A sole proprietorship is a business structure in the Philippines with only one owner. The owner has control of all the business activities, which means that he is also accountable for all the debts and liabilities that the business incurs. The owner will also receive all the profits his company earns.
As with any business entity, setting up a sole proprietorship has its pros and cons. Here are some of them below.
Sole proprietors are responsible for paying their taxes. The average tax rate for sole proprietors is eight percent (8%) if gross receipts/gross sales and other non-operating income for the year do not exceed three million pesos (P3,000,000). The good news is you may avail of tax deductions and exemptions. The government may deduct company expenses like rent, employee wages, and utilities. You may also claim tax credits by contributing to local social welfare programs. Ask guidance from accounting consultants to know more about tax benefits available for your business type.
It is plausible for business owners to be confused about how and where to start their sole proprietorship business in the Philippines. To make it easier, you can just contact Business Registration Philippines.
Business Registration Philippines is a website dedicated to helping investors, business owners, and other stakeholders establish and incorporate their enterprises. Topics range from Accounting, Finance, Human Resources, Business Process Outsourcing, Product Registration, Taxation, and more. It is a microsite of Triple i Consulting Inc.
Triple i Consulting is the first ISO 9001:2008 company in the Philippines to offer business registration services to its clients, With a team of Philippine business strategy experts who provide professional help for locals and foreign nationals looking to register or start their sole proprietorship in the country, the company’s team of experts are endowed with up to 10 years’ worth of knowledge and skills in the Philippine business registration, accounting and taxation, FDA licensing and product registration, and more.
Business Registration Philippines, together with Triple i Consulting offers the following services:
Schedule an initial free consultation with one of our business registration experts. Contact us through any of the following methods: