List of Business Permit Renewal Requirements Owners Must Submit
BUSINESS PERMIT RENEWAL REQUIREMENTS – Here’s a list of the documents required in renewing a Business Permit.
Operating a business in the Philippines or launching one is not just about having excellent products and services and finding a perfect location where you can offer them. It is important to start right by processing the documents needed to make sure your business operation is legal.
You need to obtain a Business Permit. There are business registration requirements and business permit requirements for application that must be prepared. You also need to be ready for the fees in the application for a Business Permit. Furthermore, it does not end with getting a permit, you must renew it on or before it reaches the expiry.
The Business Permit must be renewed every year, specifically not later than January 20 to avoid penalties as well as the possible suspension of your business license. Usually, the period between January 2 and January 20 is allotted by most business owners and companies for the renewal of the said document.
In fact, in some companies, the staff already prepare the Business Permit Renewal requirements before December ends to be ready for the renewal by January. The documents to be submitted must all be updated.
Here are the Business Permit Renewal requirements you must prepare in applying:
- Three copies of the notarized application form
- Declaration of Gross Sales from the previous year
- Number of employees
- Paid-up capital
- Copy of last year’s Business Permit and Billing Assessment
- Audited Financial Statement or Business Income Tax Return
- Community Tax Certificate
- Barangay Clearance
- Public Liability Insurance
- Affidavit of Low Income
A company or business that failed to renew the Business Permit may be charged of penalty that may be equivalent to a 25% of the surcharge on top of the assessed tax. Also, there will be an additional of 2% for each month that the Business Permit was not renewed.
Furthermore, the Bureau of Internal Revenue may ask the business owner to pay the penalty of ₱5,000 up to ₱25,000. There are also cases wherein the temporary closure of the business will be mandated.