PRC License Renewal

Technically, the long and tedious renewal of PRC license is quite over.  Isn’t it? Oh yes, thanks to the technology provided by the PRC Online.  However, since the old fashion way of license renewal is still available, I preferred renewing it manually.  I repeat, manually. So people reading this blog, this is for your manual eyes only, okay?  🙂

So there, lets start…

Step 1 –  Early bird catches worm, thus, go to the PRC (Professional Regulation Commission) main building early to avoid the long line.  However, given the organize renewal procedure, I bet the long line is not a problem anymore.

I entered the PRC main building at around 9AM.

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For those who are not familiar with  Manila area, you can check google map.  Anyhow, what’s important is if you see these streets you are on the right track.

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Step 2 – After entering the PRC building, go straight to the Public Assistance Counter and get application form.  Other blog sites , specially the old postings, will require you to go straight to window Q or R to get a renewal form.  In my case, the form is already available at the Public Assistance Counter.  Oh yes, this just July 2016 and purely fresh.

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Please take note, application form provided by PRC is all good whether its for renewal, duplicate or original IDs.

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By the way, before I forget, please bring passport size picture with name tag (your name and take note your real name not FB name, okay). But don’t worry, if you fail to bring one, you can always go to those photo booth in and outside of the PRC building to take care of your problem.  The cost of ID picture is about Php60.00, others is at the range of Php80.00 – Php100.00.  Make sure to look good in your picture, yep, the same picture will be used on your new PRC license.   Attach the ID picture  and fill out the form and your ready to go to the next step.

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Step 3 –  Go inside the PRC building and proceed to window 27, which is located at the ground floor.

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Submit the application form including your expired PRC license to window 27 for assessment .  The cost of renewal depends on your profession and years of non-renewal. Mine, being a CPA and my PRC licence is valid until 2013, I paid Php1,000.00 for the cost of renewal. Thus, the Php1,000.00 is good for 2013 to 2016.

Step 4 – Next wait for your name to be called at window 31 and receive your assessment. Now, this is the part your getting excited because you already spent hours of waiting and you wanted to get a hold na of your new PRC license ID.  But don’t worry, its just an hour or two from the time you entered the PRC building.

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Really, no exaggeration,  I admire this new procedure, its kinda swift now.  Oh, there, after an hour or so  your name was called and its now pay time.

Step 5 – Proceed to the cashier and pay the necessary renewal fee.  The fee you will pay is the amount provided by the assessment in window 31.

IMG_0126.JPG The cashier will issue Official Receipt for the amount you paid.   Payment will take a lil more than minutes for there are four windows accommodating and receiving payments.

Step 6 – After paying the necessary fee, proceed to window 22 and present your Official Receipt for printing of your PRC license.

The assigned staff will tell you what time your PRC ID will be available for pick up.  Mine, I was told to go back 2Pm of the same day.

 

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At this time, its close to 12 noon of processing and waiting. This is based on my experience.

Eventually, you will notice your stomach is already complaining, this is the right time to get a break and have lunch or eat something to fill in that empty stomach while waiting.

Perhaps for those applicant who arrived past 12 noon or so, the availability of their PRC ID is on the next working day.

Step 7 – Remember to come back on the time set to pick up your PRC ID.  But of course you can always come back at a later time or day, but why wait, remember you are so excited na to get a hold of your new PRC License ID. And by the way, this is the last step.

Present your OR and sign the log sheet to signify acknowledgment of your new PRC ID and viola your ID is now yours!

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So there… easy as one, two, three! Renewed!

 

 

 

 

 

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SEC i-Register

This blog had been receiving a lot of queries about on-line SEC registration.  However,  sad to say the SEC i-Register only offers reservation of your proposed company name or selected name for a non-stock or your desired name for a certain corporation for a particular industry.

SEC Registration Requirements for Stock Corporation

Here are the requirement that you need to prepare in connection with the registration of a stock corporation with the Philippine Securities and Exchange Commission (SEC).

