Government Agencies that Regulate Business

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Government Agencies that Regulate Business by Mind Map: Government Agencies that Regulate Business

1. BIR (Bureau of Internal Revenue) Who Needs to Register? • Individual • Sole Proprietorship • Corporation/Partnership -It all starts with the BIR. You cannot operate your business without your business tax identification number (TIN).

2. DTI (Department of Trade and Industry) Who Needs to Register? • Sole Proprietorship -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.

3. SEC (Securities and Exchange Commission) Who Needs to Register? • Corporation/Partnership -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.

4. PEZA (Philippine Economic Zone Authority) /BOI (Bureau of Immigration) Who Needs to Register? • Corporation/Partnership -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.

5. SSS/PHILHEALTH/PAG-IBIG Who Needs to Register? • Individual • Sole Proprietorship • Corporation/Partnership -The term “employee” denotes any person legally employed in the Philippines, any person compulsorily covered by the GSIS under the Commonwealth Act 186, or any person compulsorily covered by the SSS under Republic Act 1161. Such employee is automatically covered for these government-mandated employee benefits. This includes self-employed individuals or freelancers.