Our SERVICES
Company Formation Services in the Philippines
Registering a company is an important first step in setting up your business structure if you’ve chosen to use a company structure. It’s important that you incorporate correctly, to ensure that you’re launching your business in the best possible way.
There are many factors to take into consideration when incorporating a company, including the various ways you can register a company. It is important to remember that incorporating a company is different from registering a business name.
We advise clients on the right types of business organizations, capital structures, registration requirements, and special licenses. We register the company and apply for licenses.
It is a form of business owned by a single person, A self-employed individual who practices his/her profession or calling, “with or without” license under a regulatory board or body. Professionals with a license under a regulatory board include Certified Public Accountants (CPAs), practicing lawyers, doctors of medicines, dentists, architects, engineers, teachers, Insurance agents and Real estate agents. Bloggers, internet marketers, web designers, writers and other persons who provide specialized services can also be considered professionals, though they may not have professional licenses under a regulatory body.
Pros:
- There is little paperwork needed. You only need to apply and pay the Occupational Tax Receipts (OTR) if you do not have professional licenses under a regulatory body (Bloggers, internet marketers, web designers, writers), and or Professional Tax Receipts (PTR) if you have a license under a regulatory body (Certified Public Accountants (CPAs), practicing lawyers, doctors of medicines, dentists, architects, engineers, teachers, Insurance agents, and Real estate agents)
- Since you are the sole owner, you have complete control over business decisions. You also get to enjoy and keep all the profits from the business.
Cons:
- You are personally and fully liable for your business’ debts. This means a person suing your business could make a claim against your personal.
- It may be difficult for you to attract investors or capital since it is closely linked to your personal
It is a form of business owned by a single person, referred to as the “sole proprietor”. The simplest and most common structure chosen to start a business. It is an unincorporated business with no distinction between the business and you, the owner. Exclusively owns all assets and profits of the business and are responsible for all business’s debts, losses and liabilities. This form of business is registered with the Department of Trade and Industry (DTI).
Pros:
- There is little paperwork needed just like individual registration. You only need to apply for a business name and register your business with the Department of Trade and Industry (DTI) – National Capital Region (NCR). In the provinces, application for sole proprietorships should be done with the DTI regional or provincial offices.
- Since you are the sole owner, you have complete control over business decisions. You also get to enjoy and keep all the profits from the business.
Cons:
- You are personally and fully liable for your business’ debts. This means a person suing your business could make a claim against your personal.
- It may be difficult for you to attract investors or capital since the sole proprietorship is closely linked to your personal
It is a form of business entity organized by at least two (2) or more natural persons. Similar to a corporation, a partnership has a separate juridical personality and may either be a; general partnership, where partners have unlimited liability for the debts and obligation of the partnership, or a limited partnership, where one or more of the partners have unlimited liability and some partners have liability only up to the amount of their capital contributions, or professional partnership, where partnership formed by persons for the sole purpose of exercising their common profession, no part of the income of which is derived from engaging in any trade or business. A partnership might be suitable for foreign companies wishing to venture into business in the Philippines.
Pros:
- It is quite easy to attract investors who will agree to pool their financial resources with you since partnerships typically involve the utilization of the company’s collective assets.
- In the case of limited partnerships, there is no risk to lose your personal assets since you’re only liable up to the amount of your investment.
Cons:
- You have no full control or autonomy over the business.
- General partners are liable for the business decisions and debts of other partners, putting one’s personal assets at risk.
A One-Person Corporation (OPC) is a corporation with a single stockholder, (also known as incorporator) shall be the sole director and president. Who can only be a natural person (who must be of legal age), trust or estate. As an incorporator, the “trust” does not refer to a trust entity but rather pertains to the subject being managed by a trustee; and non-chartered GOCCs may not incorporate as OPC, unless provided under special laws. S/he can be the Corporate Treasurer but not as the Corporate Secretary and required to designate a nominee and an alternate nominee who shall be indicated in the Articles of Incorporation to replace the single stockholder if they die or become incapacitated to operate the OPC. Within fifteen (15) days from the issuance of its Certificate of Incorporation, the OPC shall appoint a Treasurer, Corporate Secretary, and other officers; and within five (5) days from appointment, the OPC shall notify the Securities and Exchange Commission (SEC) using the Appointment Form as may be prescribed by the SEC.
Pros:
- Limited legal liability and responsibilities since there’s a clear separation between your personal assets and those of the company; and
- Minimum capital stock is not required.
Cons:
- Natural persons with a license in certain professions (e.g., lawyers, accountants) are not allowed to operate an OPC;
- Banks, financial institutions, quasi-banks, and other financial entities aren’t allowed to incorporate as an OPC; and
- It may be difficult for you to attract investors or capital since you are not allowed to transfer shareholdings unless converted in a regular corporation.
It is a form of business entity created in accordance with laws of the Philippines. It is considered as a separate and distinct legal entity from its owners (shareholders), as such it has its own juridical personality. A corporation may enter into contracts and has the capacity to sue and be sued. The liability of the corporation is limited to the assets of the corporation. As such, shareholders are not personally liable for liabilities incurred by the corporation, except in cases of fraud. A corporation is considered as a Filipino domestic corporation if at least sixty (60%) percent of its capital is owned by Filipinos.
Pros:
- Owners are separate from legal liability so they’re not entirely responsible when faced with legal issues or debt.
- Ability to sell the stock, which raises the likelihood of acquiring financial capital.
- Well-established structure with clearly defined roles, accountabilities, and agendas.
Cons:
- The process is time-consuming and expensive, with lots of paperwork.
- Tons of regulations, which make for very little flexibility.
- Possibility of double taxation (where both the corporation’s profits and stockholder’s paid dividends are taxed).
There are no restrictions on the extent of foreign ownership of export enterprises. For domestic market enterprises, where foreign ownership exceeds 40%, foreigners can have as much as a 100% equity investment with a US$200,000 inward capital remittance except in areas included in the foreign investment negative list.
Pros:
- Larger market to sell its products and services;
- Low-cost of settling up the business, unlike in principal country;
- Talented laborer and low-cost salary;
- There is a good-enough infrastructure; and
- There is an incentive from the government, including tax-exemptions
Cons:
- More holidays in the Philippines;
- The law favors the laborer according to the labor code;
- Constitutional and other legal limitations for foreigners;
A foreign branch office is 100% owned by the parent company and It is considered as an extension of the parent company. Registration as a branch office in the Philippines entitles a foreign corporation to do business in the country without a need to create a separate entity from its parent company. As such, it is not required to have directors or officers separate and distinct from its parent company. Hence, any liabilities that it will incur are considered liabilities of the head office of its parent company.
A foreign representative office is not allowed to generate income in the Philippines, as it can only be a cost center of the head office for it to only provide back-office support services. It may also act as a quality control center of the products for an export-oriented company, making it an ideal business structure in the country for any company looking for a customer service or marketing center.
Trademark Registration
A trademark is a word, a group of words, sign, symbol, logo or a combination thereof that identifies and differentiates the source of the goods or services of one entity from those of others. If you’re a business, distinguishing your goods or services from others gives you a competitive edge. Learn more about trademarks, how to apply for protection, and how to manage them.
Benefits:
A trademark protects a business’ brand identity in the marketplace. Registration of it gives the owner the exclusive rights to prevent others from using or exploiting the mark in any way.
Copyright (or author’s right) is a legal term used to describe the rights that creators have over their literary and artistic works. Works covered by copyright range from books, music, paintings, sculpture, and films, to computer programs, databases, advertisements, maps, and technical drawings.
Benefits:
Creators of works protected by copyright hold the exclusive right to use or authorize others to use the work on agreed terms. The right holder(s) of work can authorize or prohibit: its reproduction in all forms, including print form and sound recording, public performance and communication to the public, broadcasting, translation into other languages, and adaptation, such as from a novel to a screenplay.
An invention patent is a government-issued grant, bestowing an exclusive right to an inventor over a product or process that provides any technical solution to a problem in any field of human activity that is new, inventive, and industrially applicable.
