To register a company in the Philippines, you need to complete the following steps:
- Decide on the legal structure of the business and the name of the company.
- Apply for approval of the company name and incorporation.
The list of documents to apply for incorporation includes:
- a completed application for company registration;
- articles of incorporation;
- a list of directors and officers of the company with their biographies and contact information;
- documents confirming the authority of the company’s representative (if the application is submitted by a non-authorized person);
- documents confirming the availability of sufficient capital for company registration;
- financial reports and other accounting documents demonstrating the financial stability of the company;
- documents confirming the location of the company’s office.
You may also need other permits or licenses depending on the nature of the company’s business.
- Pay company registration fees, which you will receive from the SEC upon filing your registration application.
- Obtain approval from the barangay (administrative district in the region of your choice) in charge of local government administration.
At this stage, you will need to provide a certificate of incorporation from the SEC, two valid ID cards, and proof of your company’s office location address.
- Obtain a business permit from the local city hall.
To complete this step, you will need to provide a certificate of incorporation from the SEC, two valid ID cards, authorization from the barangay, and proof of your company’s office location address.
- Have your company registered with the Bureau of Internal Revenue (BIR) and obtain a Taxpayer Identification Number (TIN) for your firm. Also, register your books of accounts and up-to-date invoices.
To complete this step, you will need to apply (Form BIR 1903), submit a certificate of incorporation from the SEC, a Barangay Permit, a Business Permit from the Mayor’s Office, two valid ID cards, and proof of your company’s office location address.
In addition, all foreign employees of offshore gambling operators in the Philippines and their service providers, regardless of the nature of their employment, are required to obtain a taxpayer identification number. If a Philippine offshore gambling operator hires or employs foreign nationals without a TIN, a fine of 20,000 Philippine pesos (approximately $356) will be imposed for each non-compliant foreign employee.
- Also, every employer in the Philippines must register with the Social Security System (SSS), the Philippine Health Insurance Corporation (PhilHealth), and the Housing Development Mutual Fund (HDMF or Pag-IBIG Fund).
The company registration fee includes:
- company name verification fee – 100 Philippine pesos (PHP, about $1.78);
- registration of articles of incorporation – PHP 1,000 (about $17.8);
- share registration – 150 PHP (about 2.67 dollars);
- incorporation fee, which is 0.2% of the authorized capital or share capital subscription price, whichever is greater, but not less than PHP 1,000 (approximately $17.8);
- legal research fee, which is 1% of the registration fee, but not less than PHP 10 (approximately $0.18);
- Charter Due Diligence Fee – PHP 10 (approximately $0.18);
- approval from the barangay – PHP 300 -1000 ($5.34 to $17.8)
In recent years, the Philippine government has made changes to simplify and streamline the company registration process in the Philippines, especially for foreign entrepreneurs. Despite the efforts made, the process is still more complex compared to other jurisdictions. Therefore, we strongly recommend that you seek advice from the experienced lawyers at Fast Offshore Licenses. They are ready to provide the best and most cost-effective solution for your gambling business.
