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1.What is an SVEG?
The SVEG is a special non-immigrant visa issued to a foreigner who shall employ at least ten (10) Filipinos in a lawful and sustainable enterprise, trade or industry in the Philippines. The foreign national shall actually, directly and exclusively engage in a viable and sustainable investment in the Philippines and perform management acts or the authority to hire, promote and dismiss employees therein.

2. How much investment is needed to avail of the SVEG?
The foreign national must show proof that the has substantial investment in an entity, firm, partnership or corporation that establishes, expands or rehabilitates a business activity, investment, enterprise or industry and that said investment enables the initial or additional employment of at least ten (10) Filipino workers on a regular basis, provided that the foreign equity participation is consistent with the Constitution, the Foreign Investment Act and other special laws.
In case said investment is for rehabilitation of business, enterprise or industry, the foreign national must show satisfactory proof that said investment enabled the retention of at least ten (10) Filipino workers or employees on a regular basis, and without said investment, existing Filipino workers or employees would suffer loss of employment.

3. What are the privileges of being a SVEG holder?
Foreign nationals who are granted SVEG shall be considered special non-immigrants with multiple entry privileges and conditional extended stay, without need of prior departure from the Philippines.
SVEG holders are exempt from securing Special Return Certificates and Exit Clearance Certificates. However they shall be required to submit and/or file their annual report pursuant to the requirements of the Alien Registration Act of 1950, as amended.
The privileges of SVEG may extend to the legal spouse of the qualified foreign national as well as their unmarried children below eighteen (18) years of age, whether legitimate, illegitimate or adopted.
The special non-immigrant status of children of SVEG holders shall cease upon reaching the age of eighteen (18), in which case, they are required to downgrade their visas to temporary visitor’s visa under Section 9(a) of Commonwealth Act (C.A.) No. 613, as amended, and apply for any appropriate visa.

4. What is the nature of employment of the Filipino workers?
The employment of at least ten (10) Filipino workers shall be for managerial, executive, professional, technical, skilled or unskilled positions in a business activity, investment, enterprise or industry in the Philippines, excluding personal employees of the foreign national such as household workers and the like.

5. How much would it cost to apply for the SVEG?
There shall be collected and paid to the BI Cashier the following fees, which are subject to change upon prior notice;

Basic Application                 Php10,000.00 
MR Fee                                  Php  3,000.00 
Implementation Fee              Php10,000.00 
BI Clerance Fee                    Php  1,000.00 
Express Lane Fee                Php 1,000.00 
ACR-I Card Fees                  US$ 50.00 or its peso equivalent
Dependents of principal SVEG holders shall be subject to payment of Application, Implementation and ACR-I-Card Fees in the same amounts paid by the principal SVEG holders.

6. Where do I process the SVEG?
SVEG applications may be filed in the BI Main Office or any of its satellite offices in which case, the documents shall be forwarded to the Main Office for processing.
Upon payment of the appropriate fees, the SVEG application shall be forwarded to the OSSF for raffling to designated hearing officers. A specific control number shall be assigned for each application.
The Hearing Officer shall examine and evaluate the application within fifteen (15) working days from the date of filing and may require the appearance of the applicant for clarificatory hearing. The Hearing Officer shall forward his recommendation to the Commissioner of Immigration for the approval or denial of the application.
Documentary proof shall be received and evaluated without strict observance of the technical rules on evidence and procedure.