Benefits:
A patent is an exclusive right that allows the inventor to exclude others from making, using, or selling the product of his invention during the life of the patent. Patent owners may also give permission to, or license, other parties to use their inventions on mutually agreed terms. Owners may also sell their invention rights to someone else, who then becomes the new owner of the patent.
Accounting and Tax Solutions
Our Accounting and Tax Solutions
LEARN HOW TO SOLVE YOUR TAX PROBLEMS, SAVE MONEY, AND LIVE WITH FEWER TAX WORRIES.
Know Your Business provides a wide range of services to individuals and businesses in a variety of industries. At Know Your Business, we strive to meet each client’s specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
We Can Organise Your Accounts & Make Sure They Meet The Relevant Standards
Our accounting services are customized depending on the needs of our clients.
In a highly competitive market, we continue to upgrade our skills and knowledge by having on-site training of staff to ensure that we have the right people to meet your high standards.
Aside from the functional knowledge and experience, our team is composed of members of different organizations like the Association of Certified Public Accountants in Public Practice (ACPAPP), Philippine Institute of Certified Public Accountants (PICPA), Board of Accountancy (BOA), Asian Institute of Taxation (AIT), an Accredited Tax Practitioner of Bureau of Internal Revenue (BIR). Our Team is composed of Certified Quickbooks Pro Advisor. We are also knowledgeable of different accounting software like Quickbooks Intuit, MYERP, SAP, MYOB, Desktop Super, Oracle, FMS, etc.
Accounting and finance operations are performed promptly using Workflow Management System, Inventory System, Cash Flow Management, Accounts Receivable and Accounts Payable System, Payroll System, and Point of Sale (POS). With the latest BIR Online system, our team is prompt in processing reports using BIR’s VAT Relief System to generate a Summary List of Sales, Summary List of Purchases, Alpha List, and other BIR reports as per BIR reportorial requirements.
HR and Staffing Solutions
A better human experience for a better business outcome.
MORE THAN A STAFFING FIRM
Upgrade your HR strategy with options you won’t find at other manufacturing, technical or professional employment agencies. Finding the right people to work for you requires a team approach. We’ve got the right people to make a difference in your business.
Your most important asset requires a custom and comprehensive HR solution.
In our time, change is inevitable. Corporate world evolves faster than what most of us think. Solutions to every problem seem easy but the truth of the matter is it is not. The answer is to work with business focused, innovative HR consultants. Our strategic advice and hands-on guidance is based around you helping to develop HR solutions to achieve your business goals, whilst building a strong and effective team around you, making your business even more successful.
Our team will ensure that we will be selective in building our own staff, including your staff, from the most highly qualified, certified, and experienced individuals that will ensemble your company’s needs. Interviews and screens job applicants, implement proper accounting system, and make sure that employees are working based on key performance indicators (KPI) effectively and efficiently.
We provide Permanent, Temporary or Project-based for the following positions, but not limited to: Finance Manager, Accounting Supervisor, Auditor, Audit Staff, IT, HR, Executive Assistant and Secretary, Sales & Marketing Officer, Accounting Team from Manager, Supervisor, and Staff.
Business Renewal Services
We Get the Renewal While You Monitor the Progress
SECURE, MANAGE AND RENEW LICENSES
Don’t let business renewal challenges halt your opportunity to enter new markets, open new facilities, hire new employees, seek financing opportunities, and bid for new contracts. Our Compliance Specialists guide you through each phase of the corporate lifecycle.
RENEWAL MADE SIMPLE
Businesses in the Philippines need valid and up-to-date permits to continue operations. It is important to stay on top of business permit renewal in the Philippines to avoid the corresponding penalties.
Most business permits expire on the 31st of December each year and are required to be renewed before the end of January. At the start of every year, all business establishments, buildings, banks, SMEs and other businesses must comply with the legal requirement of renewing business permits with their respective local government units (LGUs) to continue operating.
Procedures and requirements for obtaining the latest permit may vary depending on the city where your business is located.
Our team can keep your company up-to-date by renewing your permits and preparing the documentation on time without hassle. Leave the deadlines and queuing up to us.
