Want to grow your business but wondering where to start first?
Anyone can start a business, but there are things to consider to help you grow, such as registering.
According to the Department of Trade and Industry (DTI), there are 957,620 business enterprises actively operating in the country. To be one of these, you have to make sure that your business is legitimized.
Legitimizing your business gives you leverage and ascertains that out of almost a million registered businesses, you can stay unique. So if you are still looking for more reasons, we’ve listed down some benefits you can acquire from registering your business in the Philippines:
1. Establishes your brand’s reputation
What you seek to achieve as a brand is credibility and one way to establish this is by registering your business.
Customers and clients can use your registration as proof that you are operating a safe business without having to look into whether your business is legit and that transactions will be safe.
Other than clients and customers, registering your business will also solidify your credibility among suppliers. With this comes the eligibility for supplier discounts and arrangements.
2. Allows for your business to have a bank account
When operating a business, you need to have a separate bank account. This separates your personal activities and purchases from your business-related transactions.
Through this, you can track your cash inflows and outflows without having to stress out over mixed finances
In doing so, you will have a much easier time tracking your finance. This also gives a more professional approach to transacting with your clients.
3. Makes loaning easier
When applying for a business loan, you need proof that you’re an actual operating business. It is necessary to have a business registration for lenders and investors to approve your loan.
A credit card for your business is a need, for example. But you cannot apply for financial services without the proper requirements, such as registration paperwork or proof that you are operating a legitimate business.
4. Gives you a name
Registering your business establishes your brand identity.
When registering, you can check if some other business is already operating under the same brand name. Knowing this, you can immediately change yours to make your brand unique.
Remember that brand names are what make your business authentic and memorable. And this isn’t possible if you have five other namesakes.
5. Helps with hiring employees
Over time, you need to hire employees to grow your business. In doing so, you need to pay them accordingly.
Registering your business helps you establish a payroll, the appropriate deductions, health benefits, and others. This basically allows you to legally route taxes on the employee’s behalf for every payout.
This is one of the top things you must consider before hiring your first employee to make sure that your pay, benefits, and deductions go where they should be.
6. Legitimizes your business
One of the major benefits of registering is that it ensures the legitimacy of your business.
This ensures that your business is complying with legal standards for bookkeeping and accounting, so there will be no problems when reporting to the government.
Legitimizing your business means you are paying your employees sufficiently, and keeping up with your taxes. The gist of it is that you’re a legal entity operating legitimately.
Registering your business gives you the freedom to fully market everywhere, without fear of endangering your brand.
Above all, it gets worries over taxes and liabilities out of your hair. This avoids legal hassles that could negatively affect your business transactions, or worse, close your business. So choose to register your business now by seeking assistance.
Need help in registering your business?
We, at Savvi Accounting and Shared Services, specialize in business registration in Angeles City. We can help you set up your business hassle-free so you can focus more on growing it. We can also help you with payroll, government contributions, bookkeeping, tax filing, and accounting.
Contact us for a free service quotation today at +63917-174-7277 and email@example.com.