Pawnbroking activities in the Philippines are governed by Presidential Decree No. 114, otherwise knowm as the Pawnshop Regulation Act. Only Filipinos may own a pawnshop organized as a single proprietorship. For partnerships and corporations, foreign ownership should be limited to 30 percent.
So what's the procedure involved in starting a Pawnshop Business?
1. CALL Bangko Sentral ng Pilipinas (BSP) pawnshop hotline, (02)524-8713, to check if the pawnshop name you want is already taken.
2. Register your business either at the Department of Trade and Industry (DTI), for single proprietorship, or the Securities and Exchange Commission, for partnerships or corporations.
The DTI is at the Trade & Industry Building, Sen. Gil Puyat Ave., Makati. In the provinces, DTI offices are in or near municipal buildings. Application forms are also available at DTI's website, http://www.dti.gov.ph. Only Filipinos may own a pawnshop organized as a single proprietorship. For partnerships and corporations, foreign ownership should be limited to 30 percent.
3. Secure a business permit from the city or municipality where pawnshop will be located.
4. Register with the BSP. See http://www.bsp.gov.ph/regulations/forms.htm for the complete list of requirements. These include permits from the DTI or SEC and the local government, an information sheet, personal data sheets, bank certification of at least P100,000 capital and location sketch.
5. Pay the processing fee of P1,000.
6. It will take two to three weeks for the BSP to process your application. Make sure you open your business within six months after the application is approved or your permit will be revoked.
Source: Jamie Alarcon, Chona Galang, PDI Research, photo from www.openeyegallery.co.uk/
So what's the procedure involved in starting a Pawnshop Business?
1. CALL Bangko Sentral ng Pilipinas (BSP) pawnshop hotline, (02)524-8713, to check if the pawnshop name you want is already taken.
2. Register your business either at the Department of Trade and Industry (DTI), for single proprietorship, or the Securities and Exchange Commission, for partnerships or corporations.
The DTI is at the Trade & Industry Building, Sen. Gil Puyat Ave., Makati. In the provinces, DTI offices are in or near municipal buildings. Application forms are also available at DTI's website, http://www.dti.gov.ph. Only Filipinos may own a pawnshop organized as a single proprietorship. For partnerships and corporations, foreign ownership should be limited to 30 percent.
3. Secure a business permit from the city or municipality where pawnshop will be located.
4. Register with the BSP. See http://www.bsp.gov.ph/regulations/forms.htm for the complete list of requirements. These include permits from the DTI or SEC and the local government, an information sheet, personal data sheets, bank certification of at least P100,000 capital and location sketch.
5. Pay the processing fee of P1,000.
6. It will take two to three weeks for the BSP to process your application. Make sure you open your business within six months after the application is approved or your permit will be revoked.
Source: Jamie Alarcon, Chona Galang, PDI Research, photo from www.openeyegallery.co.uk/
6 comments:
How much would be the operating capital for a pawnshop?
leia, its 100,000 pesos.
Is psb provides the safety volt? If not where do i buy it?How many man power do i need in order to operate the pawnshop? Do I need do rent big space? Is the P100,000 a bonding or just to show as my bank statement and i can still use is if ever i need it? Pls reply to this concern of mine.Thank you.
how would be the stracture of the office to be safe. I mean like volt, where do i buy the safety volt? and the set up of the office.
no psb will not provide the safety vault. better ask an engineer for the best layout - for a suitable safety vault. :)
Gcol.... galing nito! im happy dat this website exists for us future enterpreneurs it give us a shimmer of hope to the world of a very aggressive and competitive world of business... :) keep it up sir/maam. More power!
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