7. Are SVEG holders required to be registered under the Alien Registration Act?

After the SVEG implementation, the SVEG holder shall proceed to Bureau’s Alien Registration Division for registration and documentation. An Alien Certificate of Registration (ARC) I-Card shall be issued to the SVEG holder upon payment of appropriate fees. The ACR I-Card and SVEG Certificate shall indicate, among others, the following:
Status Adjusted Without Departure as a Special Non-Immigrant with Multiple Entry Privileges and Conditional Stay in the Philippines under E.O. No. 758, Series of 2008, in relation to C.A No. 613, Section 47(a)(2) under BI Control No. ____.
SVEG holders are exempt from securing Special Return Certificates and Exit Clearance Certificates. However they shall be required to submit and/or file their annual report pursuant to the requirements of the Alien Registration Act of 1950, as amended.
8. What are the grounds for the cancellation of the SVEG?
The Commissioner of Immigration shall revoke the SVEG:
(a) Upon finding that it was obtained through fraud or willful misrepresentation of material facts;
(b) Upon conviction by final judgment of the SVEG holder for a crime or offense in the Philippines;
(c) Upon final determination of the Board of Commissioner that the SVEG holder poses a risk to the general welfare or national security;
(d) Upon the death of the principal SVEG holder, in which case, the SVEG of any dependents shall also be revoked;
(e) Withdrawal of investment or termination of the operation of the business activity, investment, enterprise or industry, except when there is only a change in the type of business activity, investment, enterprise or industry duly notified to the Bureau of Immigration at least thirty (30) days before the actual closure or change of the type of business; and
(f) Failure to comply with the terms and conditions of the SVEG. In case of failure or inability to comply with the employment of ten (10) Filipino workers, the SVEG holder shall immediately submit to the Commissioner of Immigration the reasons for non-compliance. For meritorious reasons, the SVEG holder shall have a period of thirty (30) days to comply with the employment requirement. Otherwise, the Commissioner of Immigration shall revoke the SVEG.
The revocation of the SVEG under paragraph (a), (b) and (c) shall cause the deportation of the foreign national via summary proceedings. In the case of revocation under paragraph (b) the deportation shall be implemented after service of sentence.

9.  What are the obligation of SVEG holders ?
The SVEG holder shall, at least sixty (60) days after the end of every year, submit the following documents to the One Stop Shop Facility (OSSF):
 (a)Latest General Information Sheet (GIS) of the business activity, enterprise or industry of the SVEG holder, duly stamped “RECEIVED” by the Securities and Exchange Commission (SEC);
(b) Latest Income Tax Return of the SVEG Holder; and of the business entity where the SVEG Holder has substantial investment.
(c) List and inventory of at least ten (10) Filipino workers or employees including their individual notarized contact of employment signed by the SVEG applicant and the Filipino employee containing details of compensation, nature of work and duration of employment; Social Security System (SSS) ID card; and Philhealth membership card.
(d) Certification from the Corporate Secretary that the SVEG holder is a bonafide stockholder in good standing;
(e) Mayor’s Business Permit of the City / Municipality where the principal place of business is located;
(e) Department of Labor and Employment (DOLE) Inspection Report stating that the corporation / employer has no violation of existing labor laws and other applicable laws and proof of existing employment of at least ten (10) regular Filipino workers; and
(f) Affidavit of the principal SVEG holder declaring the eligibility of his/her SVEG dependents by stating his/her relationship with his/her legal spouse and filiation with his/her unmarried children below eighteen years of age.

**Information obtain from Bureau of Immigration

I Accounting Outsourcing and Consultancy Inc.
Cebu City

We have audited the accompanying financial statements of I Accounting Outsourcing and Consultancy Inc.  which comprise the statement of financial position as at December 31, 20X1, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. 

Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Philippine Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Philippine Standards on Auditing. Those standards that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risks assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.
Basis for Qualified Opinion
The company’s inventories are carried in the balance sheet at "DATE". Management has not stated the inventories at the lower of cost and net realizable value but has stated them solely at cost, which constitutes a departure from Philippine Financial Reporting Standards. The company’s records indicate that had management stated the inventories at the lower of cost and net realizable value, an amount of xxx would have been required to write the inventories down to their net realizable value. Accordingly, cost of sales would have been increased by xxx, xxx and xxx, respectively.
Qualified Opinion
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of AI Accounting Outsourcing and Consultancy Inc. as at December 31,20X1, and of its financial performance and its cash flows for the year ended in accordance with Philippine Financial Reporting Standards.

