About New Business Formation Law in Makati City, Philippines
In Makati City, business formation rules are guided by the national law, Department Order No. 17-17 of the Department of Trade and Industry in the Philippines. It sets out the procedures for creating a business from selection of legal structure (such as sole proprietorship, partnership, corporation), name registration, tax registration, to securing permits and licenses.
Why You May Need a Lawyer
Navigating the process of new business formation involves understanding complex regulatory requirements at various levels. Legal professionals can provide indispensable assistance with drafting your business constitutional documents, securing necessary permits, providing advice on optimal capital structure, and ensuring compliance with all legal requirements.
Local Laws Overview
Local regulations in Makati City govern the permits and licenses required to operate a business, such as zoning permits, sanitary permit, fire and safety inspection certificate, among others. Additionally, local taxes and fees apply, and businesses must comply with local ordinances and regulations imposed by the Makati City Government.
Frequently Asked Questions
What are the basic requirements for starting a business in Makati City?
All businesses need to register their names, secure permits and licenses, register for taxes, and comply with labor and environmental standards, among other requirements.
What types of businesses can I register?
Common types of businesses registered in Makati City include sole proprietorship, partnerships, and corporations. Each has different procedures and requirements for registration.
How long does it take to register a new business in Makati City?
The duration varies depending on the type of business and the requirements. In general, it can range from a few weeks to a few months.
What penalties exist for non-compliance with registration requirements?
Penalties may range from fines to imprisonment, depending on the nature and extent of non-compliance. Continuous operation without proper registration may also lead to closure of the business.
Can a foreigner start a business in Makati City?
Yes, foreigners can start a business in Makati City, though certain restrictions apply. A lawyer can provide advice appropriate to a foreigner’s legal status and business intentions.
Additional Resources
You may find additional information and assistance at the Department of Trade and Industry, the Bureau of Internal Revenue, and the Makati City Government Office. Other organizations such as the Philippine Chamber of Commerce and Industry, and the Makati Business Club also offer advice and resources for business owners.
Next Steps
If you plan to form a business in Makati City, the best first step is to seek qualified legal help. An experienced lawyer can guide you through the process, ensure compliance with all relevant laws, and provide valuable advice tailored to your unique business circumstances.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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