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How to set up a corporation

Step 1: Verify the availability of the company name


Done with the Securities and Exchange Commission (SEC). Takes 1 day to complete. Once
verified and approved, you will pay P40 to have the name reserved for a month. You must then
file the application for incorporation to the SEC within one month or pay another P40 to extend
the deadline for another month.
Step 2: Obtain a bank certificate of deposit for the paid-in capital
Done at the bank. Takes 1 day to complete. Fees vary from bank to bank.
Step 3: Prepare and register incorporation papers
Done with the SEC. Takes at least 3 days to complete. Fees will add up to around P3,000. You
need to submit the verification slip (from Step 1), bank certificate of deposit (from Step 2),
articles of incorporation and by-laws, treasurers affidavit and many other documents. Forms
and check list available at the SEC.

Step 4: Obtain a company Community Tax Certificate (CTC)


Obtained at the barangay office or city hall. Takes only 1 day. Fee will be P500 minimum.
Step 5: Apply for a Barangay or District clearance
Done with the barangay office. Takes 2 days. Fees will be around P1,000.
Step 6: Obtain a mayors business permit
Done at the City Hall Business Licensing Office. Takes around 2 weeks to complete. Your
biggest expense in terms of fees as it will depend on your declared capital. Prepare at least
P10,000. Aside from documents obtained in the previous step, you will be required to file other
forms and requirements. Ask the licensing office for the check list.
Step 7: Register for taxes
Done at the Bureau of Internal Revenue (BIR) office. Takes around 4 days. Registration fees

may add up to around P750 plus additional fees for documentary stamp taxes which depends
on your declared capital. You will obtain your company Tax Identification Number (TIN),
authority to print receipt/invoices and other documents.
Step 8: Buy accounting books
Buy from any bookstore. Takes 1 day. Youll be spending around P500 for a cash receipts
account, a disbursements account, a ledger and the general journal. Consult your local BIR
office for specific requirements on the books.

Step 9: Print your receipts


Done with any print shop accredited by the BIR. Takes around 1 week. Fees vary but its usually
around P5,000 for 25 booklets.
Step 10: Have your receipts and books stamped
Done at the BIR office. Takes 1 day at no cost. At this point, you can now legally operate your
business.
Step 11: Register your employees
Done at various offices. Takes around 2 weeks to process everything. As required by law, you
will need to enroll your employees (which may include yourself) with the Social Security System
(SSS), Department of Labor and Employment (DOLE), Home Development Mutual Fund
(HDMF) and Philippine Health Insurance Corp. (PhilHealth).
This step-by-step guide is just a simplified summary and other steps may be required, specially
for businesses which require special permits and clearances (ie, real estate, pawnshops,
schools, etc.). Lastly, the filing duration and fees mentioned are based from personal
experience. If youve recently registered a corporation in the country and have a different
experience than what Ive written above, then please share it below as a comment so I may add
it here. Thank you.