[Auditor’s signature]

[Date of the auditor’s report]

[Auditor’s address]

BIR has recently has issued RR No. 18-2012, adoption of the online system for authority to print (ATP) effective January 18, 2013. Under the new RR No. 18-2012, all unused or unissued receipt and invoices which were printed prior to January 18, 2013 shall be deemed valid only until June 30, 2013. All taxpayers with ATP issued before January 18, 2013 are liable to apply for new ATP under the new system 60 days before the expiry date (May 1, 2013). All applications for ATP shall be done through the on-line ATP system.

RR No. 18-2012 will cover both “Principal Receipts/Invoices” and “Supplementary Receipt/Invoices”. All unused receipts and invoices shall be surrendered to the BIR on or before the 10th day after expiration. The approved ATP shall be valid only until full usage of the approved serial numbers or five (5) years from its issuance, whichever comes first. 

Principal receipts /invoices refer to the VAT Sales Invoice, VAT Official Receipt, Non-VAT Sales Invoice and Non VAT Official Receipt. 

Supplementary receipts/invoices refer to the document evidencing transfer of goods or consummation of sale. This is not valid for claiming input taxes. These include, among others, delivery receipts, order slips, debit and/or credit memo, purchase order, job order, provisional/temporary receipt, acknowledgment receipt, collection receipt, cash receipt, bill of lading, billing statement, and statement of account.

Attached is the RR18-2012 for your reference

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Head Office/Main Office
  1. SEC Certificate (Xerox Copy)
  2. Articles and by laws (Xerox Copy)
  3. Business Tax Payment Certificate or Temporary Mayor's Permit
  4. Lease Contract (if renting) or Tax Declaration (if owned) or Affidavit of No Rental (if not renting and does not own the place)
  5. Sketch of Business Location
  6. Picture of Establishment
  7. Authorization Letter
  8. Seminar for New Registrants Every WED. 1:30 pm BIR Social Hall

  1. Business Tax payment Certificate or Temporary Mayor's Permit
  2. Lease Contract (if renting) or Tax Declaration (if owned) or Affidavit of No Rental (if not renting and does not own the place)
  3. Certificate of Registration (COR) of the Head Office or Main Store (Xerox Copy)
  4. Sketch of Business Location
  5. Picture of Establishment
  6. Authorization Letter

BIR Forms to be Accomplished :

BIR Form 1903 (Registration Form)
BIR Form 0605 ( Payment Form)
BIR Form 2000 ( Documentary Stamp Tax Form)\

Books of Accounts to be Used :

General Journal
General Ledger
Purchase Journal / Cash Disbursement Journal
Sales Journal / Cash Receipt Journal

for VAT registered taxpayer
Subsidiary Sales Journal
Subsidiary Purchase Journal

fia_form100.for new corporations with more than 40% foreign equity.pdf
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STEPS on how to REGISTER your BUSINESS with Securities and Exchange Commission (SEC):

1.       Encode and reserve the name of your company with the Securities and Exchange Commission (SEC)

-          Visit for reservation of company’s name. In any case, the name is not available; lists of proposed company names will prompt. You may either choose from the suggested company names or may encode another name and verify again its availability. Reserved names cost Php40/month for the first 30 days with a maximum cost of Php 120 for 120 days or 4 months. Thus, it is renewable upon expiration of the period.

2.       Deposit paid-up capital in the Authorized Agent Bank (AAB) and acquire a bank certificate of deposit

-          At least 6.25% of the Authorized Capital Stock of the corporation is required by law for the company to deposit the paid-up capital. Thus, paid-up capital must not be less than Php 5,000.

3.       Articles of Incorporation and Treasurer’s Affidavit must be notarized at the certified notary

-          As per Section 14 and 15 of the Corporation Code, Articles of Incorporation must be notarized as you file necessary documents with SEC.

