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Sunday, October 22, 2017

Setting Up Your Business

To ensure full and legal operation of your business, proper registration is paramount. Whether you’re starting an online store, a neighborhood shop, or building an office, the first step is to register your business with the Department of Trade and IndustryBureau of Internal Revenue, and Social Security System (SSS).

[Source: https://toucantelemarketing.co.uk]
Starting up a business in the Philippines does not have to be a daunting task. You can follow these outlined steps:

Step 1. Register your business with the DTI and obtain a Business Name Registration Certificate [READ: Registering a business name]

Step 2. Obtain Barangay/Municipality/Regional Clearance from the concerned local government where you will set up your office

*Requirements:
Business Name Registration Certificate
Two valid IDs
Proof of address of business location (Note: If you will be operating from home, your home address will suffice)

Step 3. Go to the mayor’s office in order to secure a business permit in the municipal level

*Requirements:
Business Name Registration Certificate
Map/sketch of location where your business will be located
Two valid IDs
Community tax certificate (in some cases)

*A community tax certificate (CTC), also known as sedula, is issued to every individual or corporation upon payment of the community tax.

Step 4. Go to the Bureau of Internal Revenue (BIR) district office where your business will be located

*Requirements:
Business Name Registration Certificate
Mayor’s permit
Barangay clearance
Proof of your business address (e.g. lease/rental agreement, land title)
Book of Accounts, to be stamped by BIR (which can be purchased in office supplies stores)
Receipts and invoices from BIR accredited print shops, to be stamped by BIR

Step 5. Obtain a Tax Identification Number (TIN) [READ: How to apply for a Tax Identification Number]

*A taxpayer identification number (TIN) is issued by the Bureau of Internal Revenue for employees in the public and private sector.

Step 6. Fill out an application form for a Certificate of Authority to Print Receipts and Invoices

Step 7. Have your Book of Accounts, receipts, and invoices stamped by the BIR

Step 8. Apply as a self-employed member of the Social Security System (compulsory for business owners in the Philippines [READ: SSS membership]

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