Chapter 3 Fin 2 Ppt.

8/6/2019 Chapter 3 Fin 2 Ppt.

1/23

Principal Regulatory Agencies

Bangko Sentral ng Pilipinas

(BSP)

Securities and ExchangeCommission (SEC)

Department of Trade and

Industry (DTI)

Department of Labor and

Employment (DOLE)

Department of Finance (DF)

An administrative unit through the monetary Board

(MB) the monetary banking and credit system of

the country.


2/23



(BSP)



Industry (DTI)


Employment (DOLE)


Handles the registration, licensing, regulation and

supervision of all corporations and partnerships

organized in the Philippines, including foreign

corporations licensed to engage in business, or to

establish branch offices in the country, regional orarea head quarters, and representative offices.


3/23



(BSP)



Industry (DTI)


Employment (DOLE)


Responsible for industrial development promotions,

development promotion of investments,

development of small and medium enterprises,

expansion of exports and integrated delivery of DTI

services to the regions and provinces.


4/23


5/23



(BSP)



Industry (DTI)


Employment (DOLE)


Handles the collection of all taxes, issuance,

implementation or enforcement of tax laws, and

negotiation of loans with foreign governments and

banks.


6/23

Registration of Business Name

1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

The applicant must pay a registration / processing of

300, then proceed to accomplishing the

corresponding application form.


7/23


1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

The application must file the duly accomplished

application 4.1-4.2 form with the Department of

trade and Industry provincial office where the

business is located.


8/23


1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

The applicant must submit two (2) passport-size

pictures of himself taken not more than a year

preceding the filing of application.


9/23


1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

In case applicant is a natural-born Filipino, he must

be 21 years old or over.


10/23


1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

If applicant states in the application that he is a

filipino citizen but whose surname sounds foreign or

with alien surname he must submit two (2)

photocopies of voters ID or birth certificate i& etc.


11/23

In cases of JURIDICAL PERSONS

1st Requirement

2nd Requirement

3rd

Requirement

If it is wholly owned by Filipino corporation or

Partnership.

Articles of Incorporation/ Partnership.

SEC Certificate of Registration

Board Resolution authorizing the person to

sign application.


12/23


1st Requirement

2nd Requirement

3rd

Requirement

If Corporation or Partnership is fully owned by Aliens

or the capital of which is more than 30% owned by

Aliens.

Articles of Incorporations / Partnership SEC Certificate of Registration

BOI Form no.7, if business began prior to

December 27, 1968

Board Resolution authorizing persons to

sign application


13/23


1st Requirement

2nd Requirement

3rd

Requirement

In case of Cooperatives, applicant must submit

Articles of Incorporation

By Laws

Certificate of Registration Issued by the

Ministry of Agriculture


14/23

Who can apply for a business name?

Any Individual who is at least eighteen (18) years old, or any

juridical person who is doing business or proposing to do business in the

Philippines under a business name as defined in this order, and is not

disqualified by any existing law or regulations to engage in business arerequired to register under the business name law.


15/23

Signatories

1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

For individual applicants, the applicant himself; or by

the person holding power of attorney for him if the

application is under a special power of attorney.

6th Requirement


16/23

Signatories

1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

For corporations, the Board Director, CEO or Board

Secretary.

6th Requirement


17/23

Signatories

1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

For Partnerships, one of the partners.

6th Requirement


18/23

Signatories

1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

For cooperatives, the president of secretary thereof;

6th Requirement


19/23

Signatories

1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

For Legitimate labor organizations, the President or

Secretary.

6th Requirement


20/23

Signatories

1st Requirement

2nd Requirement

3rd Requirement

4th Requirement

5th Requirement

If the application is signed by a person holding power

of attorney for the applicant, the application shall be

accepted provided that the original power of

attorney is presented and a copy thereof submitted

as part of the supporting documents.

6th Requirement


21/23

What happens after submitting the

application?An applicant can reserve a business name online up to three (3) working

days, free of charge. The registrant however, shall comply with all the necessary

requirements for registration within the same period in order that the application

can prosper.

In cases where any of the proposed names are no longer to be

registered, or when a document is rejected, the applicant shall be required to

resubmit proposed names or the required documents, as the case may be, within

fifteen (15) working days from notification, verbally or otherwise.

Failure to resubmit the same within the prescribed period shall be

deemed abandonment of the application filed and the corresponding fee or fees

paid shall not be refunded.


22/23

Validity of Business Name Registration.

The Business Name registration is renewable every five (5) years.

Such renewal should be made within the 90 days grace period following the

expiration of the 5 year period from the date of original registration. The

business name is automatically deleted from the computer files six (6)

months after the date of expiration and after publication of such in leadingnewspapers. If applicant registers after six (6) months after the date of

expiration, his/her application is considered as a new application.

Early renewal or renewal before the expiration date is not allowed.


23/23

Chapter 3 Fin 2 Ppt.

Documents

Transcript of Chapter 3 Fin 2 Ppt.