One of the first issues that one encounters when putting up a business in the Philippines is applying for a business name. The steps for applying for a business name in the Philippines are pretty easy. You just fill out a form, submit your Tax Identification Number, email, Zip Code, the business name application form, and pay the corresponding fee.
One particular item we need to discuss is the different requirements (documents, information etc.) we need to provide when applying for a business name. The list of requirements for a business name application is different for a single proprietorship (i.e. a business that has only one owner running it) and a corporation/partnership. Here’s what we need to register a business name for different types of businesses.
Let’s start with the most basic form of business, a sole proprietorship and its requirements for an application for a business name. The applicant for a business name should be at least 18 years old. The applicant for a business name of a sole proprietorship must be a Filipino citizen.
You will also be required to submit two ID pictures (size two inches by two inches, or your regular ID photo size). The photo should have been taken within one year of applying for the business name. You should place your signature at the back of each photo.
If the Filipino citizen’s name seems to be of foreign nationality he is to submit proof of his citizenship. Requirements to provide proof are documents like a birth certificate, PRC ID, and a voter’s ID. If the applicant for a business name is a naturalized citizen he must submit a Naturalization certificate and Oath of allegiance, an affidavit of election, or an ID card issued by the Integrated Bar of the Philippines or Professional Regulatory Commission.
Lastly, a business name applicant should pay a fee of Php 315 for processing and documentary stamp.
Now let’s move on to corporations, partnerships or cooperatives. Other than the above mentioned requirements, when applying for a business name we would need the following as standard requirements for corporations and partnerships. First would be a filled out application form. You would also need a photocopy of the SEC and CDA registrations. Applicants for a business name should also submit their articles of incorporation if they’re putting up a corporation, partnership, or cooperative.
You will also be required to submit a board resolution for the registration of the business name and the address of the business (i.e. if it is applicable — some businesses don’t have a fixed physical address). Lastly an applicant corporation for business name is required to pay Php 500 as a processing fee.
When putting up a business in the Philippines one must decide the type of business and submit the application requirements to apply for a business name.
[Tags]Business, Philippines, Business Name, Filipino, SEC, CDA[/Tags]