Do you have a business or are you planning to put up a corporation? If you have, did you already register it?
A process of locating legal authorization is defined as a business registration. This is to conduct business within your chosen jurisdiction. More than that, your company or business is already considered as legitimate.
The Importance of Business Registration
- Your company is incorporated under a particular jurisdiction.
- Establishes your business as a legal entity.
- Your company is considered to have a protection under any grievance procedures such social, legal and economic instability.
Under the law, it is always a must that any business should operate legally. Thus, a business registration application should be considered as an important thing. You can never operate with your type of business without registering it first.
Owning a business can be very challenging. Even the process of starting a business isn’t a walk in the park. There’s a lot that needs to be accomplished, requirements to fulfill, feasibility studies to perform, and other relevant tasks. Remember, a task that looks as simple as processing for a business registration requires a certain level of knowledge to get everything right.
With your completion of entering into a business registration application, there are several of formalities that you need to accomplish. They are:
- Your decision in choosing for a jurisdiction in which you establish your business in.
- The submission of an array of documentation like professional references and certifications.
- The legal requirements like the company name.
The Process of Business Registration Application
Depending on your type of business, there are several Government agencies that you need to register with. They are absolutely a must that can help you with your dream of putting up a company or business.
- Obtaining certificate of a business name registration.
- Business or Mayor’s permit from the local municipality where you will put it.
- The Tax Identification Number from the Bureau of Internal Revenue National Office.
- Certification from the Social Security System.
- When you have 5 or more employees, register it to Department of Labor and Employment.
Partnership and Corporation
The process of partnership from 1st step to the 5th step is the same with Single Proprietorship. The only difference is the certification from Securities and Exchange Commission (SEC). For the corporation, the process is also the same with the two other types of businesses and it needs a SEC certification just like partnership.
The Documents that are needed for a Business registration Application
- Uncertified form of the extract of information on the Business Register
- The Business Register’s certified extracts of information
- The duplicates or certified copies of Business Registration Certified
- Collection of payment and application forms
A business registration application is mandatory so you must follow the law because certainly, there are always benefits that you can get from it. Since you will create a name in the market, it is important to protect your branding and business. Through this, the possibility of reaching the global market is highly possible.
In the cliché, businesses that are legally registered have greater opportunities to be successful and obtain a larger market that not all entities can achieve. Besides, you cannot start your business and dream of becoming a powerful business owner if what you have is not a registered one.