BASIC REQUIREMENTS TO START A BUSINESS IN THE PHILIPPINES

Securities and Exchange Commision (SEC) Registration

for partnership or Corporation

Department Trade and Industry (DTI) Registration

for your Business Tradename

Mayors Business Permit

for getting the license to operate in the city or municipality and payment of your local business taxes

Bereau of Internal Revenue (BIR) Registration

for getting TIN, official receipts and invoices, registering your books of accounts and paying your national Internal revenue taxes

SSS, PhilHealth, and Pag-ibig Fund Registration

for registering yourself or company as an employer and for remitting your employers contributions together with your employers share

Set up an accounting system or hire an aacountant

knowing how the business is doing financially is important for planning and survival

Advertise the Business

no one will buy the products or services if customers do not know that the company exists. You can make use of the social media.

Secure insurance for the Business

Liability insurance protects the business in the event of litigation. Consider life and disability insurance, health insurance and fire insurance when you are leasing an office or storefront

Keeping Business Records

good record keeping can help protect the business, measure the performance and maximize profit

records are the source documents, both physical and electronic, that specify transaction dates and amounts, legal agreements and private customer and business details

Plan and work more efficiently

Meet legal and tax requirements

Measure profit and performance

Protect your rights

Manage potential risks

Developing system to log, Store and dispose of records can benefit the Business