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Verifying a Philippines-Registered Business

Businesses registered in the Philippines can verify their HitPay account by completing both identity and document verification steps.

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Verification Process

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Identity Verification

The account representative must complete:
  • ID verification
  • A selfie submission for facial match
This step takes place after you’ve set up your bank account.

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Document Verification

You’ll need to submit the following:
  • Registration document:
    • DTI Registration (for sole proprietors)
    • SEC Registration Certificate (for corporations and partnerships)
  • Ownership information:
    • Articles of Incorporation or GIS (for corporations)
    • Articles of Partnership (for partnerships)
  • BIR Requirements:
    • BIR Certificate of Registration (Form 2303)
    • Business bank account proof (e.g. passbook, bank certificate, statement, or screenshot)
    • Sworn Declaration (if applicable)
If the account representative is not listed in the SEC registration:
  • A signed Letter of Authorisation (LOA) from the company secretary or director
  • Identification documents for:
    • The account representative
    • The person signing the LOA
Additional documents may be requested by our Compliance team based on your business type.

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Common Additional Requirements

  • Complex ownership structures → Provide Beneficial Ownership Structure
  • Multiple shareholders/partners → Submit ID of owners with 25%+ ownership
  • Regulated industries → Submit licenses, such as:
    • Department of Tourism (DOT) accreditation
    • NTC Certificate (for telcos)
  • No online presence → Provide physical proof (store photos, tenancy agreement, Mayor’s Permit)

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Entity Types and Required Documents

Entity TypeRequired Documents
CorporationSEC Registration Certificate, Articles of Incorporation, GIS, BIR Form 2303, Proof of Business, Corporate Bank Proof
PartnershipSEC Registration, Articles of Partnership, BIR Form 2303, Proof of Business, Partnership Bank Proof
Sole ProprietorshipDTI Registration, BIR Form 2303, Proof of Business, Business Bank Proof
Not-for-ProfitOne of: ITR, AFS, PCNC Cert, SEC Mandatory Disclosure Form
Document RequirementsDetailsCorporationPartnershipSole-Proprietorship
Government IDs of authorized person and of the owners/incorporatorsClear copy of ID, not cropped and no information removed. Full name is consistent with authorized person and not expiring in the next 3 months.✔✔✔
SEC Registration CertificateDocument must be active. Legal name consistent with information provided.✔✔
Latest General Information SheetFull name is consistent with name of merchant. Must have confirmation that document was received by SEC✔
Articles of Incorporation and By-LawsPrimary purpose consistent with industry information provided. Legal name consistent with information provided.✔
For Not-for-Profit, provide one of the following:(a) Latest Income Tax Return (ITR). (b) Latest Audited Financial Statements (AFS) (c) Philippine Council for NGO Certification (d) SEC Mandatory Disclosure Form✔ Applicable to Non-stock Corporation / Not-for-Profit Organizations✔
Articles of PartnershipPrimary purpose consistent with industry information provided. Legal name consistent with information provided.✔
DTI registration certificate✔
Proof of BusinessBrand logo and storefront Photo of products, invoice for services; Website✔✔✔
BIR Certificate of Registration (Colored copy of Form 2303) 2 pagesMust be Business TIN for DTI and SEC-registered businesses✔ Corporate BIR registration✔ Partnership BIR registration✔ Business BIR form
Proof of bank accountProof of bank account that reflects the account you are using in HitPay, containing full account name and account number. Passbook, Online banking screenshot, Bank certificate, Validated deposit slip are acceptable✔ Corporate bank account✔ Partnership bank account✔ Business bank account
Ensure documents are not cropped, names are consistent, and ID documents are valid for at least 3 months.

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BIR Withholding Tax Regulations

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BIR Business Registration

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Overview

Under Revenue Regulations No. 16-2023, as amended, and RMC No. 55-2024, a 1% withholding tax will apply to gross remittances made by digital financial service providers and electronic marketplace operators to sellers/merchants. All HitPay-registered merchants are subject to this 1% withholding tax unless they qualify for an exemption.

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Exemptions Include:

  • Non-stock, non-profit organizations exempt from income tax
  • Entities with annual gross remittances via digital financial service providers not exceeding PHP 500,000

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Required Documents During Onboarding

  1. BIR Certificate of Registration (Form 2303)
  2. Business Bank Account
    • Note: As per BIR rules (RMC No. 8-2024), payouts can only be made to business bank accounts — not personal accounts.
  3. To Assess Tax Exemption Eligibility
    • Sworn Declaration
    • Alternative Documents (if applicable):
      • Certification of BMBE registration
      • Proof of non-profit, tax-exempt status

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Important:

If the sworn declaration is not submitted, the 1% withholding tax will automatically be applied to 50% of your gross sales starting October 12, 2024, regardless of your earnings.

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Tax Forms and Reporting

Merchants subject to withholding tax will receive BIR Form 2307 at their registered email within 15 days after the end of each quarter.

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FAQs