First thing you got to do is to register your business name. Your first stop would be the Department of Trade and Industry (D.T.I.). Prepare at least 3 to 5 names. Why? because in some cases, your desired name may already be taken. There is a form to be filled up and this form is available online.
Visit their website and check out the rates and requirements for business name registration
Here's the link: www.dti.gov.ph
When asked regarding the startup capital, i suggest you specify at least two units only. One washer and one dryer. From this thought you based your startup capital.
The last time I registered a name, it only took me a day to finished everything. Same day, i got my certification.
Next step after DTI, register your business with the city government having jurisdiction over the place where you will setup your laundry business.
Prepare the following:
- DTI Certification
- Zerox copy of DTI Certification
- Current Resident Certificate
- Contract of Lease - if renting the place of business
- Baranggay Permit
- Zerox of Baranggay Permit Bring 1 x 1 photo - just in case
Again, if ask about capitalization, be consistent. Write the same capitalization as you did with DTI. After complying with the requirement of the city government, you will be issued a Mayor's Permit. Issuance usually takes a week, depending on the city government, it could be earlier with other city, so it varies.
Lastly, you will now go to BIR to register your business.
Bring the following:
- TIN No.
- DTI Certification
- Zerox copy of DTI Certification
- Current Resident Certificate
- Contract of Lease - if renting the place of business
- Baranggay Permit
- Zerox of Baranggay Permit
- Bring 1 x 1 photo - just in case
When asked, what tax category you would likely be, then i suggest register as NON-VAT.
and Other Taxes subject to is Expanded W/holding Tax on Rent. That is it. Don't mention Expanded withholding on compensation. Why? because most of our staff are exempt. I will discuss this in my coming post.
IMPORTANT NOTE:
You need to register your business with the BIR within 30 days from released of your DTI Certification.
