What is Business Registration?
Business registration is one of the many stages and regulations involved in starting a business in the Philippines. Offshore corporations, SME's, startups, multinationals, and business owners in general must all register their businesses. This information may be beneficial to you if you are the owner of one of the companies listed.
What are the Advantages of Registering the Business?
Registering a business can be tedious and time-consuming but it is also rewarding, and here are the reason why;
- Registering a business will give you protection under the laws.
- You are at ease and focused on how to grow your business. Rather than being paranoid that you will get caught by authorities because your business isn't registered.
- In this way, you can protect the reputation of the company and the name of your business
- It can assure stakeholders, suppliers, banks, and government agencies that you have a stable business.
- It enhances the reputation and perception of your business
- It also attracts any future dealings with third parties as many businesses will only engage with registered companies
Obtaining Local Permit
A physical business address is one of the requirements in obtaining a local permit because you will need clearance or a certificate from the local Brgy. authorities in the city where your business is located.
Here is the List of Basic Requirements for Business permits
- Proof of business registration, incorporation, or legal personalities
(i.e DTI, SEC, CDA, DOLE registration)
- The basis for computing taxes, fees, and charges
(e.g Business Capitalization)
- Copy of Occupancy Permit
- Contract of Lease (if lessee)
- Brgy Clearance
Each government agency has its process of registration, different amounts of fees, and documentary requirements.
Processing business registrations can be tedious, you must be knowledgeable about the process by complying with the laws and regulations of the government.