After the incorporation, the company/entity has 30 days to comply with the registration with the Bureau

of Internal Revenue (BIR), otherwise, there are late filing penalty amounting to P 20,000 based on the
latest Revenue Memorandum Orders 7-2015. The registration requirement is under National Internal
Revenue Code 236 (A) and (B) wherein you have to pay P 500.00 which represents Annual Registration
Fee. These are all BIR requirement.

In addition, the Securities and Exchange Commission, under SRC Rule 68, states that stock corporation
with paid up capital stock of P 50,000 or more are required to submit financial statement with the
commission. Before you can submit Financial Statement to SEC, they are requiring it to submit first to
BIR.