Requirements and Permits Needed in Registering Corporate Business in the Philippines

When starting a business in the Philippines, there are a number of government agencies one must
register in addition to opening a bank account and hiring employees. It is essential to register your
business to avoid any legal problems once business operations begin. These are the required steps
which must be performed one at a time.

1. Secure Business Name with the Securities and Exchange Commission (SEC)
The first step is to register your preferred corporate name with the SEC while our
lawyers work on the company’s articles of incorporation and by-laws. Once the AOI and By-
laws are drafted, you may open the TITF account with your preferred bank.
2. Open Corporate Bank Account
Companies applying for incorporation must open a TITF account with its preferred
bank. The TITF account will serve as the temporary depository account of the required
paid-up capital of the corporation. The basic requirements for the opening of a TITF
account include the proposed articles of incorporation and by-laws, account opening forms
with the specimen signature card to be accomplished by the treasurer-in-trust, valid
identification cards of the treasurer-in-trust, and the minimum deposit required by the
bank which ranges from P10,000.00 to P50,000.00 depending on bank. The bank will issue
a certificate of deposit which is among the documentary requirements to be submitted to
the SEC.
3. Register with the Securities and Exchange Commission (SEC)
Once a bank certificate of deposit is issued, and provided the following documentary
requirements are complete, the application for registration may be submitted to the SEC:
 Name Reservation and Payment Form
 Notarized Articles of Incorporation and By-laws
 Treasurer’s Affidavit
 Bank Certificate of Deposit or Proof of Inward Remittance
 Duly accomplished SEC Form F-100 (for corporations with more than 40% foreign
equity)
SEC registration takes 10 to 15 working days upon submission of complete documentary
requirements, provided there are no holidays during this time period.
4. Register with the Bureau of Internal Revenue (BIR)
After SEC registration, a company must obtain a taxpayer identification number (TIN),
register its books of accounts, and apply for authority to print official receipts from the
Bureau of Internal Revenue (BIR), the national taxing authority in the Philippines.
5. Register with the Social Security System (SSS)
All companies must be registered with the SSS and must secure an employer number
which will be used as reference for the remittance of monthly contributions. To register
with the SSS, the following documents have to be submitted:
 Employer Registration Form (R-1)
 Employment Report Form (R-1A)
  SEC Registration, Articles of Incorporation, and By-laws
6. Register with PhilHealth
PhilHealth is a medical insurance program administered by the Philippine Health
Insurance Corporation (PHIC). All employers are required to register their employees with
this agency as stated in the New National Health Insurance Act (RA 7875 / RA 9241). To
register with PhilHealth, the following documents are required:
 Employer Data Record (ER1)
 Report of Employee-Members (ER2)
 SEC Registration, Articles of Incorporation, and By-laws
7. Register with Pag-IBIG
Pag-IBIG Fund is also known as the Home Development Mutual Fund (HDMF), a
housing loan which is mandatory for all employees covered by the Social Security System
(SSS). The Pag-IBIG Fund also provides other types of loans for qualified individuals.
8. Obtain a Mayor’s or Business Permit
The following documents are required to secure a business permit:
 SEC Registration, Articles of Incorporation, and By-laws
 Locational Clearance
 Lease Contract
 Barangay Clearance

Barangay Clearance

This clearance is obtained from the Barangay where the business/company is located. The fees
depend on the company’s paid-up capital plus an additional amount for taxes, fees, and other charges
which may vary for each barangay. The basic document required is the notarized lease contract between
the company and the lessor of its registered office.

Locational Clearance

The following documents are required to secure a locational clearance:

 Location Map
 Barangay Clearance
 Lease Contract
 SEC Registration Documents
 Occupancy Permit (Building/Unit)
 Business Permit Application Form