Putting up a business is not easy as counting 1, 2, and 3. First of all, you need the money and the right resources to keep you going. But it doesn’t end at that. You have to deal with something again, and that is, paper works. To get your business or corporation officially running, you have to comply with all the legal process.
The Corporation Code of the Philippines is responsible for the governing of Philippine corporations. Through the extensive efforts of the Securities and Exchange Commission (SEC), the Corporation Code of the Philippines can perform its duties. The SEC is the commission in charge for the registration, regulation, investigation, and supervision of the several corporations in the Philippines.
To be able to incorporate your business, you need to pay a visit at the SEC office since you also need to secure a certificate of registration for your business. These are the following requirements posted by SEC for your business incorporation: (1) Name verification slip – you can secure this online or from the SEC Name Verification Unit; (2) Articles of incorporation and by-laws; (3) Treasurer’s affidavit; and (4) Affidavit of incorporator or director undertaking to change corporate name – this one is not required if the articles of incorporation have provision on this commitment.
The above-mentioned statements are only the basics. Each corporation is unique, so the requirements may also differ. For corporations classified as special types, the SEC will obviously require you to deal with other additional requirements. It can either be an endorsement from BSP for banking, and several other financial or bank dealings including pawnshops.
Incorporating a business is never free. At times like this, you need to prepare yourself a fair sum of money. In order to have a smooth processing, you should not run out of fees. You need to pay for the costs when filing in the SEC office. Aside from that, you have to prepare money for your paid-up capital in your bank; the required BIR documentary stamp tax; and other necessities such as hiring a corporate lawyer in order to assist you during your incorporation process.
This is just the beginning of the incorporation process. After complying with all the SEC requirements and certification, you need to comply with the registration requirements of other government agencies such as your Municipality, BIR, SSS, PhilHealth, Pag-Ibig, and etc.