Registering a partnership business in the Philippines is mandatory. Depending on your legal structure, it can either be easy or tedious. Unlike sole proprietorships, partnerships and corporations are required to be registered in the Securities and Exchange Commission (SEC).
A partnership is one of the most preferred businesses here in the Philippines. This is because you have someone to work with (a partner), rather than managing everything just by yourself. It includes two or more partners which give a lot of room for capital and growth. If you are on the fence of scaling your business, you might consider this type of business entity.
To make things easier for you, we laid out everything you need to register your partnership business. Below, we’ll discuss how you can register your partnership business in the Philippines.
The first thing you need to do is register your business in the SEC. They are responsible for regulating partnerships and corporations in the Philippines. Here, you’ll need to submit the following:
This is required as you will be setting up a business in the barangay’s area. Thus, your business should conform to the standards of the barangay. Fees and other requirements might be needed depending on your barangay.
Registering your employees (whether temporary or permanent) in the SSS is mandated by law. This ensures that you are lawfully remitting your employee’s monthly contributions so they can reap the rewards later. You will need the following:
After obtaining the certificate of registration from SEC, you can now apply for a Business Permit or Mayor’s Permit. This is required since your business location is under the LGU’s area of governance. Just like in barangay, your business should conform to the LGU’s standards.
Here’s our in-depth guide on how to get a business or mayor’s permit in the Philippines.
Now that you have a mayor’s permit, you can now register your business in BIR. Registering with the Bureau of Internal Revenue will give you permission to issue official receipts, register books of accounts, and (for partnerships and corporations) to obtain a separate Tax Identification Number.