Every year, businesses in the Philippines renew their documents to continue their line of work. Business permits prove that businesses can run, as noted in the paper’s terms and conditions. Any registered business should renew its permits once it is near the expiration date. Once you renew your business permit, you can continue business as usual.
Renewing your business permit will take time and effort. You must gather the papers related to your business and submit them to the nearest local government unit. Once you are there, pay the necessary dues to get a new permit. Every business should follow this process as it is part of the due process.
Steps in Renewing Your Business Permit
If this is your first time renewing your business permit, remember it follows a set procedure. Any business permit renewal encourages business owners to personally renew their business permits or let a trusted person do it. Unlike other transactions, renewals should be done at the designated local government unit. This is to prevent fraudulent transactions from happening and to ensure that the business is real.
Here are the six steps in renewing your business permit.
- Get a renewal application form – You can get it at the office or download it on the official website. Write down the information about your business so that people can verify it.
- Submit the required documents – The documents will vary depending on your business type. If you are a sole proprietor, they must see your business permit from the Department of Trade and Industry. For corporations, you should have papers from the Securities and Exchange Commission. In addition, some documents may require the business TIN, SSS, and additional documents.
- Pay the processing fee – The exact processing fee varies depending on the local government unit. These fees are part of the process so your business gets verified.
- Wait for your turn as the paper gets processed – Like with any government transaction, you wait as people follow the process. The waiting time will depend on the speed of the transaction. Once you hear your name, get the renewed business permit and review the information.
- Keep the receipts for reference – Keep the receipts after paying and receiving the renewed permit. These receipts are proof that you followed the process. It is the indicator that the local government unit knows you paid and will continue your business.
- For any additional documents, go to the city hall – Some businesses may need extra papers for renewal, such as the Mayor’s Permit. You can get these papers at your nearest city hall. However, the waiting time may be longer than in the local government unit. Set an appointment or attend the city hall early to receive the documents.
After finishing the process, keep the documents in a safe place. These papers ensure that you can continue your business without worry. In the end, the renewal of permits is an obligation that businesses follow.
Wrapping Up
Renewing your business permit is an important aspect for any business owner. Verify your documents and submit the required papers to the local authorities. Along the way, you pay the fees and wait for your turn as your transaction continues. Ultimately, it is the responsibility of the business owner to continue the business by following local laws.
Author’s Bio:
Angelo Castelda works as a contributor for a news magazine in Asia. He loves to learn and understand diverse cultures and aims to share through his writing his experiences around the world.