How to Start a Business in the Philippines: A Step-By-Step Guide
Following steps must be followed for starting any Business in the Philippines;
Step 1:- You should start with your Business Idea;
Before starting any kind of business, you must craft your business idea. The business idea is the first thing that you should follow for starting your business.
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Step 2:- You should write your Business Plan;
A business plan is the most important thing in any kind of business. Without a good business plan, you will not be able to compete with your competitors. A good business plan will help you assess the investments required in your business and the revenues you will generate in your business. Moreover, a good business plan can help you comprehend how to build a successful business in the Philippines.
Step 3:- Conduct thorough Research of the Business in the Philippines in which you are interested;
It is very significant for your business that you do a thorough research of the business you will start. Research makes you aware of your product’s market capacity and demand and the customer density of your product. It will provide you with knowledge of the consumer base in your location, which will be very much beneficial for your business.
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Step 4:- Choose a Good Name and then Register your Business Name;
- Your proposed business name will be registered with different departments of states in the Philippines, depending on the type of business you want to register.
- For the Sole Proprietorship business, you will have to visit the Department of Trade and Industry (DTI).
- For Corporation or Partnership business, you will have to visit the Securities and Exchange Commission.
- For the Cooperative business, you will have to visit the Cooperative Development Authority.
- Following Legal Documents, you will need to start any business in the Philippines.
1) – SEC registration is needed for registering as a partnership or corporation.
2) – DTI registration is needed for registering your business trade name (BTR).
3) – The mayor’s business permit is needed to operate in the city or municipality and pay your local business taxes.
4)- BIR registration is needed for Tax Identification Number (TIN for business), official receipts and invoices, register your books of accounts and pay your national internal revenue taxes (Income tax, VAT or Percentage Tax, Withholding Taxes, etc.).
5)- SSS, PhilHealth, and Pag-Ibig Fund registration – you will need to register yourself or your business as an employer and remit your employees’ contribution together with your employer’s share.
Generally, the BIR and the City/Municipality Office require registration certificates with the SEC or DTI before a business will be registered with them. Therefore, you will need to register through those offices to commence your business.
Step 5:- You should choose the Best Location to start your Business in the Philippines;
After conducting research related to your business and selecting the business type, selecting the best location is an important step. Location matters a lot in any business, so you should place where consumer density related to your product is good.
Step 6:- You should open a Bank Account and pay the Minimum Deposit;
One of the requirements of registering a new business in the Philippines is that the business owner must have opened a bank account and deposited at least PHP 5,000 along with additional requirements, such as articles of incorporation and proof of identity.
Step 7:- You should Apply and Secure all the Needed Clearance and Business Permits;
To start a new business operation in the Philippines, any new entity must secure all the necessary permits, licenses, tax requirements, and clearances. You can also check with the local region where you will start your business to know all the additional requirements.
Step 8:- Craft the Best Marketing Strategy;
The marketing strategy will help you attract your customers, build credibility among customers, defeat your competitors in the market, and gain a consumer base. To become successful in your business in the Philippines, crafting a good marketing strategy is compulsory.
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