The Philippines is a developing country with a population of 111 million people and the third largest economy in Southeast Asia. Following are the steps you need to follow to set up your wholesale or retail trade company in the Philippines with Emerhub.
Steps for registering Wholesale and Retail Companies in the Philippines
Emerhub will guide you through the following steps to establish your wholesale or retail trade company in the Philippines to obtain: 카지노사이트
SEC license to operate
Business permit in the locality where the business is situated
Certificate of Registration with the Bureau of Internal Revenue
Certificate of Registration with the Social Institutions
Setting up a bank account (Certificate of Deposit)
BOC License for import and export activities
DTI (Department of Trade and Industry) Registration – If there is a secondary license incidental to the type of product the client sells.
Acquire FDA (Food and Drug Administration) License to Operate (LTO) and Certificate of Product Registration (CPR) if products fall into the following FDA-regulated categories:
Food and beverages
Drugs/pharmaceuticals and biological products
Household hazardous products
Electronic products that emit radiation
Vape and e-cigarettes (According to FDA Circular No. 2021-016)
Drugs, medical devices, and food for animals (According to FDA Circular No. 2022-0591)
Wholesale and retail trade companies are registered under a domestic or branch office. Emerhub helps you obtain the following certificates from government bodies:
Registration certificate with the Securities and Exchange Commission (SEC) 안전한카지노사이트
An SEC registration allows a business to validate its legal entity, issue receipts, trade financial assets, and get certain rights under the country’s corporate law. Foreign corporations (branch office, regional headquarters, and regional operating headquarters) are issued a license to transact business in the Philippines while domestic corporations like subsidiaries are issued a certificate of incorporation.
Emerhub first registers your company with the Securities and Exchange Commission (SEC).
Submission of initial application
Approval from SEC
Routing of documents to signatories
Final payment and Submission of hard copies
Issuance of certificate
Estimated time: 30 working days
Registration in Local Government Unit (LGU)
As soon as the company acquires a license to carry out business activities, it is mandated to secure a permit from the local government unit that has jurisdiction over the place of business. Local Government Unit (LGU) permits, which are also called Mayor’s Permits or Business Permits, are licenses required for your trade company to comply with city ordinances. To file for registration in the Local Government Unit (LGU), Emerhub guides you through the following process:
Emerhub submits application form and documents
Assessment of fees
Issuance of Business Permit
Estimated time: 30 working days
Registration certificate with the Bureau of Internal Revenue (BIR)
The Bureau of Internal Revenue (BIR) regulates finance, taxation, and monetary policies in the Philippines. It collects and enforces all tax revenues, fees, and charges for the Philippine government. Emerhub registers your business with the BIR manually, while all future transactions are reported online.
Application for Taxpayer Identification Numbers
Secure authorized computation from the officer-in-charge 카지노사이트 추천
Payment of documentary stamp tax
Submission of requirements
The request for a template from the Authorized Printer
Acceptance of the documentary requirements
Release of Certificate of Registration
Release of Authority to print
Stamping of Books of Account
Estimated time: 14 working days
Certificate of registration with Social Institutions
Before your wholesale or retail trade company hires its first employee, Emerhub has to register you with Social Institutions in the Philippines. These institutes provide benefits to the workers in the Philippines which are working in various sectors. These benefits include:
Philhealth is the medical insurance program by the Philippine Health Insurance Corporation (PHIC) that provides universal health coverage.
SSS – Social Security System provides protection against various contingencies such as old age, disability, calamities, sickness, pregnancies, unemployment, and death.
Pag-IBIG is the Home Development Mutual Fund (HDMF) which provides home loans and affordable housing financial assistance to employees. Both employers, as well as employees, contribute to this fund on the basis of the employee’s salary.
The process for registering in all three aforementioned institutions is similar and mentioned as follows:
Emerhub prepares the required documents
Signing of documents by the authorized signatory
Submission to the government agency
Assessment of submitted documents
Release of Certificate
Creation of online access
Estimated time: 30 working days
Setting up a bank account
A bank account for a wholesale or retail trade company in the Philippines can be set up using the below-mentioned process:
Preparation of bank forms by Emerhub
Secure the signature of the authorized signatories and directors
Submission to the relationship manager
Evaluation of documents
Issuance of an account number
Minimum capital requirement for establishing a wholesale and retail company in the Philippines
The minimum capital requirement for setting up a wholesale or retail trade company in the Philippines is as follows:
No minimum capital is required if the wholesale or retail trade is 60% Filipino-owned and 40% Foreign-owned.
The minimum capital requirement for a 41%-100% foreign-owned (FIA) company engaged in wholesale business is PHP 12,000,000.00
A 41%-100% foreign-owned company (FIA) engaged in retail must have a minimum capital of PHP 25,000,000.00
Process timeline for setting up a wholesale or retail company in the Philippines
Security Exchange Commission (SEC) license: 30 working days
Certificate of Registration with the Bureau of Internal Revenue (BIR): 14 working days
Certificate of Registration with the Social Institutions: 30 working days
Certificate of Registration with the Local Government Unit: 30 working days
Bank account set up: 30 working days
Register your company with Emerhub
Setting up a trading business can be a frustrating task, especially in a new international market but we are here to help you at every stage.
Emerhub assists in executing all the registration steps for wholesale and retail trade companies. It takes us almost 60 days to incorporate your company with the SEC, BIR, LGU, and Social Institutions.