Fixing Your Business Papers

By: Aimee Morales

So you've made the decision to start your own business. Give it a head start in the right direction and register it with the appropriate government agencies. Not only is this the right thing to do, but it also has a lot of advantages, such as:

• It will be easier to do business with big companies, since a lot of them won't even deal with you if you don't have the duly registered business papers to present.
• Your loans from banks or micro-financing institutions will have a greater and faster chance of getting approved.
• Suppliers can give you better deals or payment terms.
• It's easier and usually cheaper to set up and fix your business papers while you're still small, rather than when you've grown.

For small businesses, you can start as a single proprietor, with your business under one person's name only (most likely yours).

This is the basic process to register a single proprietorship:

• 1. Register your business name at the Department of Trade and Industries. Give several names to choose from: they will approve the unique name (no other registered their business under that name) that passes their other standards.
• 2. Apply for a clearance and business at your local city hall and other involved government agencies.
• 3. Get a Tax Identification Number (TIN) for your business at the Bureau of International Revenue. You will need your TIN for all tax-related transactions.
• 4. Get an Employer's SSS number from the Social Security System. You should also register all your employees. The SSS gives benefits to all qualified employees from the private sector.
• 5. Register at the Health Insurance Corporation for health benefits for your and your employees. Other Insurances are only add-on to employees' benefits and it's on the discretion of the employer.
• 6. Apply for utilities as needed: electricity, water, telephone, internet, utilities administration out the city, etc.
• 7. Have you official receipts printed. You will need to get permission from the Internal Revenue Office before you can have them printed. Submit the receipts booklets together with your books of accounts.

Get your office ready......and your ready to start... good luck ;)