First step in legitimizing your business: Register it with the appropriate government agencies.
Q: I am a start-up with retail as my primary business. Nobody can really give me concrete advice on the step-by-step process of registering my businesss. Some say that DTI or BIR registration is a must, but others say it amounts to nothing. I also do not know bookkeeping since I am an engineer by profession. I do not know the basis of the taxes I will be paying for if I do register with the BIR.
And one more thing, I am a government employee. Is it better to have my business in my own name, or should I put up a dummy? The Civil Service Commission encourages me to have it in my own name. Please enlighten me on this.
— ENGR. R. MELLA
A: Thank you for your inquiry. The first step in any business is to know what you don't know. The next step is obviously to find the answer.
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 Mayor's Permit.
* Get a TIN from the Bureau of Internal Revenue (A lot of sari-sari stores don't 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
1. Register your business name with the Department of Trade & Industry (DTI)
2. Register with the Securities & Exchange Commission (SEC)
3. Register with the Cooperative Development Authority (CDA)
4. Obtain the permit to do business from the local government unit (LGU)
5. Get a TIN for your business from the Bureau of Internal Revenue (BIR)
6. Register your business & employees for social benefits with the Social Security System (SSS)
7. Register with the Department of Labor & Employment (DOLE) if your business has five or more employees
Q: I am a start-up with retail as my primary business. Nobody can really give me concrete advice on the step-by-step process of registering my businesss. Some say that DTI or BIR registration is a must, but others say it amounts to nothing. I also do not know bookkeeping since I am an engineer by profession. I do not know the basis of the taxes I will be paying for if I do register with the BIR.
And one more thing, I am a government employee. Is it better to have my business in my own name, or should I put up a dummy? The Civil Service Commission encourages me to have it in my own name. Please enlighten me on this.
— ENGR. R. MELLA
A: Thank you for your inquiry. The first step in any business is to know what you don't know. The next step is obviously to find the answer.
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 Mayor's Permit.
* Get a TIN from the Bureau of Internal Revenue (A lot of sari-sari stores don't 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
1. Register your business name with the Department of Trade & Industry (DTI)
2. Register with the Securities & Exchange Commission (SEC)
3. Register with the Cooperative Development Authority (CDA)
4. Obtain the permit to do business from the local government unit (LGU)
5. Get a TIN for your business from the Bureau of Internal Revenue (BIR)
6. Register your business & employees for social benefits with the Social Security System (SSS)
7. Register with the Department of Labor & Employment (DOLE) if your business has five or more employees
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