Corporate Housekeeping
Staying ahead of the competition requires innovation
SECURE, MANAGE AND RENEW LICENSES
Corporate housekeeping is not the most exciting activity. As a company owner, you can probably think of a thousand important things to do from its operations, bottom line, and even legal requirements, which may be too much than organising company records, keeping contracts on file, the share registry up-to-date or holding regular board or shareholders’ meetings and keeping all the documents in order.
Our team can help you to prepare and monitor everything you need.
- Corporate compliance and reportorial requirements of the Securities and Exchange Commission, the Department of Trade and Industry, the Board of Investments, and the Philippine Stock Exchange, such as, but not limited to General Information Sheet, Financial Statements, Annual Certification as to the Attendance of Directors in Board Meetings
- Performance of Corporate Secretarial services, such as preparation of Certifications by the Corporate Secretary, Minutes of the Meeting, Board Resolutions
- Review of contracts and other documents in the ordinary course of the corporation’s business such as contract of lease, deeds of sale, etc.
- Render legal advice and opinions on matters related to or connected with the business of the corporation.
- Compliance and reportorial requirements for SSS, Philhealth and PAGIBIG.
- Certified True Copy (CTC) of your permits and documents; and
- Notarial services
Estate Tax Service
TRANSFER OF TITLE
A Deed of Sale is also called a property title. It is an authentic deed drafted and signed by a public officer, generally a notary, which makes mention of the legal situation of the building and its nature.
Applicable Tax:
Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale.
A Deed of Donation transfers property from the owner (the “donor”) to another person (the “donee”) by way of donation. The Deed of Donation is usually executed for the love, gratuity and affection the donor has for the donee (i.e. from a parent to a child).
Applicable Tax:
Donor’s Tax is a tax on a donation or gift, and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible.
ISSUING OF INSURANCE
Our team is composed of members of different Insurance Groups, General Insurance, Life Insurance and Traditional Insurance. We help clients and individuals to accomplish financial objectives by assessing financial situations; monitoring changes in financial status and life circumstances; recommendations and guidance based on needs and goals.
Income Protection:
Is a long-term insurance policy designed to help you if you can’t work because of disability, illness, and or demise. It ensures you and your family to continue to receive a regular income.
Critical illness:
It provides coverage for medical emergencies like heart attack, stroke, cancer, renal failure, brain tumor, and other critical illnesses. These emergencies often incur greater than the average medical cost. Critical Illness plan payout cash to help cover the overruns where traditional health insurance or HMO may fall short.
Educational Plan:
It is designed to help parents save and ensure there would be sufficient funds to their child’s college education in the future. As parents, the goal is always to send the children to the best school and receive topnotch education either here in the Philippines or abroad.
Retirement Plan:
Is a process of determining retirement income goals and the actions and decisions you need to take to achieve those goals. It includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risks.
Applicable Tax:
Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale.
A Deed of Donation transfers property from the owner (the “donor”) to another person (the “donee”) by way of donation. The Deed of Donation is usually executed for the love, gratuity and affection the donor has for the donee (i.e. from a parent to a child).
Applicable Tax:
Donor’s Tax is a tax on a donation or gift, and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible.
Issuing of Insurance
Your First Insurance Policy Coverage
WE DELIVER A COMPREHENSIVE PACKAGE
Our team is composed of members of different Insurance Groups, General Insurance, Life Insurance and Traditional Insurance. We help clients and individuals to accomplish financial objectives by assessing financial situations; monitoring changes in financial status and life circumstance; recommendation and guidance based on needs and goals.
Is a long-term insurance policy designed to help you if you can’t work because of disability, illness, and or demise. It ensures you and your family to continue to receive a regular income.
Critical illness:
It provides coverage for medical emergencies like heart attack, stroke, cancer, renal failure, brain tumor, and other critical illnesses. These emergencies often incur greater than the average medical cost. Critical Illness plan payout cash to help cover the overruns where traditional health insurance or HMO may fall short.
Educational Plan:
It is designed to help parents save and ensure there would be sufficient funds to their child’s college education in the future. As parents, the goal is always to send the children to the best school and receive topnotch education either here in the Philippines or abroad.
Retirement Plan:
Is a process of determining retirement income goals and the actions and decisions you need to take to achieve those goals. It includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risks.
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