chapter 3 fin 2 ppt
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8/6/2019 Chapter 3 Fin 2 Ppt.
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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.
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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)
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.
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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)
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.
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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)
Handles the collection of all taxes, issuance,
implementation or enforcement of tax laws, and
negotiation of loans with foreign governments and
banks.
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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.
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Registration of Business Name
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.
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Registration of Business Name
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.
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Registration of Business Name
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.
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Registration of Business Name
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.
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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.
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In cases of JURIDICAL PERSONS
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
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In cases of JURIDICAL PERSONS
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
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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.
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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
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Signatories
1st Requirement
2nd Requirement
3rd Requirement
4th Requirement
5th Requirement
For corporations, the Board Director, CEO or Board
Secretary.
6th Requirement
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Signatories
1st Requirement
2nd Requirement
3rd Requirement
4th Requirement
5th Requirement
For Partnerships, one of the partners.
6th Requirement
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Signatories
1st Requirement
2nd Requirement
3rd Requirement
4th Requirement
5th Requirement
For cooperatives, the president of secretary thereof;
6th Requirement
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Signatories
1st Requirement
2nd Requirement
3rd Requirement
4th Requirement
5th Requirement
For Legitimate labor organizations, the President or
Secretary.
6th Requirement
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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
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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.
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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.
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