Part 1: You Need These Documents to Start a Business in the Philippines
In previous articles, I discussed the different kinds of business organizations that may be established in the Philippines for the purpose of business, as well as the essential legal requirements (i.e., permits and licenses) necessary before a business can operate in the Philippines.
In this two-part series, I will discuss the legal documents that need to be submitted to the applicable government agency in order to organize a business in the Philippines. The legal documents depend on the kind of business organization which one wants to establish.
A. Sole proprietorship
For citizens of the Philippines, the legal documents needed in order to register a sole proprietorship with the Department of Trade and Industry (DTI) are the following:
Duly accomplished PBR Sole Proprietorship New Application Form
A valid government-issued identification card of the sole proprietor
For non-citizens, the legal documents to be submitted to the DTI are as follows:
Interview sheet with interviewer’s findings & recommendation
Duly accomplished application forms:
Form No. 16A (Business Name Application for Sole Proprietorship
Form No. 17 (Application for Certificate of Authority)
Pictures (passport size)
Foreign Investor: 7 copies
Filipino resident agent: 5 copies
Alien Certificate of Registration (ACR) or Special Investors Resident Visa (SIRV)
Notarized appointment of Filipino resident agent
For non-resident alien: proof of inward remittance of foreign currency with Peso conversion
For resident alien: bank certificate of deposit
Authority to verify bank accounts or bank certificate of deposit, whichever is applicable
Certification from resident alien not seeking remittance of profits and dividends abroad
If investment includes assets other than foreign exchange: a copy of the valuation report from Bangko Sentral ng Pilipinas
Clearance or certification from other involved agencies, if applicable.
The application forms, interview sheet, template appointment of resident agent, template proof of inward remittance, template bank certificate of deposit and other template forms mentioned above may be obtained from the nearest DTI office.
All documents executed and notarized abroad must be duly authenticated by the proper Philippine Embassy or Consulate.
B. Partnership
The legal documents to be submitted to the Securities and Exchange Commission (SEC) in order to register a partnership are as follows:
Name Verification Slip
Articles of Partnership
Joint affidavit of 2 partners to change partnership name (not required if already stated in Articles of Partnership)
Endorsement or clearance from other government agencies, if applicable
For partnership with foreign partners: SEC Form No. F-105
The Name Verification Slip is obtained after reserving a partnership name online through www.sec.gov.ph or by going to the SEC office.
All the other documents mentioned above may be downloaded from www.sec.gov.ph, obtained from the nearest SEC office, or drafted by professional advisors or consultants.
A list of businesses requiring endorsement or clearance from other government agencies may be seen at www.sec.gov.ph.
In Part 2 of this series, I will discuss other types of business organizations.
Originally published at foundersguide.com
