With people required to stay confined in the four walls of their home, Filipinos have set in motion a number of online business trends. In less than a year, with what seems to be an endless guessing game on our quarantine status at that, people managed to find other sources of income. It’s true when Napoleon Hill said “a resourceful person will always make opportunity fit for his needs.”
Even before the COVID-19 pandemic, more and more Filipinos have geared towards being entrepreneurs, and it’s no longer a surprise because most of us are skillful, and most of all, willful in earning extra while following his or her own passion.
However, as easy as it may sound to just follow what your heart’s desires when starting up a business, many are unaware of the regulatory requirements that must be met by any startup business in the Philippines, especially that of BIR registration.
Establishing an association, partnership, or a corporation in the Philippines begins by completing the business registration with the Securities and Exchange Commission (SEC), the mandated government agency to supervise the corporate sector in the country. Before one can fully operate and start transactions with clients, an enterprise must submit all the necessary business documents that are requisites of any certificates needed in securing permits from other government agencies.
It’s been a little over three months from the time quarantine was implemented in the country, and with the dangling fear of whether or not the vaccine for COVID-19 will be discovered soon, there is a chance the entire country will be under quarantine until the vaccine is made available. For now, we are jumping from one quarantine extension to another, and even if the government decides to lift the quarantine, the experience should be a lesson learned for many businesses.
Many weren’t ready for the COVID-19 crisis. People’s health are threatened as well as the country’s economy, particularly the labor and employment sector. Almost 2.7 billion workers, which represent 81 percent of the world’s workforce, have been affected by the full and partial lockdown, according to the International Labor Organization’s monitoring report.