First things first, congratulations! We salute you for thinking of expanding your income potential by starting a small business. There’s a lot of work that goes into running a business. But before you get to the nitty gritties of daily operations, let us equip you with the necessary pre-work to help set you up for success!
Here are some tips and steps to help you navigate the process of legitimizing your business in the Philippines.
Register your business with the Department of Trade and Industry (DTI) or Securities and Exchange Commission (SEC): All businesses in the Philippines, regardless of size, must register with the DTI or SEC. This ensures that your business is recognized as legitimate and allows you to apply for permits and licenses required for your operations.
Secure necessary permits and licenses: Depending on the nature of your business, you may need to secure additional permits and licenses from local government units or agencies such as the Bureau of Internal Revenue (BIR) or Food and Drug Administration (FDA). Make sure to comply with all regulations and requirements to avoid legal issues and penalties.
Register for taxes: As a business owner, you are required to register for taxes and pay the appropriate fees. You may need to secure a Tax Identification Number (TIN) and register for Value Added Tax (VAT) or Percentage Tax (PT) depending on your business operations.
Establish a business bank account: Separate your personal finances from your business finances by opening a separate bank account for your business. This will make it easier to track your income and expenses and to file your taxes accurately.
Build your online presence: Create a website or social media accounts to promote your products or services and to reach a wider audience. Make sure to provide complete and accurate information about your business, including your contact details and business registration information.
Offer excellent customer service: Build trust and loyalty with your customers by offering excellent customer service. Respond promptly to inquiries and complaints, and ensure that your products or services meet or exceed their expectations.
Keep accurate records: Keep track of your business income and expenses, and maintain accurate records of all transactions. This will help you monitor the financial health of your business and to file your taxes accurately.
These might seem a lot, but don’t worry because help and support is readily available for you via Taxumo’s Business Registration service just https://www.taxumo.com/business-registration/ or email us at firstname.lastname@example.org so you can directly engage with our Customer Advocates.