4.       Register the company with SEC together with the pre-registered Taxpayer Identification Number (TIN)

-          These are the following documents needed for SEC registration:

a.       Verification slip of company’s name

b.      Notarized Articles of Incorporation and by laws

c.       Notarized Treasurer’s Affidavit

d.      Statements of Assets and Liabilities

e.      Bank Certificate of paid-in capital deposit

f.        Letter of authority to verify the bank account

g.       Registration data sheet with particulars on directors, stockholders, officers etc.

h.      Notarized written undertaking to comply with SEC reporting requirements

i.         Notarized written undertaking to change corporate name

-          The SEC Head Office will ONLY issue for pre-registered TINs provided that company’s Application for Registration (BIR Form No. 1901) at Bureau of Internal Revenue (BIR) has been approved. Thus, the company still needs to continue processing the needed documents at BIR in order to identify applicable tax types, pay the Annual Registration Fee, stamp sales invoices, receipts and books of accounts.


5.       Secure a Barangay Clearance

-          Herein are the needed requirements presented at your respective barangay to obtain a barangay clearance:

a.       Application form (from the barangay)

b.      SEC Certificate of Incorporation

c.       Approved Articles of Incorporation and by laws

d.      Location map / site map

e.      Contract of Lease (rent unit) over the corporation’s office or Real Property Tax Clearance or Certificate of No Delinquency (owned unit)

-          Thus, clearance is secured at the specified barangay where the business is located. Certain fees and charges will apply at a reasonable rate and within the limits set forth by the Local Government.

6.       Pay the Annual Community Tax and secure a Community Tax Certificate (CTC) at City Treasurer’s Office (CTO)

-          Two things that a company is charged; a Basic Community Tax and an Additional Community Tax. Basic Community Tax will quantify based on company’s legal documents that is; corporation, partnership and/or association at a rate of Php 500 or less. Additional Community Tax (not to exceed at Php 10,000.00) will quantify based on the assessed value of real property owned by the company in the Philippines at the rate of Php 2.00 per Php 5,000.00 inclusive with its gross receipts, dividends or earnings, and amount derived from business activities in the Philippines during the preceding year.

7.       Secure company’s Business Permit from the Business Permits and Licensing Office (BPLO)

-          To acquire a business permit, here are some of the needed requirements:

a.       Location Clearance

b.      Barangay Clearance

c.       Fire Safety and Inspection Certificate

d.      Sanitary Permits

e.      Certificate of Electrical Inspection

f.        Mechanical Permit

g.       Benefits Clearance (SSS, PHILHEALTH, Pag-Ibig / HDMF) (if needed)

h.      and other clearances or certificates needed depending on the nature of business

-          Take note that certain fees will apply depending on the nature of business and land area occupied by the proposed corporation.

8.       Buy precise books of account at bookstores nationwide

-          The books of accounts are sold at any bookstores nationwide. They consist of four books (general journal, disbursements account, cash receipts account, and ledger). These special books are required for registration with the BIR. However, if the company has a Computerized Accounting System (CAS), the company has an option to have CAS registered under the procedures of BIR Revenue Memorandum Order Nos. 21-2000 and 29-2002. Thus, the BIR Computerized System Evaluators will inspect all required documents and evaluate the company’s CAS within 30 days from receipt of BIR application (BIR form no. 1900).

9.       Pay the Annual Registration Form (BIR Form No. 0605) and Documentary Stamps Taxes (DST) at any respective Authorized Agent Bank (AAB) or at any Regional District Officer (RDO) of the company’s address

-          With document, Original Issue of Shares of Stock WITH par value, it will be 1% of the unit or Php 2.00 per Php 200.00 or fraction thereof. If document is Original Issue of Shares of Stock WITHOUT par value, , it will be 1% of the unit or Php 2.00 per Php 200.00 or fraction thereof based on actual consideration.

