With 2024 coming to a close, business owners are wrapping up sales and year-end campaigns. But as the year comes to a close, it’s also time to start preparing for the Requirements for Renewal of Business Permit for next year. To keep your business running smoothly, here’s a simple checklist to make sure you’re all set for the renewal process.
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Barangay Clearance
To complete your requirements for renewal of business permit, Just head to your barangay office to get it, and bring last year’s business permit and any community fee payment receipts they may need.
Tax Clearance
A tax clearance is usually required to show you’re up-to-date on tax payments with the Bureau of Internal Revenue (BIR). Make sure to have proof of your recent tax returns and payments, as these may be needed for your clearance.
Audited Financial Statements
Your local government may ask for your latest Audited Financial Statements (AFS), which show the income and expenses of your business. Check with your accountant or auditor to ensure these are ready to go.
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Last Year’s Business Permit and Receipts
Keep a copy of last year’s business permit and the receipts showing you paid for it. Some cities will want to see these to confirm you met the requirements last year.
DTI or SEC Registration Certificate
For sole proprietors, a Department of Trade and Industry (DTI) certificate may be required, while corporations and partnerships usually need a Securities and Exchange Commission (SEC) certificate. This proves that your business is legally registered.
Lease Contract or Land Title
If you rent your business space, bring a copy of your lease contract to show your official business address. If you own the property, you may need to provide the land title instead.
Other Permits and Licenses
Depending on your business type, you might need other permits, like a Sanitary Permit or Fire Safety Certificate, to show you’re meeting health and safety standards.
Steps for a Smooth Renewal Process
Start Early
Gather your documents in advance to avoid last-minute stress. Double-check with your local government office to make sure you have everything needed, as requirements may change.
Note the Deadlines
Most cities have a deadline for business permit renewals, usually by January. Set a reminder to avoid late fees!
Be Ready to Pay Fees
There are usually fees for renewing business permits, and the amount can vary based on your business type or income. Check ahead so you’re not caught off guard.
How Taxumo Can Help
Taxumo makes it easy to stay on top of your taxes and finances, which can take a lot of the stress out of renewal season. With Taxumo, you can track your tax payments and organize your records so you’re ready when renewal time rolls around.
By following this checklist, you’ll be prepared for a smooth and hassle-free renewal process—ready to kick off 2025 with everything in order!
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