It’s cool that the SEC (http://www.sec.gov.ph) makes it possible to check the availability of a proposed Corporate Name, thus saves you time. I have personally experienced this comfort when we incorporated several companies, wherein we had to think of several names before we came up with the final and approved one. We had a consultant who did the documentation and processing, her close coordination with me allowed me to be familiar with the flow.

To get started, secure a business name by reserving one that can be done online. Simply log on to the SEC website, register yourself, and select the corresponding industry you’re opening a business in by clicking the right choices. Upon completing the requested information, it will lead you to a “Proposed Name” section where you type-in your desired name. The system will process that and give you an immediate feedback whether the name you are proposing passes all requirements to go ahead. Should your proposed name passes, you can reserve that, and print the “Reservation Page” and go to the SEC counter to pay the fees. You may reserve a name for a maximum of 120 days, renewable. This gives you ample time to produce the necessary documents to proceed with your incorporation.

Possible reasons to be declined are similarity of name with an existing corporation, or name is confusing among others.

If you are registering a Trading Company where there are no special Terms and Conditions needed to be stipulated in the Articles of Incorporation, you may buy a ready version at the SEC counter at P400-500 together with forms that can be filled up easily, and lodged at the Fast Lane Section with the attached supporting documents required.

This is how it goes:

1. In the forms, type-in all necessary Incorporators’ details, such as, Name, Address, Citizenship, Birthday, Designation in the Company, TIN Number, and Resident Certificate Numbers. (8 copies). When you purchase the forms, request for the requirements necessary to make sure you cover everything, they give a leaflet free.

2. Notarize the filled documents – Articles of Incorporation, Treasurer’s Affidavit, and SEC Registration application.

3. The Treasurer’s Affidavit must be notarized in the same city where the Company Bank Account will be opened.

4. Open the required Bank Account by bringing a copy or two of all the notarized docs above and present it with the Bank. For a P1 Million Authorized Capital, at least P62,500.00 deposit will be required in the name of the proposed Corporation, but initially opened by the Treasurer in his/her name which is automatically renamed to the Corporation upon approval of the SEC.

5. Arrange the SEC Application and all requirements according to the order of documents indicated in the leaflet. Go to the New Application Section and file them. The documents you submitted will be checked to make sure they are complete, otherwise it will be returned to you. Once screened to contain what’s necessary, you will be asked to proceed to the Cashier to make the payment which amount depends on how much your paid-up capital is.

6. Upon payment, you will be issued a form with the expected date of release in a few days. To save you time, they will provide you with a phone number to call for confirmation of availability of your documents for claiming.

7. Call up for confirmation, and pick up your Approved SEC Registration.

As soon as you have this, you may now proceed to securing a Mayor’s/Business Permit and TIN number with the BIR, after which you can start ordering Official Receipts for printing.

The process I shared above can be done by a consultant at a fee of around P10K-20K for your convenience, or do it yourself and save the cash. Always visit the SEC Official (http://www.sec.gov.ph) Website for further details. Good luck!

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