Leorenz Jamias – A Transient Life

In the second part of our preview in setting up a sole proprietor business in the Philippines, let us continue to look into the processes involved together with some important notes and tips. Make sure that before applying for these Certifications you already have at least two Valid ID’s. (e.g. Passport, SSS, PRC ID’s etc.). They are usually required when filling up the forms. After applying for the BIR Certificate of Registration, you need to apply immediately from the BIR an Authority to Print some Official Receipts and Invoices to be used for your operations. These Receipts and Invoices are valid only for use for a certain number of years and should the period lapse, a new set of Receipts and Invoices must be printed. Below are the types of receipts that should be registered with the BIR before commencing operations: Provisional Receipt when collection is only partial. Official Receipt must be issued after issuance of Provisional Receipt after final collection of a pa...

Nowadays a lot of SMEs are sprouting like mushrooms in the age of the Millennials. People are more aware of what business they want to engage themselves with. And with the recent economic growth, more and more people are enticed to set up a Sole Proprietorship. What is a Sole Proprietorship? It’s a type of Business managed and owned by a Single Individual. There are other Business Types like Partnerships and Corporations. But for the ease of starting a new business with a modest capital, this is the best option. What are the Pro’s and Con’s of a Sole Proprietorship? Lets enumerate some of the Pro’s and Con’s Pro’s Less Fuss in Set up and registration. Other Business Types can require you to register with the SEC as part of Business Regulation and Control. Sole Proprietorships don’t include this process. Capital Requirements are minimal. Same goes with cost related to Government permits and licenses. Decision making and profits are enjoyed by a Single Individual. Con’s...