So you want to set up a business.
In the Philippines, as in many other countries, a license and a permit from the government are on top of the list of requirements.
Seems simple enough until you read what follows next.
First things first is to determine whether your business is a) a sole proprietorship, or b) a corporation.
If it’s a sole proprietorship, then you, as the businessman or investor, need to obtain a business license in the locality where you plan to set up your venture; and then register with the Department of Trade and Industry.
If you want to set up a partnership or corporation, then you have to take an extra step before the above, and initially register with the Securities and Exchange Commission.
For both models, there is also a need to appear at your business location’s barangay for clearance; apply for a taxpayer identification number (TIN) at the Bureau of Internal Revenue, which further involves the registration of books of accounts and authority to print; and obtain a Social Security System (SSS) number for your business.
Of course, it doesn’t end there.
As an employer (with five or more hands hired for your business), you are further required to register with the Department of Labor and Employment and comply with its regulations; and thereafter sign up with the Home Development Mutual Fund and PhilHealth Insurance Corporation among other government agencies.
The whole process involves other nitty-gritty parts, which are excluded from this article, lest the list prompts you to retrieve your resignation letter from your employer, and forever extinguish your dream of becoming your own boss.
Thankfully, The Manila Times found a group of intelligent and capable folks who can help you traverse the maze of setting up a business, and yes, make your dreams a reality.
Meet Racquel O. Villarante, managing director of BSU & Compliance Services Inc., who says that the company was established in 2006, specifically to assist potential businessmen and investors through the complexities of establishing a wide range of enterprises.
“BSU was created to provide business consultancy services specializing in setting up new businesses,” Villarante explains. “We basically provide a comprehensive range of services for any type of activity that involves setting up a company in the Philippines.”
BSU is an alliance company of Alas Oplas, & Co., one of the leading assurance and consultancy firms for the mid-tier market today.
“BSU was previously one of the departments of Alas Oplas, until the management decided to make it independent for ethics and conflict of interest reasons,” she elaborated.
Currently, the company serves as consultant to some 80 client companies, 70 of which are foreign.
“Most of our clients are SMEs (small and medium enterprises) from different countries. We are usually recommended by the Tricor Group of Singapore to investors who want to put up a business in the country.”
The Tricor Group, meanwhile, is a member of The Bank of East Asia Group, a global provider of integrated business, corporate and investor services.
According to Villarante, what makes BSU a cut above the rest is its competent team backed up by a credible industry experience that assures any investor a good start in his venture.
“We provide investors with honest and practical solutions to make sure our clients avoid costly mistakes; as well as save time in dealing with government regulations, practices, and other operational issues.”
By doing so, BSU enables clients to focus on the most vital part of the process, which is securing the nitty-gritty of the business itself.
BSU provides a full spectrum of assistance for local and international clients interested in doing business in the country. Its services range from providing a complete analysis of a business venture, from the business environment and climate to tax facets, as well as assistance and guidance on how to execute a business plan according to the laws and regulations of the Philippines.
BSU services include corporate services, secretarial services, business set up and government registrations, compliance on government reportorial requirements, corporate restructuring, and assistance in obtaining a government tax incentive program.
BSU further provides other support services such as research, compliance update, services and representation for clients and/or persons interested in local and foreign investments, and business development.
For Villarante, BSU plays a significant role in the development of businesses in the country, and to the economic growth as a whole.
“By providing professional services and expertise to our clients, we help pave the way for a more efficient and well developing business industry in the Philippines,” concludes Villarante.