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Corporate Compliance is Indispensable
Business owners must always make sure that they are in compliance with applicable Philippine laws. Following regulations helps avoid fines, lawsuits, and reputational damage.
Corporate accountability isn’t something that you do just once. It’s a constant process year in and year out. That’s why it can be hard for companies to stay on top of key compliance tasks while running day-to-day operations. That’s where our team here it Launchpad comes in.
The Different Areas of Corporate Compliance
There is a broad array of corporate compliance tasks. Here is an overview of what to expect.
Regulatory Compliance
Corporate Governance
Tax Compliance
Labor Compliance
Regulatory Compliance
- Renew business permit every year in the city or municipality
- Submit General Information Sheets (GIS) and Audited Financial Statements (AFS) to Securities and Exchange Commission
- Secure additional licenses/certifications with relevant government agencies, if applicable
- Change of business address, if applicable to the situation
- Update registration documents, if applicable to the situation
Corporate Governance
- Prompt updates to GIS and AFS
- Open company bank account
- Organize annual general board meeting
- Communication to shareholders about significant developments in the company
- Keep company-related documents updated as needed (e.g. by-laws, shareholder agreements, meeting minutes)
Tax Compliance
- Submit accounting books to Bureau of Internal Revenue (BIR)
- Submit Annual Information Return of Income Taxes withheld on compensation (BIR Form 1604-CF)
- Submit Annual Information Return of Creditable Income Taxes Withheld (Expanded)/Income Payments Exempt From Withholding Tax (BIR Form 1604-E)
- Submit Certificate of Compensation Payment/Tax Withheld (BIR Form 2316)
- Submit Annual Income Tax Return (BIR Form 1701)
- Submit AFS every year
Labor Compliance
- Mandatory contributions for employees to the Social Security System (SSS)
- Mandatory contributions for employees to the Philippine National Health Corporation (PhilHealth)
- Mandatory contributions for employees to the Home Development Mutual Fund (Pag-IBIG Fund)
- Mandatory annual 13th-month pay bonus for employees which is equal to one month’s salary
- Re-registration with Department of Labor and Employment (DOLE) in the event of change in business name, location, ownership, re-opening after previous closing.
- Submission to DOLE of Annual Establishment Report on Wages (AERW) containing updated information on employment status and other workplace data
Launchpad's Corporate Compliance Services
We provide you with the following corporate compliance services on a retainer or as-needed basis.
Intellectual Property
Solidify your business advantage ASAP. File a trademark, copyright, or patent with Launchpad.
Business Address Change
Change the official address of your company to another city and apply to a new BIR Revenue District Office.
More Corporate Services
We also assist with filing board resolutions, printing and issuing stock certificates, updating company statutes, or annual filings.
Corporate Compliance FAQs
Do you outsource to a third party legal team?
No. We have an in-house corporate lawyer leading a team of seasoned business compliance experts.
Do you offer other legal services outside of your defined packages?
We can create a custom package based on your needs, as long as it’s still within the scope of corporate law.
You may contact us via email or via phone call. You can also complete our short contact form.
Do you only work with local businesses in the Philippines?
We assist both domestic companies and foreign-registered companies.
You may contact us via email or via phone call so we can get a better idea of what your corporate compliance needs.