Registering with the Board of Investments (BOI) in the Philippines is a relatively straightforward process, but it requires careful attention to detail and compliance with the relevant regulations. Here are the steps to register with BOI in the Philippines:
Step 1: Determine Eligibility
Before you begin the registration process, you should determine if your business is eligible for BOI registration. The BOI provides incentives to businesses that meet certain criteria, including investing in specific industries and meeting minimum capital requirements. Check the BOI website to see if your business meets the eligibility criteria.
Step 2: Submit Documents
Prepare all necessary documents for registration, such as Articles of Incorporation, By-laws, and other legal documents that will prove the identity and legitimacy of the company. Submit the documents to the BOI office in Makati City.
Step 3: Attend an Orientation
After the submission of your documents, attend a BOI orientation seminar. The orientation will provide you with an overview of the incentives and benefits that BOI registration provides.
Step 4: Wait for Evaluation
After the orientation, BOI will evaluate the application for completeness and eligibility. If there are deficiencies, BOI will notify the company so they can provide the necessary documents or make the necessary corrections.
Step 5: Issuance of Certificate of Registration
Once the BOI approves the application, they will issue a Certificate of Registration to the company. This certificate will entitle the company to the incentives and benefits provided by BOI.
Tips to make the process seamless and fast:
- Follow all the requirements and guidelines carefully.
- Attend the BOI orientation seminar.
- Be responsive to BOI’s communication and provide any necessary documents or corrections as soon as possible.
- Seek professional advice from a lawyer or business consultant if you have questions or concerns.
- Contact BOI directly for any inquiries or updates about the registration process.
Here is the BOI website link: https://www.boi.gov.ph/
Citation: Board of Investments. (n.d.). BOI Services. Retrieved from https://www.boi.gov.ph/services
Disclaimer: The information provided above is for reference only. It is recommended to seek professional advice for specific legal and business inquiries and check website for updated information.
What are BOI Registration Requirements?
The Board of Investments (BOI) in the Philippines has specific requirements that businesses must comply with to register with them. Here are some of the main requirements for BOI registration:
- Business Permit – The company must have a valid business permit issued by the local government unit where the company is operating.
- Articles of Incorporation – The company must have valid and updated Articles of Incorporation and By-laws.
- Audited Financial Statements – The company must provide audited financial statements for the past three years or since the start of operations, whichever is shorter.
- Project Feasibility Study – The company must submit a feasibility study for the proposed project or business.
- List of Equipment – The company must provide a list of equipment, including brand and model, to be used in the proposed project.
- Proof of Capitalization – The company must provide proof of capitalization, such as bank statements or certificate of deposits.
- Environmental Compliance Certificate – The company must obtain an Environmental Compliance Certificate from the Department of Environment and Natural Resources.
- Tax Clearance Certificate – The company must obtain a Tax Clearance Certificate from the Bureau of Internal Revenue.
- Other documents as may be required by the BOI.
It’s important to note that these requirements may vary depending on the type of business and industry. It is best to consult with the BOI or a professional advisor to ensure compliance with all the necessary requirements.
Citation: Board of Investments. (n.d.). BOI Services. Retrieved from https://www.boi.gov.ph/services
Disclaimer: The information provided above is for reference only. It is recommended to seek professional advice for specific legal and business inquiries and check website for updated information.
What is the difference between BOI and PEZA?
The Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) are both government agencies in the Philippines that promote and facilitate foreign investments. While both agencies offer incentives to businesses, there are some key differences between BOI and PEZA:
- Coverage – BOI covers the whole country while PEZA covers designated economic zones and special economic zones.
- Industry Coverage – BOI covers a wide range of industries, while PEZA focuses on industries such as manufacturing, information technology, and tourism.
- Incentives – BOI offers fiscal and non-fiscal incentives to businesses, while PEZA offers more fiscal incentives such as income tax holidays and exemption from local government taxes and fees.
- Approval Process – BOI’s approval process for incentives is more centralized and requires more documentation compared to PEZA, which has a more streamlined process.
- Duration of Incentives – BOI incentives have a longer duration compared to PEZA, which offers shorter incentives.
Overall, both BOI and PEZA offer incentives to businesses that promote foreign investments, but they have different coverage, industry focus, and types of incentives. It is recommended for businesses to carefully evaluate and compare the incentives offered by both agencies before deciding which one to register with.
