Importance of Business Registration and Licensing Services Philippines

Planning to start a business? Well, in that case, you must be taking care of your Bureau of Internal Revenue (BIR) business registration — and you should do it as soon as possible.

BIR registration is one of the prerequisites that should be handled by start-up businesses in the Philippines. You’d even need a Tax Identification Number (TIN) to operate, which you can acquire through registration.

But the problem is, it can be a strenuous task, especially if you’re already busy taking care of other stuff.

Fortunately, there are company registration services you can hire to make things easy for you.

Reasons to Hire Business Registration and Licensing Services

When you get business registration and licensing services in the Philippines, you’ll enjoy the following benefits:

Skip fines (and jail time)

Running your business is already a challenging task, so you’d want to settle everything with the BIR. This way, you have nothing to worry about.

You don’t want to be a tax evader — that’s certainly not a good title. And you won’t like the consequences if you try to be one.

If you operate an unregistered business, you might end up paying penalties or worse, get a prison sentence.

According to the BIR, the fine will be not less than P5,000.00 but not more than P20,000.00. You can also be imprisoned for not less than 6 months but not more than 2 years.

The fine will actually depend on the location of your business. This means the penalty fee can differ if your business is in a 3rd class, 2nd class, 1st class municipality, or in the city.

Sure, it can be time-consuming, but that’s where business registration and licensing services come in.

Enjoy better reputation among investors and customers

Your customers will get the impression you’re a trustworthy and reputable enterprise if you’re registered to Philippine government agencies such as the BIR.

Whether you’re operating a business-to-consumer or business-to-business enterprise, registering with BIR is essential.

After all, other enterprises would only be willing to do business with you if you can offer them official receipts. Well, I don’t think they’d be transacting with large amounts with you if you’re unregistered.

More confidence in promoting your business

Since you aren’t hiding under a veil of secrecy, you won’t be afraid of the government discovering your business. You can advertise all you want on all platforms possible. So yeah, you’d gain more confidence in marketing your products and your business itself.

As a result, you can increase your chances in boosting your company’s reach and visibility.
Access to essential financial services
If you want to get easy access to business-critical financial services, it’s important that you register your business with BIR through the help of business registration and licensing services.

For instance, if you want to open a corporate bank account for your business, you need to present your Tax Identification Number (TIN) and BIR Certificate of Registration (Form 2303).

Also, if you’re planning to take out a bank loan or would like to file applications for other financing services, a BIR registration is also a must.

More growth opportunities

Like I mentioned earlier, you’d have a better reputation with the customers if you’re BIR registered and they’d be more likely to transact with you.

This also means you can leverage your status to land more lucrative projects and contracts. You can even explore new opportunities in other markets or sectors you haven’t tapped yet.

For example, you can export your products to overseas clients or submit bids for government contracts.

You can only enjoy all these amazing benefits if you hire business registration and licensing services now!