The Complete Guide to Corporate Dissolution in the Philippines. (SEC and BIR)

Closing a business in the Philippines is a significant milestone, but failing to do it correctly can lead to piling penalties and tax liabilities. In this video, we provide a comprehensive, step-by-step guide on how to legally and smoothly dissolve your corporation—from internal approvals to final clearances. Whether you are moving on to a new venture or closing operations, this roadmap will help you navigate the requirements of the SEC, the BIR, and your local government units to ensure you close your business without lingering legal or financial headaches. Checklist of Essential Documents: SEC & Corporate Requirements: • Board Resolution: Internal approval from your directors. • Director’s Certificate: Issued by the Corporate Secretary. • Amended Articles of Incorporation: Required if shortening your corporate term. • Verified Request for Dissolution: Filed with the SEC. • Affidavit of No Creditors: Stating that no creditors will be affected by the closure. BIR & Tax Requirements: • BIR Form 1905: Application for Registration Information Update/Correction/Cancellation (Notice of Closure). • Certificate of Registration (BIR): To be surrendered. • Unused Official Receipts and Invoices: Must be surrendered for destruction. • Audited Financial Statements: The latest reports for the BIR terminal audit. • Tax Clearance Certificate: The final document issued by the BIR. LGU & Statutory Requirements: • Business Permit Retirement Certificate: Obtained from your local City/Municipal Hall. • Establishment Termination Report: Filed with the Department of Labor and Employment (DOLE). • Employer Cancellation Notices: For SSS, PhilHealth, and Pag-IBIG. In this video, we cover: Step 1: Corporate Approval and the SEC dissolution process. Step 2: Navigating the BIR terminal audit and tax clearance. Step 3: LGU business permit retirement and employee separation requirements. Step 4: Securing your final SEC Certificate of Dissolution. Pro-Tips: Advice on timing your exit and when to seek professional accounting/legal assistance. Don't forget to like and subscribe for more legal and business guides! For Corporate Assistance contact us at https://lawyerphilippines.org/contact... #businesstips #SEC #BIR #businessclosure #businesspermit #documents #checklist #viral #fcblawoffice