If you are planning to start or set up a business in the Philippines, you can now do that by registering your business remotely. This means you can operate your business legally and issue official receipts. With the raging pandemic, the SEC paved the way for virtual registration for everyone’s safety.
Now, you no longer need to line up and expend effort going to the nearest regional office. Tax services in Manila encourage business owners to take advantage of this feature. Remote registration means you don’t expose yourself to a lot of people and prevent the spread of contagion. Here’s what you need to know regarding remote business registration for seamless transactions.
Things to Consider
When doing business registration in the new normal, accounting services in the Philippines say that local resident must be prepare with the necessary documents ahead of time.
Meanwhile, for foreign applicants:
- Before sending the necessary documents to the Philippines, the documents should first be authenticated in the country where it was signed
- It would be more beneficial if a local resident is available to coordinate with the government regarding the registration and operations
How to Register Business Remotely
Step: 1 Make an account in SEC’s CRS/Company Registration System
You have to provide the following details to make your account:
- Basic information
- Address
- Contact information
- TIN or Tax Identification Number
Step 2: Choose Application Type
Select or choose the “register a new company” from the given choices in the CRS
Step 3: Company Name Reservation
During this process, you will need to provide the company name and industry sector that you desire. It will tell you whether or not the name you want is available. You have to remember that the Securities of Exchange will not accept company names that contain offensive words or words restricted by existing laws.
If the name and industry sector you like is available, you can submit it for evaluation. In case your first choice is not available, it is best if you prepare two or three alternative names to avoid delays.
Tax and accounting services in the Philippines say that if your desired name is approved, the name will be reserved for 90 days. During those 90 days, you should finish your business registration. If you are not finished within that time span of 90 days, you can apply for an extension.
Step 4: Submit Documents
The list of requirements will be provided by the CRS for the specific type of company you want to register. However, take note that you will have to get some of the requirements from other government agencies and submit them manually to the SEC.
- Download the following documents you can generate from CRS:
- Cover Sheet
- Affidavit of Treasurer
- Articles of Incorporation
- By-Laws
- Fill out the Documents
- Have the Documents Notarized
- Upload to CRS for evaluation
If you need to process documents with other government agencies, you can try to avail the services offered by consulting firms. You may also look for someone who you can appoint as a local representative to process the necessary documents.
Step 5: Payment
After the evaluation of your documents, SEC will email you either the fees you need to pay or notification of compliance findings. If you are notified, you need to follow SEC’s instructions for the revisioning and re-uploading of your documents.
If SEC sends you the order of payment, print it and pay the fees. Make your payment through any of the following:
- Landbank Online Account
- Through Landbank Portal: Debit Card Payment or GCash Payment
Do not forget to upload the proof of payment to CRS and wait to be notified that you have submitted the documents and completed the process.
Step 6: Hard Copies of the Registration Documents
You need to submit the hard copies of the registration documents to SEC so they will be stamped “received”. If you can’t submit the documents physically, look for someone who can submit the documents on your behalf.
Step 7: Get your Certificate of Registration
Wait for SEC to email you the release date of your Certificate of Registration. You can also follow up with SEC for the specific date of release if you were not able to receive their email. You need to get your certificate physically. If you are unable to do that, you can hire someone or hire a local representative to get the certificate of registration on your behalf.
With the ongoing pandemic, remote business registration is very helpful to many. Adopting digitization will make transactions with the government quicker, more efficient, and more transparent. There are certain factors you need to consider such as the type of business and the type of industry when you want to register your business remotely. If you want a smooth process, remember to prepare the necessary documents in advance. Seeking advice from our CPAs offering accounting services in Pasig will also be a great advantage for you.
