The first step is to register your preferred corporate name with the SEC while we 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.
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.
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:
SEC registration takes 10 to 15 working days upon submission of complete documentary requirements, provided there are no holidays during this time period.
The following documents are required to secure a business permit:
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.
The following documents are required to secure a locational clearance:
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.
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:
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:
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.