From single proprietorship, partnerships and corporations, requirements differ whichever the government deems necessary and suitable.
There is going to be a great deal of work to be done when starting up but since the DTI has actively devised the Philippine Business Registry, getting into business has never been easier.
SSS and BIR requirements are very long, specific and at times, arduous but are very important in nation building through tax collection and pension planning of everyone in the industry not just with the employees we will employ but our own as well. I couldn’t stress the importance of PhilHealth requirements too in ensuring our labor force are well taken care of.
Corporations whether stock or non-stock should register under Securities and Exchange Commission to ensure the entity is legal.
Brokers and dealers need to do market regulation department and it was great to know long it actually takes to file reports and forms. Investment houses, underwriters, transfer agents and self-regulatory organizations have their own reports and examinations to pass as well. The periodic monitoring is important to ensure the entities operating and financial health.
Philippine Business Registration, Licensing and PermittingMy spiritual adviser and classmate, Ms Reba, reported in avery entertaining and informative matter. She aided us through a bird’s eye view on how to actually name and make all the necessary steps to help jumpstart your business into actual operation.
We have the BNRS system from the DTI website to search if the name has been registered by someone else or not. We’ve come to realize that you need to register your business to any of the three government agencies depending on the nature: DTI, SEC or CDA if you are a cooperative.
The government has risen up to the challenge to making it easier for business to apply for registration thus spurring productivity and improve the country’s competitiveness.
The PBR or Philippine Business Registry has been the innovation that the DTI-NERBAC has introduced to streamline the registration with ease since you get to be registered into five national government agencies in a few minutes. The PBR is formerly managed by our professor, Ms Yap, and this positive development has been the product of workshops and seminars hosted by NERBAC 7, a governing board with the support of Cebu City Government.
With less than 30 minutes, you can have a registration to SSS, DTI, PhilHealth and Pag-ibig Fund on the same site in Cebu City. The licensing and permitting process enables any business to be legalized with the city mayor’s approval.
Good news: We now have the business permit and licensing system to ensure payment of taxes in a systematized manner. All these processes makes application for new business a breeze and aspiring entrepreneurs could never be happier.
Philippine Business Technology Advancement
Ms Endo was able to define the advancement in the area of technology and has narrowed it down to five examples such as construction, medical, information and environmental, and travel.
These technologies have affected e-commerce in a lot of ways as the exchange of products and services can now be done through the internet.
The advancements has affected the present-day entrepreneur through creating a climate suitable for business, ICT streamlining business operations and most of all the business transactions grow exponentially.
I have also known about different strategies that improve enterprise productivity such as strengthening business fundamentals, reducing asset intensity and bolstering planning capabilities.
I believe one of the best things that technology has contributed is the value-based management principles and improving cost-efficiency and customer satisfaction.
Philippine Business Enterprise Identification and SelectionMs. Cepe's team was able to give us the greatest factors in identifying a business project which is very useful. Introducing the useful techniques we can use such as finding a business opportunity, supply demand, studying import and export movements and capitalizing on available resources, can help us become great business people someday.
Teaching us to adapt, complement and reshape is one thing but for us to successfully indentify an enterprise we need to explore backward forward industry linkages and screen and select the best investment alternative.
We have two options: to buy an existing business or take a franchise and they have done such a great job of optimizing the pros and cons of franchising as well.
The advantages of not starting from scratch is that you are able to use an established brand and customer base as well ongoing research and development with around the clock training and support. But if you have a raw business idea you need to be able to ask yourself about the scope and criteria, your knowledge of the industry, your field experience and skills, ease of entry and how unique your idea is. This topic helps me know the market for the product as well as creating a service and putting it all together so that the finances would eventually follow.
After assessing potential market, technicalities, organization and operational needs, I am pretty sure implementing business plans would go smoothly for the most part.
All of these are my reflections from my Entrepreneurship Class MBA 103 at University of San Jose Recolletos - Cebu Class 2014.
Go to DTI.gov.ph for more details on starting a business in the Philippines!
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