CEBU INVESTMENT QUICK GUIDE - How to set up a foreign business in Cebu
General requirements checklist for setting up business in the country:
1. Registration of corporations and partnerships (Securities and Exchange Commission or SEC)
2. Registration of business name/single proprietorship (Department of Trade and Industry or DTI)
3. Registration for availing of incentives under Executive Order 226 or the Omnibus Investment Code (Board of 4. Investments or BOI)
5. Registration with other Investment Promotion Agencies for availing of incentives
6. Registration of foreign investments for purposes of capital repatriation and profit remittances (Bangko Sentral ng Pilipinas or BSP)
7. Securing Tax Identification Number (TIN) (Bureau of Internal Revenue or BIR)
8. Securing locational clearance/business permit for firms (City Hall/Municipal Offices in the localities
9. where the business will be set up)
9. Securing an employer's SSS number (Social Security System or SSS)
10. Securing membership in the government health care benefits system (Philippine Health Insurance Corporation
10. Visas (where applicable): Special Investor's Resident Visa (SIRV), Special Retiree's Resident Visa(SRRV), 47(a)2, Treaty Trader's Visa, Pre-Arranged Employment Visa and its derivatives- Alien Certification of Registration (ACR), Immigration Certificate of Residence (ICR), Emigration Clearance Certificate (ECC)
Single Proprietorship
1. Submit the following to the Department of Trade and Industry (DTI):
a. Application Forms: Application to Do Business in the Philippines (DTI Form No. 17), Application for Business Name Registration (DTI Form No. 16)
b. Alien Certificate of Registration
c. Written appointment of Filipino Resident Agent
d. Authority to verify bank account/bank certificate of deposit
e. Proof of inward remittance of foreign currency for non-resident alien, or Bank Certificate of Deposit for resident alien.
f. Copy of valuation report from the Bangko Sentral ng Pilipinas (BSP) if investment includes assets other than foreign exchange
g. Clearances (e.g. Department of Health, Department of Energy, Department of Science and Technology, Philippine National Police, etc., where applicable)
h. Two (2) recent ID pictures (2" x 2" size)
2. DTI application processing time: approximately 15 days
3. Certificates to obtain/receive from the DTI: Authority to Do Business in the Philippines and Business Name Certificate
Department of Trade and Industry (DTI)
3/F LDM Bldg.,
M.J. Cuenco Ave. cor. Legaspi St.,
Cebu City, Philippines 6000
Tel. No.: +63 32 255-7082 to 86
Fax No.: +63 32 255-7609
Website : http://business.gov.ph/
Corporation/Partnership
1. Submit the following to the Securities and Exchange Commission (SEC):
Domestic Corporation/Partnership
a. Articles of Incorporation/Partnership
b. Name Verification Slip
c. Bank Certificate of Deposit
d. ACR/ICR, SIRV (Special Investors Resident Visa), Visa # 13 of the alien subscribers
e. Proof of Inward Remittance (for non-resident aliens)
f. Registration Data Sheet
g. Treasurer's Affidavit
h. Clearances
Foreign Corporation/Partnership
a. Name Verification Slip
b. Certified Copy of Board Resolution authorizing the establishment of an office in the Philippines; and c. designating a resident agent;
d. Financial statements for the immediately preceding year at the time of filing of the application, certified e. by an independent Certified Public Accountant of the home country;
f. Certified copies of the Articles of Incorporation/Partnership with an English translation thereof if in a g. foreign language;
h. Proof of Inward Remittance
i. Clearances
3. Certificate to obtain/receive from the SEC: Certificate of Registration
4. SEC filing fee: 1/10 of 1% of paid-up capital
5. SEC Contact Info:
Securities and Exchange Commission (SEC)
SEC Building, V. Rama Avenue
Cebu City, Philippines 6000
Tel. No.: +63 32 253-5337; 255-8740
Website: http://www.sec.gov.ph/
Applying for registration with an Economic Zone
1. Accomplish an application form in triplicate and submit to the Philippine Economic Processing Zone Authority (PEZA) together with the following:
a. Project feasibility study
b. Articles of Incorporation and By-Laws
c. Board resolution (indicate directors, principal officers, and major stockholders, and their respective bio-data)
d. List of machinery and equipment to be used (indicate capacity, ownership, and/or mode of procurement
e. Company brochures and/or photographs of product(s)
f. Other supporting documents/papers/clearances as may be required by the PEZA
2. PEZA filing fees: Php 3,000 for non-pioneer projects; Php 5,000 for new pioneer projects
3. PEZA Application Processing time: approximately 30 working days
4. Certificate to obtain/receive from the PEZA: Certificate of Registration
5. Contact Info:
Mactan Economic Zone
Lapu-lapu City, Cebu
Philippines 6015
Tel. No.: +63 32 340-0593
Fax No.: +63 32 340-0591
Applying for Board of Investments (BOI) incentives
1. Verify that the project is listed in the Investment Priorities Plan (IPP) for the year.
2. Submit the following to the BOI:
a. Application form: BOI Form 501 (accomplish in triplicate)
b. SEC Registration and Articles of Incorporation and By-Laws (copies only)
c. Audited Financial Statements and Income Tax Returns for the past three (3) years (copies only)
d. Board Resolution authorizing officer to sign in behalf of applicant enterprise
e. Project Report
3. BOI fees:
4. BOI filing fee: between Php 1,000 to 4,000 depending on project cost
1/10 of 1% of project cost but not less than Php 2,000.00 or more than Php 10,000.00
5. BOI application processing time: approximately 20 working days
6. Certificates to obtain/receive from the BOI: Certificate of Registration
7. Contact Info:
Board of Investments (BOI)
3/F Trans-Asia Building
Osmeña Blvd. Cor M.J. Cuenco Ave.,
Cebu City, Philippines 6000
Tel. No.: (6332) 412-1944
Fax No.: (6332) 412-1945
NEXT STEPS: Obtain business permits and clearances from the local government where your business will be located (e.g. Cebu City, Mandaue City, Lapu-lapu City, etc...)
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