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.

Frontline Social Business Development Inc.

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)

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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:

1. TIN numbers of all incorporators – kung wala pa, you can get one online.
2. Community Tax Certificates (CTC) – you can get one at your local Barangay office
3. Name reservation and verification slip. (Reserve your name here.)
4. 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)

Day 2: Accomplish the form using the XEROXED COPY. Don’t write anything on the original.

Day 3: Bring the forms (xeroxed and original copies) to the many notary publics beside SEC and have them type (or computerize) what you wrote in the xeroxed form to the original forms for 500 pesos. I recommend “Bizprime center beside SEC.” Don’t worry that you haven’t completed the forms, they will complete them for you.

• Have at least 4 original copies made
• Make sure that the following are filled up:

1. Cover sheet – Company full name, address, contact person, and phone number
2. Articles of incorporation – ALL!
3. Acknowledgement – Names of incorporators and Community Tax Certificate Numbers
4. Treasurer’s affidavit
5. By-Laws – Name of corporation and Date of Annual Board Meeting

Day 4: Have all incorporators sign the printed copies

Day 5: Have your treasurer open your company’s bank account. (bank will get one copy of the articles of incorporation

Here’s a simple guide of how much (and what else) you’ll need.

• 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)

Day 6: Get bank account and bank certificate of deposit (notarized in area where bank is located)

Day 7.1: Bring all documents from bank, together with your remaining copies of the articles of incorporation, by-laws, etc back to the notary public outside SEC to have your documents notarized (it will cost you about 80 pesos)

Day 7.2: Prepare 4 copies (3 original and 1 photocopied) arranged in the following order:

1. Cover Sheet
2. Name Verification Slip
3. Bank Certificate of Deposit
4. Articles of Incorporation
5. By-Laws

Day 7.3: Bring it to the 2nd floor of the SEC Building, enter room to your left (upon climbing stairs) submit it to the lady at the first table and wait for your business name to be called (if it’s after 4pm already, don’t submit your paper and just go back the following morning to avoid inconvenience)

Day 7.4: If they find nothing wrong with your papers, you can proceed to the ground floor (right side upon entry) to pay the following fees:

• 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

Day 7.5: After paying the corresponding fees, bring the remaining copies of the articles of incorporation to the other room in the ground floor (left side upon entry) and file your papers. They SHOULD BE READY FOR PICK-UP in 5 days

Day 12.1: (Bring your receipts and stock transfer book) Pick up your certificate of incorporation at the ground floor releasing area. Pay 24 Php for the stamp that they will put on the certificate

Day 12.2: have the certificate photocopied (1 copy) just right beside the releasing area then bring the stock transfer book, xeroxed certificate to the other room to have your book stamped and registered. They will give you a slip which you will have to pay before you get your book stamped

Day 12.3: Pay 150 Php at the cashier and go back and give your receipt and have your book stamped.

Then you’re all good. 🙂

In any case that your certificate isn’t released on the day that it’s supposed to be released, you can call 5849225 and look for MC for follow up.

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Next step: Business permit registration!