Citation: Board of Investments. (n.d.). BOI Services. Retrieved from https://www.boi.gov.ph/services
Philippine Economic Zone Authority. (n.d.). PEZA Overview. Retrieved from https://www.peza.gov.ph/about-peza/overview/
Disclaimer: The information provided above is for reference only. It is recommended to seek professional advice for specific legal and business inquiries and check website for updated information.
What are BOI Incentives?
The Board of Investments (BOI) in the Philippines offers various incentives to businesses that are registered with them. Here are some of the main BOI incentives:
- Income Tax Holiday (ITH) – Businesses registered with BOI can enjoy an ITH for four to seven years, depending on their location and industry. During this period, the business is exempt from paying income tax.
- Additional Deductions – BOI-registered businesses can enjoy additional deductions from taxable income such as training expenses, research and development expenses, and infrastructure expenses.
- Capital Equipment Incentive – BOI-registered businesses can import capital equipment tax-free for their business operations.
- Simplified Customs Procedures – BOI-registered businesses can enjoy simplified customs procedures for the importation of raw materials, capital equipment, and spare parts.
- Value-Added Tax (VAT) Exemption – BOI-registered businesses can be exempt from paying VAT on local purchases of goods and services directly used in their operations.
- Enhanced Deduction for Labor Expense – BOI-registered businesses can enjoy an enhanced deduction of up to 200% of their labor expenses.
- Special Investor’s Resident Visa – Foreign investors and their immediate family members can apply for a Special Investor’s Resident Visa, which grants them permanent residency in the Philippines.
It’s important to note that the availability and duration of BOI incentives may vary depending on the location, industry, and size of the business. It is recommended to consult with the BOI or a professional advisor to learn more about the incentives available for your business.
Citation: Board of Investments. (n.d.). BOI Services. Retrieved from https://www.boi.gov.ph/services
Disclaimer: The information provided above is for reference only. It is recommended to seek professional advice for specific legal and business inquiries and check website for updated information.
Where to go for BOI Registration?
To apply for registration with the Board of Investments (BOI) in the Philippines, you can visit their office in Makati City. The BOI office is located at 385 Sen. Gil J. Puyat Ave., Makati City, Philippines.
Alternatively, you can also submit your application online through the BOI’s Investment Priorities Plan Online System (IPP-OS). The IPP-OS is an online portal that allows businesses to register and apply for BOI incentives.
Before submitting an application, it is recommended to attend a BOI orientation seminar to learn more about the registration process and the incentives available for your business.
Citation: Board of Investments. (n.d.). Contact Us. Retrieved from https://www.boi.gov.ph/contact-us
Disclaimer: The information provided above is for reference only. It is recommended to seek professional advice for specific legal and business inquiries and check website for updated information.
Plan a Trip to BOI in Makati
If you plan to visit the Board of Investments (BOI) office in Makati City to apply for registration or inquire about their services, here are some documents and items you may need to prepare:
- Identification – Bring a valid government-issued ID such as a passport or driver’s license.
- Business Documents – Prepare all necessary business documents such as Articles of Incorporation, By-laws, and other legal documents that will prove the identity and legitimacy of the company.
- Feasibility Study – Prepare a feasibility study for the proposed project or business.
- List of Equipment – Prepare a list of equipment, including brand and model, to be used in the proposed project.
- Proof of Capitalization – Prepare proof of capitalization, such as bank statements or certificate of deposits.
- Other Relevant Documents – Prepare any other relevant documents that may be required for your specific application.
- Pen and Paper – Bring a pen and paper to take notes during your visit.
- Attire – Dress appropriately for your visit, as the BOI office has a dress code.
It is also recommended to call or email the BOI office in advance to confirm the requirements and documents needed for your specific application or inquiry.
Citation: Board of Investments. (n.d.). Contact Us. Retrieved from https://www.boi.gov.ph/contact-us
Disclaimer: The information provided above is for reference only. It is recommended to seek professional advice for specific legal and business inquiries and check website for updated information.
To make the registration process with the Board of Investments (BOI) in the Philippines go smoothly, it’s important to prepare all necessary documents such as business documents, feasibility study, list of equipment, and proof of capitalization. Bring a valid ID, pen, and paper, and dress appropriately when visiting the BOI office in Makati City. It’s also helpful to contact the BOI office in advance to confirm the requirements for your specific application. Following these steps can make the process hassle-free and ensure you can take advantage of the incentives and benefits provided by BOI.
