Keep your company up-to-date by renewing your permits at the beginning of every year. Leave the deadlines and queuing up to us. If you need to do a late filing, contact us for pricing details.
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Three Reasons to Renew Your Business Permits
So you’ve got your business up and running, it’s running smoothly and you are now generating income. Your time conceptualizing the business model and envisioning how it operates are now bearing fruit. You are now content and happy with how the business is running, the days are good and seemingly only will get better.
Maintaining the course and even improving your business is now on your mind. Thinking about new concepts is now your main focus. While all this is well and good, you must also remember to be up to date with the documents that are needed in running a business, specifically your business permit.
A business permit is arguably the most important document for any business. Having a business permit allows a business to ask for loans and government assistance due to the business being a legal entity in the eyes of the law. Getting a business permit is necessary to operate a business and its yearly renewal is an unquestionable must to keep your business up and running.
The deadline for the annual renewal of the business permit is usually on the 20th of January of every year and the required documents are the barangay clearance, mayor’s permit, and the Bureau of Internal Revenue (BIR) certificate of registration. While it can certainly be a hassle to line up and go through the process of renewing the business permit, it needs to be done.
Here are three reasons to renew your business permit. And remember, don’t put off renewing until the last minute.
1. Peace of Mind
No matter how successful a company gets, stressing about it is an unavoidable feeling for any business owner. You have put in a lot of effort, time, and money into your business for it to succeed. While stress is indeed inevitable, that doesn’t mean that it cannot be lessened.
Renewing your business permit on time will ease your mind as an owner because it is one less thing to worry about. You will be able to focus on other aspects of your business and not be blindsided by penalty fees due to missing the renewal deadline.
2. Avoid Penalty Fees
As mentioned previously, failure to renew your business permit before the deadline will result in penalty fees coming your way. When running a business, maximizing profit is key and with this, every centavo counts. Nothing is more frustrating for an owner than the feeling of wasted money. Don’t let your money go down the drain because you failed to comply with the requirements of the government.
3. Keep your Business Operating
This is arguably the most important reason to renew your business permit is to keep it going. The business permit makes your company legitimate and able to operate legally within the city you are located. While the fees are a hassle, forced closure of the operation is undoubtedly worse.
Annually renewing your business permit is an absolute must in maintaining your business. While you can certainly go through the process yourself, an alternative would be to ask us in FullSuite to do it for you. Our team prides itself on doing things correctly and efficiently. Allow us to handle your business permit renewal so you could focus on the operations of your business. Leave the work to us and free yourself from additional worries.
Frequently Asked Questions
I did not renew my non-operational business last year, we will start operations soon, what problems will I encounter?
Certain penalties will be handed down for non-renewal of Business Tax or failure to file BIR tax compliance.
What requirements are needed?
A certification of non-operation or no income for cases of non-operational businesses, latest BIR tax filing, previous barangay permit, and a previous business permit from the local government.
How much is the renewal fee?
The fee will depend on the city and its specific tax bracket.
When can I apply for renewal and when is the deadline?
For annual renewal, you can start the process as early as the 1st of January and the deadline is on the 20th. For quarterly renewal, the window is between the 1st and 20th of January, April, July, and October. Failure to comply with the deadlines will merit certain penalties.
No more headaches. Let FullSuite handle the tedious stuff so you can focus on running your business.
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