Overview of the typical registration steps and fees for starting a business in the Philippines, plus a comparison of common business bank accounts and their basic charges.
This guide gives you an overview of the business registration process and business bank accounts in the Philippines, so you know which steps to take, what fees to expect, and how to choose a bank account that fits your MSME.
For more detailed steps, you can also read our DTI Business Name Registration Guide, SEC Registration Guide, Barangay Business Permit Guide, BIR Business Registration Guide, and How to Open a Bank Account with Zero Initial Deposit.
To plan the total cost of registration and initial banking setup, you can use our Budget Calculator. After registration, our BIR Book of Accounts Tool can help you keep day-to-day records aligned with your BIR obligations.
For small businesses owned by a single individual, the usual first step is to register your business name with the Department of Trade and Industry (DTI).
Reference: DTI Business Name Registration Guide (see dedicated guide page on this site).
Corporations and partnerships are registered with the Securities and Exchange Commission (SEC). Fees depend on capitalization and other factors.
Reference: summary based on public information (e.g., guides like "Business registration in the Philippines" by professional firms).
After getting your DTI or SEC documents, proceed to your Barangay Hall to secure a Business Barangay Clearance.
Typical fees: ₱300 – ₱500, depending on your locality.
The Mayor's Permit (or Business Permit) is issued by the city or municipal Business Permits and Licensing Office (BPLO).
Typical fees: around ₱2,000 – ₱5,000 or more, depending on your Local Government Unit (LGU), business size, and industry.
All businesses must register with the Bureau of Internal Revenue (BIR) to obtain a Certificate of Registration (Form 2303) and official tax identification for your business.
Reference: public guides such as "How to Register Your Company with BIR in the Philippines".
After BIR registration, you need to register your books of accounts and secure Authority to Print (ATP) for official receipts and invoices.
Typical printing costs: around ₱200 – ₱500, depending on printer and quantity.
Why Open a Business Bank Account?
A dedicated business bank account helps separate personal and business funds, makes bookkeeping easier, and is often required for payment processors, loans, and supplier payments.
Summary of typical minimum deposits, monthly fees, and common notes for selected business banking products in the Philippines.
| Bank | Minimum Deposit | Monthly Fee | Other Fees / Notes | Reference |
|---|---|---|---|---|
| UnionBank Kanegosyo | Around ₱5,000 – ₱10,000 | Low fees, often waived | Application mostly online; manage via UnionBank business/Negosyante app. | UnionBank Business Banking |
| Metrobank | Around ₱10,000 | Around ₱500 (often waived if minimum balance is kept) | Transfers: sample rates around ₱25 (InstaPay) and ₱50 (PESONet); online account opening available for some products. | Metrobank Business Account |
| Security Bank | Around ₱5,000 – ₱10,000 (varies by account) | Varies per product | Branch application; standard transaction and maintenance fees apply depending on account type. | Security Bank business account info |
| EastWest Bank | Varies by product | Monthly fees may start after an initial 6-month waiver period. | Complimentary checks for first order; some promos provide no incoming wire fees for first 6 months. | EastWest Bank Business Checking |
| RCBC | Around ₱10,000 | Varies by account | Sample fees: around ₱10 per digital transfer; corporate Mastercard annual fee around ₱1,500. | RCBC fees information |
| PNB | Around ₱5,000+ | Various maintenance and transaction fees | More complex fee structure with possible dormancy, document, and transfer charges. | PNB Fees and Charges |
Note: Amounts above are indicative only and based on publicly available information at the time of writing. Actual requirements and fees may differ per branch, account type, and latest bank policies. Always confirm with the bank or its official website.
Putting It All Together
The usual sequence is: register your business (DTI or SEC), complete Barangay and Mayor's permits, register with BIR, then open a business bank account and connect it to your payment processors. Planning for these fees early helps you avoid surprises and keep your cash flow healthy.
