The Risks of Not Renewing your Business Permit
Ever had that feeling where you had so much to do that you didn’t know where to start? You know exactly what you need to do but for some reason you still don’t do it. Then a day before the deadline you force yourself to get started but it will be really stressful.
Business owner sometimes tend to procrastinate, especially when the deadline is still months away. The problem with doing things at the last minute is it leaves you with no time for correction.—. It leaves you with penalties and a bad headache.
Each quarter, business owners need to comply with the legal requirement of renewing business permit with their respective local government units to be able to continue operating. Each city has different requirements, for example, Makati City requires a 1 year business permit while Taguig City is by default on a quarterly basis for new businesses. Each city has their own rate for penalty but one thing is for certain, when a business owner fails to renew and comply with permits, you will be fined.
The usual penalty would be to subject the non-complying business to surcharge and interest per month—and that can quickly rack up. Another one is, if the owner and/or operators of business fail to renew or didn’t really register his/her business he/she shall be subjected to a fine of PhP5,000 to PhP20,000 worse, for closure.
Process of renewing business permits can be tedious and may take more than a day due to the high number of applicants. Thankfully, business owners can now rely on professionals who would take the burden of going through all the procedures. StartNow a business solutions provider could help entrepreneurs on this matter. StartNow simplifies entrepreneurs' life by offering services such as business incorporation, business permit renewal and other legal services.
If you want fast processing of renewing your business permits. StartNow can take all the loads of preparing all the documents, filling out forms and standing in long lines for you.
Renew your business permits as easy as dialing our hotline.
Have more questions?
Other Services that we offer to help companies start faster in the Philippines
A fine example of excellent service. Their team not only helped with incorporation but also with local government filings.
StartNow have successfully guided our company through start-up phase in the Philippines and continues to provide valuable advice as we grow.
You have made our new business journey both rewarding and stress-free. It was an absolute pleasure doing business with a company that does business in such a professional manner.