As the year 2023 comes to a close, businesses not only look back at all the triumphs and tribulations over the last year but also look forward to all that is to come. As the new year approaches, one thing that firms and entrepreneurs should be eyeing is the preparations for tax documents, inventories, and most important of all, business permits.
Tax services in Manila noted that all registered businesses in the Philippines are required to renew their local business permits any time from January 1 to 20 for the year and every year thereafter. This is a requirement to allow the continued operation of said enterprises.
Procedures may vary slightly from one LGU to the next, but accounting services in the Philippines share a few general reminders for the steps in filing a business permit renewal. Whether you are a long-time business person or just a neophyte in the game, these things are good to know.
Step 1: Fill out the Application for Renewal Form
Pay a visit to your City Hall to fill out the specified Application for Renewal of Business Permit form. Ensure that all information that you write down is true and free from errors and discrepancies. Re-check all information before the final submission of this form to avoid any tedious hassle of amending mistakes.
Step 2: Compile and Submit All Necessary Requirements
The next step after filling out the renewal application would be to get all your documents for submission to the Bureau of Permits. You will need original copies and photocopies of the following:
– Previous Year’s Mayor’s Business Permit, if any
– Barangay Clearance for Business from the barangay where your business is addressed
– Cedula of Community Tax Certificate
– Recent payment receipts
– Declaration of Receipt or Gross Sales
– The value-added tax return or percentage tax return of the previous year, if any
– Most recent income tax return with audited financial statement, if any
In addition to the aforementioned requirements, the LGU of your business location may request additional documents. If you’re paying for bookkeeping services in the Philippines to make your accounting and business tax filing easy, you can also ask them for help with business registration services or renewal help as many firms offer it.
Step 3: Pay the Requisite Fees
Immediately upon submission of documents and the application form at the assessment window of the Bureau of Permits, proceed to the cashier to pay off licensing and regulatory fees. You may be given a receipt or stub, depending on your LGU’s policy. In this case, simply follow the additional steps stipulated by your LGU. Philippine Government agencies usually have their application flowchart on a bulletin board or posted along the walls. Noteworthy, standard procedure and processing time may vary depending on the population density of your LGU.
Step 4: Receive your Business Permits once Approved
Once you have completed all your payments, you will be given your renewed business permit. Noteworthy, some professionals are exempted from paying for fees, but they’re still not exempted from submitting renewal docs. Note that you may have to follow additional procedures depending on what your LGU requires. The average lead time to process business permit renewal is between 30 minutes to 1 day, especially if your City requires no extra requirements and if they have not yet reached their quota for the number of applicants.
You may have to wait much longer if your city has a large number of applicants. In this case, claim your stub or other necessary documentation and visit the office on the date scheduled. You may also ask for a contact person whom you may keep in touch with regarding the issuance of your permits.
Other Tips That Can Help You With Renewal
Business permit processing is required for your company to legally operate, so do not delay or avoid this task to avoid any sanctions. Also, keep in mind the deadlines.
It is also recommended that you apply for business renewal early to avoid long lines and large crowds. It is also best to come with cash as most government agencies do not accept credit card transactions. Before going to your LGU or City Hall for processing, make sure all documents are prepared beforehand. You may additionally view the step-by-step guide for your locality on their website.
Lastly, if this process is something you may need extra help with or if you have more things to clarify, do not hesitate to delegate or seek professional assistance and consultation. Don’t let the hassle of business permit renewal weigh you down. Reach out to our experienced accounting services in Pasig, and our team will handle the paperwork, so you can focus on growing your business hassle-free. Get in touch today and ensure a smooth renewal process!