Starting a business in the Philippines is always exciting, but it can also be nerve-racking if you’re unsure how to comply with government requirements.
The good news is that once you have all the necessary permits and registrations, you can run your venture without constantly worrying about fines or forced closure.
Here are the basics:
First, decide if you should register with the Securities and Exchange Commission (SEC) for corporations or partnerships, or with the Department of Trade and Industry (DTI) for sole proprietorships.
Next, secure a Mayor’s Permit from the local government where you’ll operate.
Third, sign up with the Bureau of Internal Revenue (BIR) to get your Tax Identification Number (TIN) and official receipts for tax filing.
For businesses with employees, enrollment with SSS, PhilHealth, and Pag-IBIG is a must.
While it may feel like a chore, these steps lets you focus on growth and savor the peace of mind of being above board.
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