How to Register a Corporation in 30 Days
(You can start one in less than 30 days if you wanted to. Naisip ko lang gawing 30.)
So I’m actually proud to say that I’ve started a corporation with Justin, Cam, X, Reggie and Marie. It took us about a month even though we know we could have done it in less.
For the actual laws pertaining to corporations here in the Philippines, read this.
This is just a summary of what actually transpires when you are out there trying to start your own business.
In the process, I wish to debunk a few misconceptions about business and others that I’ve encountered in my life and have now realized to be false.
1. Fallacy 1: “Starting a business is HARD.” In reality, it’s surprisingly easy. It’s the “sustaining the business” that’s hard.
2. Fallacy 2: “Government agencies are corrupt and disorganized” – Here’s one agency that isn’t. (At least as far as my experience goes)
So once you have the business plan ready and the guts to start your business, you prepare the following (if you don’t prepare beforehand like what we did, it will really take you 30 days.):
Prepare the following beforehand:
- TIN numbers of all incorporators – kung wala pa, you can get one online.
- Community Tax Certificates (CTC) – you can get one at your local Barangay office
- Name reservation and verification slip. (Reserve your name here.)
- Pay for the name reservation 40 Pesos for 30 days (you can pay at the SEC office)
Day 1: Go to Securities and Exchange Commission Main Office(SEC) and purchase the necessary forms for 500 Php. (Ground floor)
- Outside SEC, go to the nearest photocopy center (right beside the building) and have them make one copy of the form (20 PhP)
- Also have your name reservation and verification slip photocopied 3 times (3PhP)
- Have at least 4 original copies made
- Make sure that the following are filled up:
- Cover sheet – Company full name, address, contact person, and phone number
- Articles of incorporation – ALL!
- Acknowledgement – Names of incorporators and Community Tax Certificate Numbers
- Treasurer’s affidavit
- By-Laws – Name of corporation and Date of Annual Board Meeting
- For 500,000 incorporated shares, you’ll need Php31,250 in the bank (Just add 31,250 for every 500,000 shares thereafter.)
- Have your treasurer bring one copy of the typewritten articles of incorporation, 2 copies of his/her valid id, signed copies of the treasurer’s affidavit (included in form)
- Cover Sheet
- Name Verification Slip
- Bank Certificate of Deposit
- Articles of Incorporation
- 1/5 of 1% of authorized stock – at least 1,000 Php
- Processing Fee and By-laws – 510 Php
- 1% of filing fee – at least 100 Php
- Stock transfer book – 320 Php