Philippines Business Permit: Importance and Requirements
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Questions and Answers

What is the primary purpose of acquiring a business permit?

  • To draft Articles of Incorporation/Partnership and By-laws
  • To secure a Contract of Lease of an office address
  • To obtain a license to operate a business (correct)
  • To register a company name with the SEC

    • Which professionals are exempt from paying business permit fees?

  • Sole proprietors, OPC, and Domestic Corporation owners
  • Entrepreneurs, managers, and employees
  • Partners and shareholders of a corporation
  • Lawyers, doctors, and accountants (correct)

    • Why is business registration often challenging?

  • Because of the lengthy process
  • Due to the complexity of registering with multiple agencies (correct)
  • Due to the need for professional help
  • Because of the high fees involved

    • What is the consequence of not registering with different government agencies?

    <p>Problems in the future</p> Signup and view all the answers

    What is the primary registration requirement for a corporation or partnership?

    <p>Reserve a company name with the SEC</p> Signup and view all the answers

    What can entrepreneurs do if they find business registration exhausting?

    <p>Seek help from business consulting firms</p> Signup and view all the answers

    What is the primary function of the Department of Trade and Industry (DTI) in business registration?

    <p>Registering single proprietorship enterprises</p> Signup and view all the answers

    What is the consequence of not registering a business name with the DTI?

    <p>An additional 50% of the registration fee as a penalty</p> Signup and view all the answers

    What type of businesses does the Securities and Exchange Commission (SEC) register and supervise?

    <p>Corporations and partnerships organized in the Philippines</p> Signup and view all the answers

    What is the validity period of a registered business name with the DTI?

    <p>5 years</p> Signup and view all the answers

    What is not a result of registering a business name with the DTI?

    <p>License to operate a business</p> Signup and view all the answers

    Why is registering a business with the relevant government agencies important?

    <p>To avoid business disruptions and penalties</p> Signup and view all the answers

    Which government agency is responsible for regulating corporations, partnerships, and associations in the Philippines?

    <p>Securities and Exchange Commission (SEC)</p> Signup and view all the answers

    What is the primary reason why enterprises must register with the SEC in the Philippines?

    <p>To engage in gainful business activities</p> Signup and view all the answers

    Which government agency assesses and collects national internal revenue taxes, fees, and charges in the Philippines?

    <p>Bureau of Internal Revenue (BIR)</p> Signup and view all the answers

    What is one of the benefits of registering with the SEC in the Philippines?

    <p>Entitlement to rights under corporate and investment laws</p> Signup and view all the answers

    What is the primary function of the BIR in the Philippines?

    <p>Assessing and collecting internal revenue taxes</p> Signup and view all the answers

    Why must corporations register with the BIR in the Philippines?

    <p>To comply with taxation requirements</p> Signup and view all the answers

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