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/
How much would be the operating capital for a pawnshop?
ReplyDeleteleia, its 100,000 pesos.
ReplyDeletehow 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.
ReplyDeleteIs 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.
ReplyDeleteno psb will not provide the safety vault. better ask an engineer for the best layout - for a suitable safety vault. :)
ReplyDeleteMaam yung question nya na magagamit ba nya yung 100k as capital or yun po ay bond na naka freeze?. Thank you po
DeleteGcol.... 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!
ReplyDeleteMam, i just want to ask some information regarding meatshop. i am here now in abroad and planning to put up a meatshop pag uwi ko.i just want to ask some advise po kung magkano at paano mag start ng business na ito.
ReplyDeleteAllan, we have a meatshop guide here: http://www.pinoy-negosyo.com/2009/06/meat-shop-business.html
ReplyDeleteHello po,
ReplyDeleteGusto ko po mag buy back ng cellphone, may idea po ba kayo sa mga regulation sa BSP or other government agencies.
hello po,
ReplyDeleteGusto ko po mag buy-back ng cellphone may idea po ba kayo sa regulation ng BSP or other government agencies.
Hello Po, pano po ba mag confirm tru online ng schedule ng seminar para sa BSP.. meron napo kaming schedule para sa anti money laundering seminar sa september kaso lang kailangan pa daw mag confirm online. Kaso lang po hindi ko alam ano website pupunta para e confirm yung sched. Please please po kung sino maka tulong sakin salamat po ng marami
ReplyDeletePano po ba e confirm sa online ang schedule ng Seminar sa BSP? Meron napo kaming schedule sa september pero dapat daw po confirm sa online. Paki tulong naman po kung pano pleases please thank you
ReplyDelete