June 17, 2020
The Bureau of Internal Revenue (BIR) has taken out the mayor’s permit as one of the requirements in business registration.
Commissioner Cesar Dulay pointed out that the BIR aims to expedite the process of establishing businesses in the Philippines.
It is continuously making reforms to ease the burden of entrepreneurs in submitting required documents.
Starting a business in the Philippines is only the first step of many in its continuous operations. Like most countries, the Securities and Exchange Commission (SEC) of the Philippines requires regular monitoring and reporting of every company’s yearly activities. The BIR and local government also require reporting and regular renewal of licenses and certificates.
For multi-national and foreign-owned corporations, this problem translates to slowing down the real business to comply with these requirements. Besides tax compliance (which requires monthly, quarterly, and annual reporting to the tax authority), there is also a need to file meeting minutes, board resolutions, general information sheets, and other pertinent documents with SEC. The local government (usually the city hall) also requires that business permits be renewed and sales taxes be paid at the start of every year. Most municipalities work on a fiscal year so regardless of when the new business permit was filed, they must be renewed January of each year.
The BGC Company, with its legal and support services, relieve companies of the burden of worrying about corporate compliance.
OUR SERVICES INCLUDE:
• Providing corporate secretary
• Providing corporate treasurer
• Corporate housekeeping
• Annual filings with the SEC, BIR, and Local Government
The BGC Company provides outsourced corporate housekeeping to companies wishing to simplify their operations while keeping the growth of the business. Our legal and accounting departments are fully equipped to comply with the bureaucratic procedures, and our quality management system, combined with online project management software, can ensure that BGC is prepared for all the necessary filings.
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