1) COVER SHEET

2) NAME VERIFICATION SLIP

3) BANK CERTIFICATE OF DEPOSIT OF PAID-UP CAPITAL (notarized in the place executed)

4) ARTICLES OF INCORPORATION

5) TREASURER’S AFFIDAVIT

6) BY-LAWS

7) UNDERTAKING TO CHANGE NAME (not required if provided in the Articles of Incorporation)

HOWEVER, additional requirements such as: (1) Indorsement/clearance from other government agencies, if applicable (2) For corporations with foreign equity, submit proof of inward remittance by non-resident aliens and foreign corporate subscribers who    want to register their investment with BSP; (3) For corporations with more than 40% Foreign equity, submit SEC Form No. F – 100; (4) For corporations with Phil. Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA) or other economic zones application, attach Certificate of Authority or indorsement from said government agencies.

Of course, as of my last inquiry,  the cost associated with the registration are (1) Filing Fee:  1/5 of 1% of the Authorized Capital Stock but not less than Php1,000.00 (2) By Laws: Php510.00 and (3) Legal Research Fee:  1% of Filing Fee but not less than Php10.00.

Why Corporation is a must!

Starting a business means choosing the correct form of organization. Of all the forms, you know what, corporation has the advantage over the rest. Perhaps you would probably ask “why incorporate and go through the hassles of extra paperwork and tax returns?”

Why incorporate? Ladies and gentlemen, incorporation is just another form of insurance. How? You may pay, what, monies at a range of Php10-Php100K depending on the size of your capitalization. Another Php10k-50K for the permits and BIR registration. But those modest premiums isolate and protect all the personal assets you have worked so hard over the years to accumulate.

Every business book seems to dwell on the relative advantages and disadvantages of a corporation over other forms of organization. From my viewpoint, however, it’s no contest. The limited liability benefits of the corporation overshadow other considerations.

Aside from the personal protection of a corporation, there are other advantages. These are —

1) tax deductible like for example fringes, including sick pay, medical and dental insurance, life insurance, and even travel and educational expenses.
2) workmen’s compensation is another big benefit.
3) unlike a partnership or proprietorship, a corporation continues after the death of its owner.
4) in case of death, no liquidation of the business is necessary.
5) do you want to bring in partners? selling corporate stock is the cleanest way to divide ownership.
6) expansion? only the corporation offers the flexibility to attract diverse types of financing.

So, the only way to obtain personal protection is by incorporating. It’s a MUST!

Court order issued by RTC Branch 126 Caloocan on BOA-PRC-QAR

Apparently, this court order copy issued by Caloocan RTC branch 128 has been floating around via emails since December 30, 2010.  Perhaps, it’s about time to share this copy by means of this blog specially that I am getting a lot of queries about this subject. Anyhow, the meat of this order why it was favored by the court are as follows:

First, BOA wanted to enforce and implement the  regulation effective January 1, 2011, and its mandatory that all practicing CPAs must pay the required fees.  It’s an expensive fee in the external appearance of a regulation.

Second, non-payment of the regulatory fees are subject to penalties.  It’s per day penalty, starting from the day you have committed the violation, of an amount ranging from Php200.00. – Php9, 000.00.  Take note, the penalty is on per day basis.

Third and last, non-compliance of the regulation may result to suspension and/or cancellation of CPA professional license that will result to immediate loss of the privilege to engage in public practice.  Wow, this is so great!

Anyhow, aside from these points given by the petitioners, the court granted the preliminary injunction on the basis that —

1) non-filing of the resolution with the Office of the National Administrative Register; and

2) non-publication of the resolution in  a newspaper of general circulation.

And as I am writing this blog, I received an invite coming from the QAR-response group for the second round of petition for the PSQC-BOA requirements.  No worries, I will update you about this soon.

By the way, you can download the archive file here. Right click your mouse then choose save image as.  Please rename the file with jpg extension to a zip file for you to read the archive (for example,  CourtOrder.RTC128.BOA.QAR.jpg to CourtOrder.RTC128.BOA.QAR.zip). You may need winzip or winrar utility for the decompression.