avenue, BGC, Taguig, Philippines
Locate via Google Maps
Loft Quezon City
• By appointment only
• Open from Monday to Friday (8AM-6PM)
• 27th Floor, IBM Plaza Building, E. Rodriguez Jr. Avenue, Eastwood, Quezon City, Philippines
Locate via Google Maps
Loft Makati
• By appointment only
• Open from Monday to Friday (8AM-6PM)
• 9th Floor AIA Tower, 8767 Paseo de Roxas, Makati, 1226 Metro Manila, Philippines
Locate via Google Maps
If you have other questions that are not answered in the FAQs above, please feel free to get in
touch with us via email or via phone call. You can also complete a short contact form.