Remember to Do These 7 Things:
1. Register with the Department of Trade and Industry (DTI) or Securities and Exchange Commission (SEC), local Barangay, City Hall, and the Bureau of Internal Revenue.
3. Register with the Department of Labor and Employment (DOLE), Social Security System (SSS), Philippine Insurance Health Corp. (PhilHealth) and Home Development Mutual Fund (HDMF / Pagibig).
3. Pay your taxes monthly, quarterly, and annually.
4. File your tax returns even if there are “no operations.”
5. Submit financial statements to the SEC and BIR every year.
6. Track revenues and expenses manually; unless you enrol using spreadsheet (e.g. Excel, known as ‘looseleaf’) with the BIR.
7. Renew your business permits annually.