FREQUENTLY ASKED QUESTIONS

One hundred percent (100%) foreign equity is allowed in all areas of investments under the Foreign Investments Act (FIA) except certain financial institutions and those included in the Regular Foreign Investment Negative List (FINL).
Organizations may set up under a variety of organizational structures known as single proprietorship, partnership, corporation, branch office, representative office, regional headquarters and regional operating headquarters.

For Single/Sole Proprietorship – Submit an application, together with the required documents, to the Bureau of Trade Regulation and Consumer Protection (DTI-BTRCP), an office under the Department of Trade & Industry.

For Corporations/Partnerships, Branch and Representative Offices – Submit application forms together with required documents at the Securities and Exchange Commission (SEC).

For Regional Headquarters and Regional Operating Headquarters – Submit application form together with required documents at the Board of Investments.

The Bureau of Internal Revenue (BIR) requires every taxpayer to keep a set of six books of account, to be kept and maintained in its principal place of business.

  1. Journal – Accounting entries are recorded in the Journal before the transactions are posted in the general ledger. It contains the following information:
    • Posting date
    • Description of the transaction
    • Accounts to debit and credit and the corresponding amounts.
    • Reference number which may be check numbers, Sales Invoice No., Purchase Order No., etc.

  2. General Ledger – It lists the movement (Debit and Credit) of each account in its Chart of Accounts in a given period based on the journal entries in the Journal.

  3. Cash receipts book – It is a record of the details of all cash receipts, including receipts for cash sales and collections of accounts receivable and other transactions involving inflow of money. Each entry may include the following details:
    • Accounts to debit or credit and the corresponding amounts
    • Date of record
    • Date of receipt
    • Sales Invoice/Official Receipt number
    • Short description

  4. Cash disbursements book – It is a record of the details of all cash disbursements, including disbursements for cash purchases and payments of payables. Each entry may include the following details:
    • Accounts to debit or credit and the corresponding amounts
    • Date of record
    • Date of payment
    • Cheque number (for cheque payments)
    • Sales Invoice/Official Receipt Number
    • Short description

  5. Subsidiary Sales Journal – It contains all cash and credit sales. Each entry may include the following details:
    • Accounts to debit or credit and the corresponding amounts
    • Date of record
    • Sales Invoice/Official Receipt Number
    • Sales terms
    • Customer name
    • Short description

  6. Subsidiary Purchases Journal – It contains all cash and credit purchases of goods and services. Each entry may include the following details:
    • Accounts to debit or credit and the corresponding amounts
    • Date of record
    • Sales Invoice/Official Receipt Number
    • Sales terms
    • Customer name
    • Short description
The business should only commence operations after it obtains the necessary permits and licenses from the Securities and Exchange Commission (SEC) for corporations and partnerships or Department of Trade and Industry (DTI) for sole proprietorships, local government unit, and the Bureau of Internal Revenue (BIR). As soon as the BIR issues the Certificate of Registration, the taxpayer is required to start filing tax returns even if it has no transactions to report.

RESERVATION

  • PROFILE
  • REQUEST
  • Review

Johny Runner


BA Consulting


1-2-1992


Filipino


Valero St. Makati City Philippines


123-456-789


jr@emailadress.com


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COMPANY PAID-IN CAPITAL CALCULATOR

For Calculating the Registration Fee of Stock Corporation

NOTE: DO NOT PUT ANY SPECIAL CHARACTER SUCH AS COMMA ( , )

N.B.: In addition to the foregoing, the new corporation has to procure a Stock & Transfer Book (or STB) the cost of which is approximately Php 470.00 (The fee includes the registration of the STB.)

* Filing fee is 1/5 of 1% of the authorized capital stock or the subscription price of the subscribed capital stock whichever is higher but not less than P 2,000.00

** LRF - Legal Research Fee equivalent to 1% of filing fee but not less than P10.00

AVAILABLE PROPERTIES

Arcas Shaw

Php 20,000/mo
Apartment for Rent

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Alabang, Muntinlupa City, Ph