Professional Documents
Culture Documents
Securities and Exchange Commission (SEC) Department of Trade and Industry (DTI) Barangay City Hall Bureau of Internal Revenue (BIR)
Securities and Exchange Commission (SEC) Department of Trade and Industry (DTI) Barangay City Hall Bureau of Internal Revenue (BIR)
1. Board Resolution
2. Articles of
Incorporation
3. Amended articles, if
any 1. Letter
4. Letter request for Request stating
retirement reason for
5. Audited Financial termination
Statement & ITR for the 2. Original BIR
three (3) preceding years Certificate of
of the retirement date. Registration
6. Original Mayor’s 3. Books of
1. Director’s Permit and Official Account / Ask
Certificate Receipts for Receipts
2. Articles of 7. Monthly and/or Poster
Incorporation Quarterly BIR VAT 4. Inventory
3. Amended Articles Returns / ITR for the List of Unused
of Incorporation (if current year. Receipts /
any) 8. Certification of Gross Invoices
4. Audited Financial Sales for the current year 5. Unused
Statements (AFS) duly certified by an Receipts /
5. Certification by accountant. Invoices for
President and 1. Letter Request stating reason for 9. Authorization letter Cancellation
Treasurer termination for representatives / 6. Board
6. BIR Tax Clearance 2. Affidavit of cancellation of the liaisons together with ID Resolution /
Certificate registered BN, stating the reason/s of both signatory & Notice of
7. Publisher’s for the cancellation and that the representative. Dissolution
Affidavit of registered owner has no outstanding 10. Cedula / CTC for 7. Latest ITR
Publication 1. Articles financial obligation at the time of three (3) years of the with Financial
8. Endorsement / of closure of establishment 1. Barangay retirement date. Status (for 3
Clearance from Other Partnership 3. Original copy of the BN Clearance, 11. If no operation, years)
Departments / 2. Affidavit certificate and the duplicate copy of latest (original submit Affidavit of no 8. Interim ITR
Government Agencies of the application form (affidavit of and copy) operation. with Financial
(if applicable) Dissolution loss if either the business name 2. Letter of 12. Certification from Statement
9. Notarized 3. BIR Tax certificate and/or the duplicate copy Request for Barangay stating actual 9. Verification
Secretary’s Certificate Clearance of the application form was lost) Retirement closure of business. Slip (CMS)
Setting Expectations and Some Reminders
Before we go through the actual process, I just want to set expectations and list a few reminders. This is important. I cannot stress this enough.
Reminder 1: Behave as if Operational
If you are registered, you can’t simply stop operating. No matter the circumstance — bankruptcy, death, etc. If you stop complying with the government’s requirements
(monthly tax returns, SEC annual filing, etc), you will just incur penalties.
I repeat.
In the eyes of the law (government), you are still operating. If you don’t complete the process of business closure and retirement, that means you are still operational. And if
you are still operational, and not complying with these things, once the government finds out, you will incur penalties.
Ignorance of the law does not excuse oneself from the law.
Reminder 2: Timeline
The entire process can take more than a year. Yup. Depends on the circumstance of your retirement, i.e. did you miss any BIR filings or not? The more “open cases” you
have, the longer this will take.
The timeline also differs per business type. A corporation is harder to close than a sole proprietorship. A company with 5 years of operations usually also takes longer than
one with less than a year.
Now that we went through the list of requirements and setting some expectations, the next step is the actual processing of the closure of the business.