How to register your new business

Your new business has to be registered with the appropriate government agencies. This should be considered, whenever possible, as the first steps in putting up a business.

So, for example if you want to go in retail business - retail is a broad term. If what you have is a sari-sari store, then you have to:

* Register your business name with the Department of Trade and Industry.
* Obtain a barangay clearance.
* Secure a Mayors Permit.
* Get a TIN from the Bureau of Internal Revenue (A lot of sari-sari stores do not bother, but getting one will save you a lot of trouble later).

There may be some variations in the registration process depending on the location and type of business so be sure to ask the relevant government offices. Below is a table showing the steps to take in registering your business whether it’s a sole proprietorship, partnership or corporation, and cooperative. We hope that this table will answer a number of your questions. Just click on the squares to view the requirements you need to get from each government agency given the type of your business.

Steps in Registering your Business with Government (Sole Proprietorship/Partnership)

Register your business name with the Department of Trade & Industry (DTI) -
Register with the Securities & Exchange Commission (SEC) (Partnership only) -
Obtain the permit to do business from the local government unit (LGU)
Get a TIN for your business from the Bureau of Internal Revenue (BIR) -
Register your business & employees for social benefits with the Social Security System (SSS) -
Register with the Department of Labor & Employment (DOLE) if your business has five or more employees -

Even if you are a government employee, there is nothing that should prevent you from going into business — as long as you put in the time that is required by your office and you abide by the rules and regulations of your office.

As for record-keeping, the UP Institute for Small Scale Industries offers a course called Accounting for Non-Accountants. You can call them at (02) 928-7076 to 78 and ask for details.


1 comment:

  1. Great thoughts you got there, believe I may possibly try just some of it throughout my daily life.

    How to Register a Business


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