Registering a company is the start; keeping it in good standing is the ongoing part. Beyond tax, a Philippine corporation owes a set of annual obligations to the Securities and Exchange Commission (SEC) and to its local government. Miss them and you risk penalties — or, over time, a delinquent status. Here's what recurs each year.
Hold the annual meetings
Corporations are required to hold annual stockholders' and board meetings and to document them. The minutes and resolutions from these meetings aren't just formalities — they're the record that underpins several of the filings below.
Tip
Schedule the annual stockholders' meeting early in the year. Several deadlines, including the General Information Sheet, are measured from its date.
File the General Information Sheet (GIS)
The GIS reports your directors, officers, shareholders, and capital structure to the SEC. It's generally due within 30 days of the annual stockholders' meeting, and it has to reflect the company as it actually stands — any changes in ownership or officers belong here.
File the audited financial statements
Companies above the SEC and BIR thresholds must file audited financial statements prepared by an independent CPA. These are submitted to both the BIR (with the income tax return) and the SEC, on a schedule that depends on your registration details.
Renew the business permits
Local business permits — the barangay clearance and the mayor's (business) permit — are renewed annually, typically in January. Missing the window brings penalties and can interrupt your ability to operate.
Key takeaways
- Hold and document annual stockholders' and board meetings.
- File the GIS within 30 days of the annual meeting.
- File audited financial statements with both the SEC and BIR.
- Renew local business permits each January.
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