Newly formed foreign and domestic corporations doing business in the Philippines must comply with the following obligations in registering with various government agencies:
- Verify the availability of the company name with the Securities and Exchange Commission (SEC)
- Obtain bank certificate of deposit of the paid-in capital from the Authorized Agent Bank (AAB) and in most cases a certificate of inward remittance
- Register the company with the SEC and receive pre-registered taxpayer’s identification number (TIN)
- Obtain the community tax certificate (CTC) from the City Treasurer’s Office (CTO)
- Obtain Barangay (neigborhood) clearance
- Obtain the business permit to operate at the local Business Promotion and Development Office (BPDO)
- Receive inspection from the BPDO
- Buy special books of account at a local bookstore
- Register with the Bureau of Internal Revenue (BIR)
- Pay the documentary stamp taxes (DST) on the issuance of authorized capital stock
- Obtain the authority to print receipts and invoices from the BIR
- Print receipts and invoices
- Have receipts, invoices and books of accounts stamped by the BIR
- Register with the Social Security System (SSS) as an employer
- Register with the Philippines Health Insurance Company (PhilHEALTH)