Government Agencies that Support, Regulate and Monitor Businesses

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Government Agencies that Support, Regulate and Monitor Businesses by Mind Map: Government Agencies that Support, Regulate and Monitor Businesses

1. BIR (Bureau of Internal Revenue)

2. DTI (Department of Trade and Industry)

3. PEZA (Philippine Economic Zone Authority)

4. Local Barangay

5. SEC (Securities and Exchange Commission)

6. It all starts with the BIR. You cannot operate your business without your business tax identification number (TIN).

7. Before you can conduct business in the country, you need to register a name associated to your business. This is called business name registration (BNR). This is required if a person will use a name other than his true name.

8. The SEC is an agency under the Philippine Department of Finance that is responsible for regulating the securities industry. It supervises all registered business entities in the country (with the power to suspend and revoke registrations), investigate violations of securities laws and impose sanctions, and make policies with regard to the market in securities. It also supervises stock and bond brokers as well as the stock exchanges.

9. PEZA is handled by the Department of Trade and Industry. The PEZA and BOI are focused on businesses that are export-oriented, specifically in designated Special Economic Zones. The BOI is the primary agency responsible for investment promotion in the country and offers a wide range of incentive schemes for both Filipino and foreign investors.

10. You need to secure a company barangay clearance first in the barangay where your business will be operating. It is also a requirement when registering for a Mayor’s Permit.