10.   File for Certificate of Registration (BIR Form No. 2303), bear a TIN at Bureau of Internal Revenue (BIR)

-          Duly required documents for COR application with the BIR are as follows;

a.       Duly accomplished and filled out Application for Registration for Corporations (BIR Form No. 1903)

b.      Receipt and Payment Form of the Annual Registration Fee (BIR Form No. 0605). Thus, the company needs to pay the annual registration fee at Php 500.00 at any accredited banks or at any respective Regional District Officer (RDO) of the company’s address.

c.       SEC Certification of Incorporation

d.      Articles of Incorporation and by-laws

e.      Contract of Lease (with receipt and payment form of BIR Form No. 2000 as proof of payment of Documentary Stamp Tax Declaration Return on the contract of lease)

f.        Receipt and Payment Form of Documentary Stamp Tax Declaration Return (BIR Form No. 2000) on the original issuance of shares

g.       Mayor’s Permit or Business Permit Form (duly stamped received by the Business Permits and Licensing Office (BPLO)

11.   Secure an Authority to Print Receipts and Invoices (BIR Form No. 1906) with BIR

-          Documentary Requirements are as follows:

a.       Accomplished BIR Form No. 1906

b.      Job Order

c.       Final and clear sample of receipts and invoices

d.      Photocopy of Certificate of Registration (BIR Form No. 2303) or paid Annual Registration Fee (BIR Form No. 0605)

e.      Permit to use Loose-Leaf (if applicable)

f.        Printers’ Certificate of Delivery (PCD)

12.   Print receipts and invoices at any selected printing press

-          The minimum printing of receipts and invoices is 25 booklets. The rate will differ based on the specification of its design, kind (duplicate, black print or carbonless) and size of your chosen sample.

-          Keep and file Printers’ Certificate of Delivery (PCD) and Authority to Print (ATP) copy and duly received and issued by BIR for audit purposes.

13.   Special Books of Accounts and Printers’ Certificate of Delivery (PCD)must be stamped by the BIR

-          Within 30 days from issuance of Authority to Print (ATP), the printer/supplier will prepare a Printers’ Certificate of Delivery (PCD) in 5 copies and submit to Regional District Officer (RDO) where the place of business is located. Thus, the company also needs to submit these documents:

a.       All required special books of accounts

b.      VAT registration certificate (if applicable)

c.       SEC Registration Form

d.      BIR Form No. W-5

e.      Certified photocopy of ATP

f.        Taxpayer-user’s sworn statement with detailed responsibilities and commitments of which must be notarized

14.   Register the company with the known government benefits (SSS, PhilHealth, Pag-ibig)

a.       To register with SSS, here are the required documents:

·         Employer Registration Form (SSS Form R-1)

·         Employment report (SSS Form R-1A)

·         List of employees with specified birth dates, positions, monthly salary and date of employment

·         NSO original and photocopy of employees birth certificates

·         Articles of Incorporation (original and photocopy must be presented to the SSS for authentication purposes), by-laws and SEC Registration

·         May refer for the details through this link

-          Upon submission of documents, SSS Officers will release the SSS employer and employees numbers. For employees who don’t have SS Numbers, they are obliged to attend an SSS training seminar after registration.

b.      To register with Philippine Health Insurance Company (PhilHealth), here are the required documents to be submitted at any Philhealth Office:

·         Employer Data Record (Philhealth Form ER1) in duplicate

·         Report of employee-members (PHilhealth Form ER2)

·         SEC Registration

·         BIR Registration

·         Copy of Business Permit/Mayor’s Permit

·         May refer for the details through this link

-          After processing, the company will be issued with PhilHealth Employer Number (PEN) and the Certificate of Registration, PhilHealth Identification Number (PIN) and Member Data Record (MDR)           of registered employees. Once the PEN is received, the company is required to display the Certificate of Registration at their respective office.

c.       To register with Home Development Mutual Fund (Pag-Ibig), here are also its needed documents:

·         Employer’s Data Form (EDF [FPF040])

·         Specimen Signature Form (SSF [FPF170])

·         Copy of SEC Certificate of Incorporation

·         Copy of Approved Articles of Incorporation and by-laws

·         Board Resolution or Secretary’s Certificate signed by the designated Authorized Representative

·         May refer for the details through this link

-          Once complete documents are submitted with payment of the first contribution to the fund, PAG-IBIG will issue HDMF number and the HDMF Certificate of Registration which needs to be placed as well at the respective office.