10 steps to incorporating in Philippines
Company incorporation in Philippines is complicated by bureaucracy and lack of transparent procedures. Healy Consultants assists our Clients navigate through the exacerbated administrative hassles and timely completes Philippines business incorporation thanks to our vast experience in the Filipino market.
- Our Client settles our Philippines company incorporation fees and signs Healy Consultants’ engagement letter. Thereafter Healy Consultants provides our Client with a detailed engagement project plan, listing the professional services to be rendered and outlining a roadmap for the company incorporation process, thus minimizing unwanted surprises and meeting Client expectations;
- Our Client and Healy Consultants agree the legal, tax and accounting implications of incorporating a company in Philippines. During the engagement planning phase, our Client and Healy Consultants also agree the company name and the optimum corporate structure, including the requirement for nominee resident directors and shareholders;
- Healy Consultants collects the required due diligence from our Client, including passport copies, proof of address, and details of the company’s intended activities;
- Healy Consultants performs a company name search with the Securities and Exchange Commission (SEC). The availability of your preferred company name can be checked online on the Philippines Business Registry website. Upon company name approval, Healy Consultants applies for the Community Tax Certificate (CTC) and the Barangay (district) clearance to enable our Client apply for additional business licenses and permits;
- Once the CTC is obtained, Healy Consultants emails corporate documents to our Client including i) consent to act as director and shareholder and ii) the Memorandum and Articles of Association (M&AA) for signature and courier return to Healy Consultants’ Philippines company secretary. Upon receipt of the original signed forms, Healy Consultants’ and pays the statutory fees and completes business registration with the Philippines SEC;
- The Philippines Board of Investments (BOI) emails Healy Consultants the registration approval of our Clients’ company and provides the Certificate of Registration. Thereafter Healy Consultants will obtain the relevant municipal license(s) at the business licensing section of the Mayor’s Office;
- Healy Consultants applies for Tax Identification Number (TIN) at the Bureau of Internal Revenue. During the tax registration process we will also indicate the specific types of taxes (including VAT) we expect our Client’s company to be liable for in Philippines;
- Healy Consultants’ Banking Team completes corporate bank account opening for our Client. The account includes world-class multi-currency internet banking facilities and our Client is not required to visit the Philippines to complete this task. Healy Consultants works with internationally recognized banks such as HSBC, Standard Chartered, and Citibank to provide corporate bank account services. If required, Healy Consultants will also assist our Client to obtain corporate finance, trade finance, and open both local and international merchant accounts;
- If required, Healy Consultants will provide our Client with complete Philippines virtual office including local telephone, fax and email support. Furthermore, Healy Consultants will assist our Client to locate permanent business premises in the country or recruit local staff;
- Healy Consultants compliance team prepares all post registration documents and provides our Client with a complete company kit including i) original Certificate of Incorporation ii) a bound copy of the Philippines government approved Articles of Association iii) original share certificates and iv) all original Philippines government receipts as evidence of payment of company incorporation and license fees. Healy Consultants finally e-mails our Client an engagement feedback survey to our Client.