12 steps to register a company in the Philippines in 2023
By requesting Healy Consultants to register their Philippines company, our Clients do not have to travel to Philippines to start their company. Our Firm will indeed complete all procedures on their behalf. Please refer to the page below for further details on the steps to setting up a company in Philippines.
- Consultation phase: Before proceeding with the Philippines company incorporation, our Clients to i) sign and email-return our engagement letter ii) settle the fees applicable to the engagement and iii) provide all the documents requested for our due diligence checks;
- Corporate Structure: During engagement planning, our team and the Client agree on the following: i) proposed business activity ii) proposed company names iii) share capital requirement iv) foreign equity participation and v) operations license requirements;
- Name Search: Our Team verify and reserve the company name with the Securities and Exchange Commission (SEC). The availability of your preferred company name can be checked online on the Philippines Business Registry;
- Incorporation documents: Upon name approval Healy Consultants Group drafts 6 set of documents required for company incorporation i) By Laws; ii) the Memorandum and Article of Incorporation and iii) Treasurer’s Affidavit for our client’s signature and email return to Healy Consultants Philippines company secretary;
- Treasurer in Trust Account: Healy Consultants Group assists our Client i) to open the temporary capital account opening with our client’s preferred local bank and ii) deposit the statutory minimum share capital and receives the Certificate of Deposit; Healy Consultants Group prefer to open a bank account with UnionBank to ensure a smooth company registration process;
- SEC Registration: Our local representative notarizes all required documents, pays statutory fees, and submit all company incorporation documents to the Philippines SEC;
- Obtaining Permits: Once the Certificate of Registration and a preliminary Taxpayer Identification Number (TIN) are issued by SEC, Healy Consultants Group proceeds with securing i) Mayor’s permit, ii) Sanitary Permit iii) the Community Tax Certificate and iv) the Barangay clearance. During incorporation we need to declare at least 1 employee to complete the registration.
- Business license: Healy Consultants Group submits the application to secure Business permit from Mayor’s Municipality office;
- Before issuing a certificate of incorporation, the head of the SEC office in Manila will have to sign it off. If this person is absent from the office (e g on annual leave), this will result in delays of up to one month in the issuance of company numbers.
- TIN registration: Healy Consultants Group registers Tax Identification Number (TIN) and apply for the Certificate of Registration with the Bureau of Internal Revenue (BIR);
- Post SEC Registration: Healy Consultants Group registers a local company with the Social Security System (SSS), Philippines Health Insurance Company (PhilHealth) and Home Development Mutual Fund (HDMF);
- Engagement Completion: The Client engagement is now complete. Healy Consultants Group couriers to our Client’s preferred international address, the complete company kit including i) original corporate documents ii) an unopened bank correspondence and iii) Client engagement feedback survey.
Documents required to incorporate a Philippines company
- Incorporation documents for all corporate shareholders (if any) also legalized by a Philippines Embassy;
- Legalized Power of Attorney (PoA) authorizing Healy Consultants to submit company incorporation, tax registration and bank account opening forms on behalf of the company beneficial owners;
- Certificate of share capital deposit (Treasurer’s Affidavit) and lease agreement for local office premises, both notarized by a Notary Public in the Philippines;
- Community Tax and Barangay clearance certificates.